05 Sep Mobile Wallets and Digital Payments
Paula Gilardoni and Emma Ringland discuss significant changes in the Australian payments industry.
Australian payments industry is undergoing significant changes. As more and more payments are completed electronically, the payments industry is busy developing a New Payments Platform (NPP) for the real-time processing of low-value payments. This platform will provide Australian businesses and consumers with a fast, versatile, data-rich payments system for making their everyday payments.
For companies seeking to implement mobile wallets, Australia is an ideal launch pad because:
Many Australian consumers are already familiar with contactless payments (Visa and MasterCard estimate that 50% of all payments under $100 in Australia occur via contactless technology)
The requisite infrastructure is already widespread (Visa estimates there are 100,000 contactless terminals with merchants and over 1 million contactless transactions made per day)2
65% of Australians have a smartphone (Google-commissioned research ranked Australia as #6 in the world in terms of smartphone penetration in 2013).32