Women more likely to use Buy-Now-Pay-Later services

Original article by Roy Morgan
Market Research Update – Page: Online : 9-Sep-19

New research from Roy Morgan shows that women are significantly more likely to use buy-now-pay-later payment services such as Afterpay, Zip Pay or Zip Money than men. Over one-in-ten women (11.6%) report using a buy-now-pay-later service in the last year, compared to only 5.5% of men. In addition to greater user of buy-now-pay-later services, women are also more likely to use the more traditional Bill Payment Services such as BPAY and Post Billpay with nearly three-fifths of women (59.1%) using a Bill Payment Service in the last year compared to 55.8% of men. However, men are more likely than women to use other digital payment services, including Online Payment Platforms such as PayPal and Other Contactless/Cardless Mobile Payments services such as Apple Pay. These are some of the findings from the newly released Roy Morgan ‘Digital Payment Solutions Currency Report’ June 2019. The data in this latest report is from Roy Morgan’s Single Source survey which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.

CORPORATES
ROY MORGAN LIMITED, AFTERPAY TOUCH GROUP LIMITED – ASX APT, ZIP PAY, ZIP CO LIMITED – ASX Z1P

Savers at risk in bank, credit union data hack

Original article by Joyce Moullakis
The Australian – Page: 19 : 26-Aug-19

The security of the New Payments Platform is under scrutiny in the wake of revelations that the system has been subject to a second data breach. Cuscal has indicated that only about three per cent of bank and credit union customers who have registered for a PayID have been affected by the breach, which equates to less than 92,000 customers. Westpac customers who use the real-time NPP system were affected by a data breach in June.

CORPORATES
CUSCAL, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Government flags heavy-handed crackdown on black economy

Original article by Mike Bruce
The New Daily – Page: Online : 21-Aug-19

Gary Pflugrath of CPA Australia says the federal government should reconsider proposed legislation to restrict cash payments between businesses and individuals to no more than $10,000. It was one of the recommendations of the government’s Black Economy Taskforce, but Pflugrath contends that there are sufficient "checks and balances" to counter criminal activity. Kurt Wallace from the Institute of Public Affairs says restricting cash payments would have little impact on the cash economy, while reducing the freedoms of ordinary Australians. Individuals could face big fines and imprisonment for breaching the proposed laws.

CORPORATES
CPA AUSTRALIA, INSTITUTE OF PUBLIC AFFAIRS LIMITED, H&R BLOCK LIMITED, ONE NATION PARTY, UNIVERSITY OF MELBOURNE

Transacting $10,000 or more in cash could make you a criminal under proposed law

Original article by Nassim Khadem
abc.net au – Page: Online : 20-Aug-19

The 2018-19 federal Budget included a proposal that would restrict cash payments to businesses to no more than $10,000. The measure was recommended by the federal government’s Black Economy Taskforce; those who infringe the proposed measure if it is legislated could be fined up to $25,000 or jailed for two years. One Nation has indicated that it will vote against legislation, while the Australian Chamber of Commerce & Industry is among a number of organisations that oppose the measure.

CORPORATES
ONE NATION LIMITED, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Over 1.5 million users of Buy-Now-Pay-Later digital payments

Original article by Roy Morgan
Market Research Update – Page: Online : 19-Mar-19

Roy Morgan’s ‘Digital Payment Solutions Currency Report’ January 2019 shows that 1.59 million Australians aged +14 used a ‘buy-now-pay-later’ digital payment method in the last 12 months. Millennials accounted for 40.6% of ‘buy-now-pay-later’ users in the year to January 2019, followed by Gen Z (35.1%). These two generations combined account for 75.7% of the market, or 1.2 million consumers. The two oldest generations (baby boomers and pre-boomers) make very little use of the new ‘buy-now-pay-later’ systems, with a combined market share of only 5.2% (83,000). The report also shows that awareness of these new payment methods is a healthy 42.9%, well ahead of the overall usage levels of 7.7%. Afterpay had 39.9% awareness and 6.9% usage over the last 12 months, well ahead of zipPay with 19.0% awareness and 1.6% usage. The data from this report is from Roy Morgan’s Single Source survey, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes.

CORPORATES
ROY MORGAN LIMITED, AFTERPAY TOUCH GROUP LIMITED – ASX APT, ZIPPAY

Green light for black economy taskforce

Original article by Duncan Hughes
The Australian Financial Review – Page: 21 : 30-Jan-19

The federal government’s Black Economy Taskforce made 80 recommendations in its final report, which was released in October. The government has accepted 30 of these recommendations, while it has agreed in principle to adopt 21 recommendations. Michael Andrew, who chaired the taskforce, says government departments and agencies have commenced the process of implementing the recommendations. The cash economy is estimated to cost about $50 billion a year.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF JOBS AND SMALL BUSINESS, AUSTRALIA. DEPT OF HOME AFFAIRS, KPMG AUSTRALIA PTY LTD

Majority of Australians now use digital payments – a potential threat or opportunity?

Original article by Roy Morgan
Market Research Update – Page: Online : 23-Jan-19

New research by Roy Morgan shows that awareness of digital payments among Australians aged 14+ has reached 93.9%, and 72.4% have used at least one digital payment method over an average 12 months. The survey also shows that 7.2% of Australians have used ‘buy now, pay later’ systems such as Afterpay in the last 12 months, while 6.8% have used fintechs such as Android Pay and Google Wallet. Banks’ own mobile payments systems were used by 5.8% of Australians over this period. Meanwhile, 59.1% used bill payment services and 33.9% used online payment platforms such as PayPal. Roy Morgan’s ‘Digital Payment Solutions Currency Report’ November 2018 represents some of the findings from the Single Source survey, which is based on in-depth interviews conducted face-to-face with over 50,000 consumers in their home.

CORPORATES
ROY MORGAN LIMITED

Fintechs outpacing banks in digital payments

Original article by Roy Morgan
Market Research Update – Page: Online : 24-Sep-18

The Roy Morgan Digital Payment Solutions Currency Report shows that 6.5% of Australians aged 14+ now use non-bank contactless/cardless mobile payment system, while 6.4% use bank-owned digital payment solutions. The report also shows that 93.6% of Australians are aware of at least one digital payment solution, and 72.4% have used at least one digital payment solution in the last 12 months. Some 57.3% of Australians are aware of "tap and go" payment systems, 39.6% are aware of bank-owned mobile payment systems, 46.4% are aware of non-bank tap-and-go systems and 35.2% are aware of "buy-now-pay-later" payment systems. However, usage is lagging awareness considerably, with only 11.5% of Australians having used a tap-and-go payment system in the last 12 months, and only 6.7% having used a buy-now-pay-later digital solution over the same period. The report is based on more than 50,000 face-to-face consumer interviews during the year to June 2018.

CORPORATES
ROY MORGAN LIMITED

The Way Australians Pay is Changing

Original article by Roy Morgan
Market Research Update – Page: Online : 12-Jun-18

A Roy Morgan Single Source survey shows that more than 14.5 million Australians aged 14+ (71.7%) used Digital Payment Solutions in the year to March 2018. Some 53% of Australians used BPay in the last 12 months, ahead of PayPal (41%). Meanwhile, 6% of Australians used a Buy-Now-Pay-Later payment solution, such as Afterpay, ZipPay or ZipMoney. In addition, 7.3% of Australians used a banks’ own mobile payment solution in the last 12 months, with CommBank Tap & Pay the most used (4.3%). Other contactless/cardless mobile payment solutions (such as Apple Pay, Android Pay, Google Wallet and Samsung Pay) were used by 6.1% of Australians.

CORPORATES
ROY MORGAN LIMITED

King cash dethroned as cards lead a revolution at the till

Original article by Richard Gluyas
The Australian – Page: 23 : 15-Sep-17

The ­Reserve Bank of Australia’s latest triennial customer payments survey highlights the continuing decline in the use of cash as a payment option, in favour of debit and credit cards. The proportion of consumer transactions that were carried out with cash has fallen from 70 per cent in 2007 to just 37 per cent in fiscal 2016. However, cash remains the most popular payment option for transactions costing less than $A10, while cash is still widely used by older people. There was also a 20 per cent decline in payments via cheque in 2016-17.

CORPORATES
RESERVE BANK OF AUSTRALIA