HIF announces shift to new payment method
HIF announces shift to new payment method | Insurance Business Australia
Life & Health
HIF announces shift to new payment method
Change aligns with national trend away from cheque usage
Life & Health
By
Roxanne Libatique
HIF has declared that it will discontinue issuing payments via cheque from May 27.
This decision aligns with a national trend away from cheque usage, spurred by a significant decline in their use over the past decade.
Recent statistics from the Australian government showed that cheque usage has plummeted by nearly 90% within the last 10 years, now making up just 0.2% of non-cash retail transactions. The government has responded by outlining a plan to eliminate cheques by 2030, aiming to streamline and modernise the payments system.
HIF transitions to electronic payments
Members of HIF are encouraged to provide their banking details to enable direct deposits for their claims and refunds.
The shift away from cheques is part of a broader governmental initiative under the leadership of the Albanese government, which includes removing legislative requirements for cheque usage and ceasing cheque use in government transactions by 2028. This transition is designed to accommodate the needs of vulnerable groups and small enterprises, providing ample time for adaptation.
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