80% of Australians prefer digital payment methods
A new report from Colmar Brunton, commissioned by the Australian Taxation Office (ATO), has shown that just one in five Australian’s prefer to use cash when making purchases, with the majority of the country’s population having turned to alternative methods, namely digital payments.
The research has revealed that consumers are enjoying the convenience of cashless payments, removing the need to carry around or withdraw cash before making a payment, whilst also allowing transactions to become easier and more secure.
“The research shows that cash is only the preferred payment method for transactions under $5, and for anything over $50, the vast majority of people want the ease and security of an electronic payment,” said ATO Assistant Commissioner Matthew Bambrick.
“Where we once saw people walk into car dealerships with cash in hand, cash has now been relegated to the morning coffee.”
As a result, 60% of Australian’s admitted that they carry no or limited cash, whilst 90% of businesses readily accept electronic payment.
Further, the fact that 57% of the population uses less cash than five years ago indicates that Australia is potentially already heading towards a cashless society in the future.
“The business community knows what people want, and 86% of businesses agree that most customers expect to be able to pay via electronic means,” Bambrick continued.
“This research indicates that the trend away from cash will only gather pace. This is more than a passing fad. This is the way of the future.”
EDGEMATRIX and NTT DOCOMO deliver AI at the edge
Leading Japanese telecommunications firm NTT DOCOMO, together with startup EDGEMATRIX, is harnessing the power of 5G to support artificial intelligence-enabled video, real-time analytics and, ultimately, the next step in the evolution of the modern smart city.
Founded under the roof of Silicon Valley tech firm Cloudian, EDGEMATRIX has grown into a cutting edge startup based in Japan. NTT DOCOMO has been a shareholder in the company since 2019, having spent the past two years jointly developing and commercialising EDGEMATRIX's revolutionary edge-AI platform using high-speed, high-capacity, low-latency 5G technology. NTT DOCOMO, together with EDGEMATRIX, launched a world-first edge AI platform for intelligent video analytics, enabling high resolution, high security, and real-time video using AI.
Courtesy of EDGEMATRIX
The platform simplifies, manages and oversees the implementation and integration of AI at the edge, which captures, analyses and stores video close to where it is captured in industrial and retail settings, "on location at factories, buildings and other outdoor and indoor locations." The solution is also used in social infrastructure such as roads, railroads, and long-term care facilities for safety monitoring and anomaly detection.
Using Edge AI Box, a compact indoor and outdoor device equipped with a GPU for deep learning-based AI and a communication module (WiFi/LTE/5G) together with various interfaces such as camera connection, it becomes possible to process video streaming from surveillance cameras on-site (at the edge) and in real-time. EDGEMATRIX's Edge AI Boxes can be installed across a site and then monitored using the company's platform. The platform maps the locations of multiple Edge AI Box devices installed on site, monitors their operational status and enables the devices to be controlled remotely.
EDGEMATRIX's customers can use the platform to pruchase additional AI applications from a rapidly-expanding ecosystem which allow them to implement the right solution for the right situation. This simplifies the implementation and upgrade of edge AI for processing and storing video data captured with video cameras at customer premises either outdoor or indoor. Using "Edge View" feature, it is also possible to simultaneously display on the browser a large number of AI-processed real-time videos from the field.
Partnerships like this are key to NTT DOCOMO’s efforts to integrate 5G technologies into the modern enterprise.
Zaif Siddiqi, Executive Director and Global Head of NTT DOCOMO’s 5G & IoT Business Department, comments: “When you're approaching digital transformation, there's more to it than just leveraging cutting edge technologies into new customer experiences.” Unless the needs of the customer, and the underlying market forces at play, can be truly understood, “5G doesn’t mean anything,” he explains, adding that in order to find the right contexts for deployment, “Selection of the right partners is extremely important to delivering on the potential value of 5G.”