Technology continues to reshape the way people deal with finances – in many aspects. Results from Roy Morgan’s research with 50,000 consumers in the twelve months to November 2018, reveal 72.4% of Aussies are using at least one form of digital payment, with adoption tipped to rise as society edges towards a cash and cardless environment.
Norman Morris, Roy Morgan Industry Communications Director, asserts the change poses a threat to traditional payment methods – e.g. cash and credit cards – exacerbated by the growth of wearable technology such as smartwatches.
“The increasing use of new payment technologies is being aided by the growing proliferation and development of smart phones and wearables with integrated technology such as Apple Pay and Google Pay, and an increasing number of financial institutions enabling their customers to make payments with these devices,” he adds.
Generation Z and Millennials have most embraced the trend (11.4% respectively), with Baby Boomers amongst the least (1.8%).
Third party payment solutions (e.g. Apple Pay, Samsung Pay, Google Wallet and Android Pay) continue to trump financial institution mobile platforms – 6.8% [~1.4 million] versus 5.8% [~1.2 million].
Gen Z and Millennials again lead the charge (10.6% and 10.4% respectively), with Baby Boomers among the most resistant (1.8%).
Excerpt originally published at Channelnews, 72% Of Aussies Now Using Digital Payments.
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