The next time Aussies choose to pay for their bills or everyday living expenses they are most likely to go digital. Australia might be leaning on the digital side of things when it comes to making payments, but there is still a significant amount of people that choose to use physical money and credit cards for payments. Online payment platforms could change the way we use money and credit cards and here is what you need to know.
71% of Australians opt for digital payment solutions
The convenience of using money to purchase goods and services is ever changing. Although we have not moved to an age where we use micro-chips inserted into our wrists to make a payment we are close enough to be in an era where physical money could become obsolete.
According to new research on Digital Payments Solutions by Roy Morgan revealed that over 14.5% of Australians (71.7%) used digital payment solutions to handle various payments. This slice of convenience has grossed a whopping $26,025(US) million from its 17.5 million users in 2018.
Bill Payment services rank high with contactless payments playing catch up
Aussies find themselves constantly on the go and need payment methods that will be able to keep up with their lifestyles. This means being able to avoid long queues at the bank or a shop to pay for something.
According to the research, 59% of the Australian population have now moved to digital platforms such as BPay and Post Bill Pay to handle their bills more efficiently. Other online platforms such as PayPal, Visa, and MasterCard online payments are also increasing in popularity with 43.6% of Aussies using it. Aussies have been rather sceptical when it comes to using contactless or cardless payments with only 12% of Australians making use of this service. Aussies aged 24-34 are most likely to warm up to the idea of using contactless/cardless mobile payments with double the number of people (21.6%) making use of it.
Where to from here?
Generally, there are more credit cards on the market that have been updated with features that allow you to make online purchases and payments. However, keep in mind that if you purchase an item overseas online, you could attract a foreign transaction fee that can go up to 3% on every purchase. There are some credit cards that have a tap and go features to help make purchasing easier for you in store.
If you are still part of the Australian population that relies on their plastic to see you through when it comes to making payments, there are a few things that you need to know that can come in handy. For example, check your card to see if it matches the type of spender that you are. You can also check if your credit card has a suitable interest rate. The price of convenience shouldn’t come at a hefty price tag. If that is the case, then it is time you considered a new credit card.