Exactly 5 years ago, the Central Bank of Brazil, their equivalent of the Reserve Bank of Australia, introduced a new government-run payment system known as Pix. It's an app on people's phones, and the central bank forced all the banks to accept it. Brazilians can use it to transfer money instantly from their bank account to anyone else's, a friend or a shop, either using their Pix alias or in a shop, a QR code. And the best thing, well, it's free for people to use. And there's a single merchant fee of 0.22%. 93% of Brazilians now use Pix and it's rapidly displacing cards. You know it's working because the US President Donald Trump is bitterly complaining about it, saying that those great American companies, Visa and Mastercard are losing out. So he's whacking Brazil with a 50% tariff. So here's my question. How come the Reserve Bank of Australia doesn't do it? It's talking about cutting card payment costs by 1.2 2 billion, but actually $6.4 billion in fees are being hoovered up for not doing very much by Visa, Mastercard, and the banks, as well as Apple and Google since about half the transactions are now using cards on our phone wallets. And that's only going to increase because, as we know, cash is on the way out. What's more, the fees are hidden. We tap our card or phone without knowing about all the little added extras. So, why don't we have pics? Well, apparently it's because the payments infrastructure in Australia is entirely built around cards, and getting everyone to switch to an app where you have to scan a QR code or know the other person's alias would be hard. Also, the system is owned by the banks and Visa and Mastercard. So, the government would have to effectively nationalize it, which was fine for Brazil, but in Australia, we privatize businesses, not the other way around.