A software error known as the ''2016 glitch'' has caused delays in Electronic Funds Transfer at Point of Sale (EFTPOS) transactions.
According to reports, EFTPOS transactions were hit in Australia on 1 January leading to fears of a Y2K-type affliction hitting computer systems.
However reports now suggwest the problem was not quite as bad as some earlier reports had seemed to suggest.
According to media reports, the computer bug that brought Bank of Queensland EFTPOS transactions to a halt on New Year's Day also affected several other banks, including BankWest. The glitch which first appeared 1 January left some retailers unable to perform electronic point of sale transactions to customers in their stores.
According analysts the error stemmed from some terminals recognising the year as 2016 rather than 2010.
According to payment services provider Keycorp, which looks after the pin pads that were affected, the problem was fixed on 1 January itself with a solution that corrected the bug.