How Digital Payments Have Revolutionized the Payment Systems in Australia

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72% of Australians are using digital payment wallets to pay their bills and are embracing digital payment solutions. Australia has become one of the fastest-growing cash-less countries with cheque usages dropped down significantly by 20+.

For the last five years, direct entry transactions have increased by 36.5% and card payments by 71.6% These statistics give you a complete picture of how we have evolved with and adapted digital transactions.

Point-of-Sale (POS) devices are one of the leading factors towards the growth of digital payments in Australia. We have the most POS terminals per million occupants of all Bank of International Settlements (BIS) member countries.

The following points contribute to the digital growth of our country:

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Customer Trend.

A lot of Australians use a lot of apps to pay for their needs like BPay and i-Pay for bill payments, PayPal and VISA Checkout for online payment platforms, "Buy Now, Pay Later" platforms such as Afterpay and Zip, Cardless, and Zero Contact mobile payments options like i-Pay, Google Pay and Apple Pay.

Also, just 6.8% of Australians said they had used contactless payments or card-less mobile payments in the previous year, but this number increased to 10.6% for Generation Z and 10.4% for millennials.su

Investment by the private sector and by the government has improved Internet access in provincial Australia. In the four years to June 2015, the extent of the regional population with a home broadband connection expanded from 61% to 80% During a similar period; mobile internet access increased from 16% to 37%

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Cashless Living:

According to the Australian Payments Network, the regular of the payments industry, Australia is among the top ten nations for "digital readiness." What's more, the smartphone develops as the key facilitator. Nine out of 10 individuals in Australia have a smartphone, and 7 out of 10 smartphone users use it to make payments. Likewise, they are not, at this point, fearful about the security of paying for something using their phone. 56 per cent of Australians are glad to utilize their thumbprint, voice or retina to grant payment.

The Mobile Payment Systems

Just as retailers are rethinking physical conditions to coordinate what's happening online, online payments are doing likewise. These reconsidered mobile transactions present the commonality of physical banking with the simplicity of mobile-first/mobile-only.

The developing predominance of mobile payments is obvious in applications like eWallet, that re-evaluate the physical wallet - and then go beyond. The "digital wallet" doesn't just concentrate on bringing digital equivalents of physical wallets through cash and cards. eWallet additionally focuses on interpreting other financial behaviors, joining an incorporating activity like linked band accounts, financial contributions, and its management through the application, making for a more smoothed out approach.

Information from Roy Morgan states that in the 12 months to November 2018, almost 7 percent (1.4 million) individuals used digital payment systems frameworks worked by worldwide tech giants - platforms such as Apple Pay, Samsung Pay, and Google Pay. This was higher than banks' own mobile payment systems which were used by 5.8 percent or 1.2 million.

While considering applications or programs for payment activities on mobile phones, the program is favored for online shopping (71%), booking travel (70%). Applications are the preferred choice for online banking (70%) and booking taxis (61%).

Deloitte reports that Australia is going towards a "peak smartphone" environment.

Australia's online retail spending reached $21.65 billion in 2016 with takeaway food and media remaining the fastest-growing categories. Older Australians are utilizing online shopping platforms more, with residential online spending growing by 8.7% for those aged 55-64 and 7.5% for the 65+ age group. Two categories shared the most elevated spend for these age groups; homeware and appliances, and groceries, and liquor.

The sale of wearable gadgets like a smartwatch, wireless earphones, fitness trackers, body-mounted sensors that monitor and transmit biological data for healthcare purposes, wristbands, Augmented reality headsets, etc have increased steadily over the recent years. Recent estimates demonstrate that 14% of Australians now have a smart wearable device and forecast this will grow to 37% by 2020.

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The future of Digital Payments

The launch of the New Payments Platform (NPP) in February 2018 was a milestone for payment innovation. The NPP is a next-generation framework prepared to meet developing customer needs. Services based on the NPP influence the advantages of near-instant, flexible, data-rich payments. This can be found in the first service "Osko" which offers customers a simple method to pay each other via a mobile phone number. In the current year, there is a lot of focus on developing a technology and innovation roadmap to guide the next generation of payments. Technologies like QR codes, AI, and biometrics are developing.

i-Pay is revolutionizing the online payment process and giving lot of value to its users. In case you wanna know more about i-pay you can refer here: https://i-pay.com.au




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