No need for wallets as we turn digital
Australians, traditionally early adopters of new technology, have embraced credit and debit card usage over the past decade to make them easily the most frequently used payment methods – way ahead of cash.
Simply waving your card over a retailer’s payment terminal to make a purchase has become as widely accepted as the cards themselves.
The number and value of card payments have increased about 11 per cent and 7 per cent each year, respectively, over the past decade, Reserve Bank of Australia data shows.
However, ever increasing numbers are now choosing to abandon their cards, too, turning instead to the latest trend in e-payments – digital wallets.
The technology allows users to make electronic payments via apps on their mobile phones.
Mobile payments now make up 31 per cent of all retail e-commerce and are set to grow by up to 15 percentage points over the next four years, according to the latest report on global retail payments.
Digital wallets are the preferred option for purchasing electronic goods, clothing and footwear and account for 26 per cent of mobile purchases in both categories.
“Phone apps, such as Google Pay and Apple Pay, provide the same tap-and-go functionality as regular credit cards,” says Roland Bleyer, founder of comparison website creditcard.com.au.
“However, their security is better, making transactions safer,” he says.
To read more, please click on the link below…
