The Digital Economy Of 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+%
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For the last 5 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 vtech electronics (australia) pty limited (click the following webpage) adapted digital transactions.

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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:

Customer Trend.



Australian homes believe a lot of products to be the digital payment solutions, 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 proliferated 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%

VISA and MasterCard

Visa which traces its root back to Bank of America during the 1950s, does twofold the number of transactions of Mastercard.

It has just about 16,000 financial institution partners, 3.3 billion Visa cards available for use, and 54 million merchants accepting VISA. In the financial year 2018, it handled more than $8 trillion in purchase transactions.

These numbers prove the shift towards the digital economy.


Another reputed name in this industry is PayPal, which was a subsidiary of the online shopping site eBay until 2015. These days PayPal has more than 200 million purchase records and 16 million participating merchants. PayPal built its solid brand identity by managing the high risk associated with small traders in the online and digital circle by taking a larger portion of each transaction for their difficulties.



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 percent of Australians are glad to utilize their thumbprint, voice or retina to grant payment

Dropped Usage of Cheques.

The number of client cheques handled in Australia every month has dropped down from 45,900 in January 2012 to just 6549 in October 2017.

The forecast predicts flow will tumble to just 3000 cheques by December 2018, with usage proceeding to decline until cheques disappear towards the end of 2022.

The cheque is quickly being phased and even ATM withdrawals, once considered a progressive method to access money, are falling.
In February last year, Australia propelled the New Payments Platforms which included instant person-to-person payment services PayID and Osko.

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.

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:
In this article, I mention about the digital economy of Australia and about how i-Pay is helping the process.

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