World watches as we embrace cashless future

Karina Barrymore,
September 22, 2016
Herald Sun

AUSTRALIA has become one of the world’s top five cashless societies according to a new report, which found non-cash payments increased 10 per cent globally during 2015.
The report by consultant Capgemini and international bank BNP Paribas found there were an estimated 426 billion cashless transactions last year, up from 387 billion in 2014. Australia, which is ranked 10th in the world for the volume of non-cash payments, also last year nudged into the top five countries for transactions per person.
Australians conducted an average of 470 non-cash transactions each last year, to rank fifth highest in the world.
“Australians are very early adopters of electronic forms of payment,” Capgemini practice leader Philip Gomm said yesterday. “We have a strong propensity to take up electronic channels. For example with contactless payments, more than 80 per cent of grocery outlet payments were being performed as tap-and-go within 18 months of introduction.
Australia has become one of the world’s top-five cashless societies, according to a new report.
“Australia’s activity is very important to the overseas market as it looks to see what happens in Australia first.”
Cards, including credit and debit cards, make up the majority of cashless payments, accounting for about 65 per cent of transactions globally, the report found. Credit transfers sent by the account holder made up the second highest number of payments at 17 per cent followed by direct debits at 12 per cent.
In Australia, however, cards make up 75 per cent of transactions, followed by credit transfers at 17 per cent and direct debits at just 7 per cent.
“Australian consumers don’t trust billers and they are reluctant to give them access to their accounts,” Mr Gomm said.
Cheques also make up less than 1 per cent of Australian payments, compared with 6 per cent globally.