The new $50 note design has been revealed
Ironically, this comes just two days after the launch of real-time electronic bank transfers in Australia.
The design of the new Australian $50 banknote has today been revealed by the RBA and is set to hit the streets later this year in October. In line with the current note, the new design has kept portraits of David Unaipon, prominent Aboriginal writer and inventor, and Edith Cowan, the first female member of parliament.
Like the new $5 and $10 notes, the new $50 note will be more than just a pretty face. It's set to feature a clear top-to-bottom window panel containing dynamic features including a reversing number. Also, a patch with a rolling-colour effect and microprint to increase security.
The RBA says it's working closely with manufacturers and retailers to help prepare cash-taking machines and ensure we don't re-live that chaos that was experienced when the new $10 note was first released back in September 2017. The new $10 note was rejected by ATMs and self-service checkouts across the country, as machines failed to recognise them as legitimate forms of cash. This time around, owners of the machines, such as supermarkets, have been given plenty of notice enabling them to update their equipment and conduct trials with the test notes.
The new design of the $50 note. Picture: RBA
Launching new banknotes in an increasingly cashless society
The irony of the new $50 banknote design being released in the same week that the New Payments Platform (NPP) officially launched to the public has not been missed. On Tuesday, dozens of Australian banks and credit unions began offering real-time electronic money transfers to customers as part of the NPP, which is set to revolutionise the way Australians make payments.
Real-time electronic payments have been brought to life by PayID and BPay's Osko, the first product to be launched onto the NPP service, which enables customers to send and receive money using a unique ID instead of their BSB and Account numbers. The revolutionary part is the funds will settle into the recipients account practically instantly even when sending to someone with an account at a different bank, unlike previously when it took up to three days to arrive. The new service launched early on Tuesday and by Tuesday afternoon BPay reported that over $1 million had already been transferred via Osko.
A popular example of the benefits of real-time transfers through PayID and Osko is, rather than paying a tradesman cash for a service they've just done as a means to guarantee payment, you can now transfer the money and they'll see it hit their account within seconds. This way, they won't have to leave your house questioning if you actually did transfer the money or not, and waiting up to three days to get paid.
The fancy new $50 banknote is certainly nice to have. But in an increasingly cashless society, I can't help but wonder if Australians will even use it now that we have the NPP and instant electronic transfers at our fingertips.