Australia’s Mobile Payment Journey: Growth and Potential

Last updated: 28 August 2014

Mobile technology has come a long way in recent years and continues to open up new doors in payments. Innovation in payments has been driven by not only forward-thinking retailers and banks, but also by consumers who are looking for the added speed, convenience and security offered by mobile payments. This has created an exciting market with an almost limitless opportunity for continued growth and development.

We recently released an infographic that explored key achievements in mobile payment technology in Australia and how new developments are offering consumers more convenient and secure ways to pay. You can see part of it below and download the full graphic here.

Australia has proven to be an innovative home for mobile payments. For example, leading supermarket retailer Coles has launched its NFC-powered Coles Pay Tag. The road to this latest innovation was paved by contactless payment solutions, which demonstrated how new technology could improve the overall retail experience.

Earlier this year, we wrote about the use of contactless payments at the Alfa Future People Festival – wherein attendees used contactless bracelets to pay for everything. This offered a stress-free way to manage money, and also improved security, which led to shorter queues, resulting in a better user experience. With Australian businesses and banks such as Westpac, Coles, Commonwealth Bank of Australia, ANZ and others driving innovation, consumer adoption of contactless payments across all demographic groups is increasing. So much so that recent research from the Reserve Bank of Australia (RBA) shows that cash is declining. New payment technologies prove it can match or even surpass the advantages of using cash.

While most consumers now see that mobile and contactless payments offer greater speed and convenience, more are beginning to appreciate the added security these technologies offer. A recent study by RFi Consulting found that 55 percent of respondents named security among the top three factors that influence how they pay for an item. Security will remain a critical factor for institutions looking to deploy the newest payment technologies, as the success of these technologies will rely on consumers’ trust. Security and convenience can no longer be a trade-off. The next wave of innovation will be driven by technology that offers a perfect balance of convenience and trust.

Has contactless payment and mBanking innovation made your life easier? Has it impacted your business? Let us know in the comments section below and download the full infographic here:

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