Payments

In Australia, Contactless Payment is the Way to Go

MEDICI

Australians are favouring contactless payments day-by-day ditching traditional payment methods. Even merchants are seeing a high demand and are rolling out specialized terminals to cope up with the trend. More than 58 million Visa PayWave payments were made in July alone this year. As per a research by RFi, 70% of adult population now owns a NFC based credit or debit card. MasterCard has 320,000 tap-and-go-enabled cards on the market.

According to a report by Australian bank Westpac, contactless payments via mobile will reach A$3 billion in Australia by 2015. In Australia, mobile-based contactless payments have accounted for 60% of all debit-card transactions in the past 12 months. The growth can be attributed to the proliferation of smartphones that come with features, such as NFC, that make it possible to perform contactless payments.

Recently, a survey was conducted by Transaction Network Services to analyse the attitude of Australian adults towards contactless payments. Here is an infographic depicting the interesting survey results:

contactless australia

Source: Transaction Network Services

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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