Australia is trying to revamp its economy. That in itself is always a daring venture which poses many challenges. Even so, the shift to digital finance is picking up speed as of late. Especially digital payments are on the rise, mainly due to a declining interest in cash and cheques.
Phasing out traditional payments is a futile battle. Cash and even cheques will never disappear completely. It is the only form of money which gives consumers some degree of financial freedom. Even so, the Australian government wants to slowly transform the economy to a digital version of itself. That also means digital payments need to gain traction fairly quickly.
Digital Payments Take Center Stage
More specifically, the new report by AusPayNet paints an interesting picture. Card payments are on the rise, resulting in 8.3 billion transactions throughout 2017. Surprisingly, debit cards are clearly more favorable compared to credit cards. That in itself is peculiar trend well worth keeping an eye on.
AusPayNet CEO Dr. Leila Fourie comments:
“The continued shift to digital payments is not surprising given how connected and mobile our society is. Almost 9 in every 10 Australians own a smartphone, and more than 3 in every 5 use them to make payments. This is driving uptake in digital payments and laying down a powerful base for the next wave of payments innovation.”
Moreover, consumers are flocking to e-commerce. This shift is visible in virtually all other developed countries around the world. The value of online spending is rising quickly, and wearables are also making their mark. A very positive trend for Australia altogether, albeit a lot of work remains ahead.