80% of Australians prefer digital payment methods

By Thierry Boudan

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.

See also:

“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.”

Share

Featured Articles

Welcome to the New Age of the CISO

HE Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government and Dr Aloysius Cheang, Chief Security Officer Huawei UAE, on the new age of the CISO

Making the UAE the world’s strongest digital fortress

His Excellency Dr Mohamed Al-Kuwaiti, Head of Cyber Security, UAE Government, on visionary plans to build the world’s most secure digital society

World Mental Health Day – 10 apps to improve wellbeing

Employers should recognise the growing use of apps to help support mental health – here are 10 to consider on World Mental Health Day

Exec interview: Brook Sims, COO, MAC Diversity Recruiters

Leadership & Strategy

Best new books that will make you a better leader

Leadership & Strategy

5 Mins With: Jeff Li, founder and CEO of Shoplazza

Leadership & Strategy