Enabling Technologies

Synopsis of Mobile Payments in Australia

MEDICI

What are mobile payments?

It is a payment, defined as a transfer of funds in return for a good or service, where the mobile phone is involved in both the initiation and confirmation of the payment. The location of the payer and supporting infrastructure is not important: he/she may or may not be ‘mobile’ or ‘on the move’ or at a point-of-sale (POS); the payment may be processed by plastic cards or by a prepaid wallet.

Quick facts about mobile usage in Australia:

  • 70% of Australians go online with a mobile phone
  • 50% of Australians go online with a tablet
  • 68% of Australians access the Internet using three or more devices
  • 23% of Australians access the Internet using five or more devices

Deloitte in their recent survey found that there are roughly 15 million smartphones in use in Australia, that doesn’t include the millions of used devices stashed in drawers, or the ones passed on to our families. But if you wonder what users do when they are bored of their mobile phones then here you go:

Synopsis of Mobile Payments in Australia

Where do Aussies use their mobile phones?

Synopsis of Mobile Payments in Australia

As technological disruptions gain momentum, the payment world is becoming more challenging than ever. The payments industry is on the rise and more players are coming into the market so as to gain a market share from this lucrative industry. Now, there are many startups in the payments space with their own tech-integrated unique solutions. InstaReM being the most promising one. Here are some of the facts and figures published by the Australian Communications and Media Authority (ACMA) on m-commerce:

Use of transactional m-commerce by age during December 2010 and December 2013:

Synopsis of Mobile Payments in Australia

Percentage of Australians aged 18 years+ who accessed the Internet on their mobile phone.

Change in m-commerce transactional activities undertaken, December 2010 to December 2013:

Synopsis of Mobile Payments in Australia

Percentage of Australians aged 18 years+ who used the Internet on their mobile phone.

Note: Mobile online banking includes mobile banking and bill payments.

Mobile payment methods used by age during December 2013:

Synopsis of Mobile Payments in Australia

Percentage of Australians aged 18 years+ that used m-commerce services in each age group.

Platform influence on m-commerce activities undertaken during December 2013:

Synopsis of Mobile Payments in Australia

Percentage of Australians aged 18 years+ who used the Internet on their mobile phone.

From the above facts, it is clear that mobile payments are on the rise in Australia. The future of mobile payments is shaping up to be one where we’ll be scanning a lot more with our devices at checkout. Everyone from teenagers to senior citizens wants to be mobile-savvy.

MEDICI Team

MEDICI

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

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