How Payment is Changing in Australia

When it comes to consumer payments, there has been a lot of change in recent times. Australia is one of the biggest users of contactless payments globally, and over the last decade, Australia has grown to have one of the highest smartphone penetrations in the world.

Australia has also experienced a dramatic decline in the use of cash. In 2014, only 47% of consumer payments were made in cash and using credit cards for online purchases is no longer an exception, but rather the rule.

The reason why more Australians are moving towards mobile devices is that people have increasingly busy lives and want to be able to get more things done on the move, which at its simplest form, enables people to have more time for leisure- and most of us would like a bit more of that.

In 2016, the Australian payment industry will experience even greater growth in terms of digital payments and more non-banking players entering the market. There has been a rapid uptake and a significant increase in the use of online payments. For example, Australians pre-order coffee or takeaway dinner via their mobile phone more than ever before and with the steady increase in the use of mobile payments apps (also known as the digital wallet), this trend will likely to continue.

The way we use online banking is also changing and there is a significant movement towards completing banking tasks on the move (with smart phones) rather then at home (on a desktop computer). Although computers at home still currently dominate online banking, users of mobile devices are catching up fast and will overtake home computer users by 2017, according to Westpac. It’s simply more convenient.

Trends to expect:

1. Rise of millennial consumer: this generation spends more time on their phones, which will only push further the shift towards digitised financial services.
2. Even more customers will make purchases straight from their smartphones. The introduction of more mobile payment systems like Apple Pay and Visa Checkout, mobile conversions for retailers will be the next milestone.
3. Digital wallets. We expect to see a new marketplace for banks offering customers credit and debit cards and even bank accounts, in what will be known as a digital wallet.
4. New forms of banks. We expect that software companies will obtain banking licenses, which will create new markets and new opportunities.
5. Peer-to-peer (P2P) lenders. Will more and more directly connect borrowers to individual lenders, creating online marketplaces.
6. Security. All of these new developments will have security at their hearts. There will come newer methods such as biometric authentication and tokenisation.

There is no doubt that in 2016, this industry will continue to grow and evolve with digital technology.

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