Digital and plastic payment methods are surging to the fore in Australia as cash gives way to more convenient alternatives. Credit and debit cards surpassed cash as Australia’s top payment method in 2016, propelled in part by the growing popularity of contactless: 4 in 5 consumers are using contactless cards every week as of 2017. New digital payment options are catching on too as mobile wallet popularity takes off at banks such as ANZ. But there’s still room for noncash payments to grow further: Peer-to-peer (P2P) payments are still made largely with cash, and e-commerce makes up only 7% of total retail payments. Looking ahead, new government initiatives, combined with domestic and international entrants, are set to pave the way for the next decade of payments innovation in Australia.
Noteworthy Australian Payment Providers
When selecting notable providers, Business Insider Intelligence looked in key areas of payments in Australia, including banking, contactless and mobile payments, bill pay, [...]