Electronic money is getting more popular in Australia

Electronic money is getting more popular in Australia
CONTENT

  • Electronic payments have become more popular than cash

  • Credit cards are not in demand

  • Cryptocurrencies are not considered a means of payment

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More recently, the Reserve Bank of Australia conducted its fifth annual consumer payments survey to determine which payment method is most commonly used by citizens. It turned out that among the most popular payment methods were electronic money, but not cryptocurrencies..

Electronic money is getting more popular in Australia

1,100 residents of the country took part in the survey, who, over the course of a month, from October to November 2019, recorded which method they used to pay for goods most often. According to the results of the study, it became clear that Australians in most cases choose the option of paying by credit card. 63% of respondents answered in favor of paying by card. Moreover, 44% of them paid for goods with a debit card and only 19% – with a credit card..

Cash payments ranked second in popularity. 27% of respondents admitted that most often they paid for goods and services in cash, because they were used to paying with banknotes, and also to avoid paying a commission to the bank.

Online and mobile payments are not yet widespread in Australia. Only 3% of those participating in the survey admitted that they used a mobile phone to pay for services. However, compared to 2018, there is a growth in the popularity of mobile payment applications. For example, two years ago, only 1% of Australians who participated in the survey said they were using the mobile payment option..

Electronic money is getting more popular in Australia

As for other payment systems such as BPAY, PalPay and others, at the moment they are in low demand among Australians. Only 2% of respondents spoke in favor of PalPay and BPAY.

Cryptocurrency overboard

As for cryptocurrencies, Australians are not yet ready to accept it as a means of payment due to high volatility and the lack of a regulatory framework to regulate its circulation. Some recipients are ready to consider bitcoin as an investment instrument, but not as an option for paying for goods and services.

And this trend is typical not only for Australia, but also for other countries. So far, people are not ready to give up fiat money and credit or debit cards in favor of cryptocurrency, the rate of which can rise or fall by 30-50% per day. Therefore, for now, Bitcoin is unlikely to hope to get to Australian users..

 

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