Australia is often ahead of the game when it comes to new paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More
instruments. Back in 1988, the Reserve BankSee Central bank. More
of Australia was the first central bank to issue polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More
banknotes, a highly resistant substrateThe physical media or support on which the image is printed, such as paper, polymer or hybrid, etc. More
that is now used by more than 30 countries including Canada, Mexico, Singapore and more recently England. Furthermore, Australia was awarded leader in contactless payment technology in 2016 for its rapid adoption of contactless cards such as Visa PayWave and Mastercard PayPass.
Nevertheless, a recent study demonstrated that mobile payments – the latest innovation in the payment landscape – are not convincing Australians at all. Indeed, 72% of them reported to have never used a mobile app to conduct banking transactions. Yet mobile apps spread rapidly over the past year, and Apple Pay, Samsung Pay and Android Pay are available across the country.
To explain this lack of interest, 43% of consumers stated that they are fully satisfied with using either cashMoney in physical form such as banknotes and coins. More
or cards, and 20% declared that they fear security breaches. Indeed, experts continually warn that mobile apps are developed in a rush and do not satisfy minimum security requirements, representing a real playground for hackers. Moreover, the majority of Australians declared not seeing the advantages of mobile banking as they do not offer any additional features compared to contactless cards. Although the innovative aspect of mobile apps might appeal to some, it seems that these will rather struggle to carve themselves a place amidst more traditional payment methods.