PAYMENT – AUSTRALIA

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

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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

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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?

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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

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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

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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

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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

ANZ joins the party with addition of Samsung Pay

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Original article by James Frost
The Australian Financial Review – Page: 14 : 18-Jul-17

The ANZ Bank’s Bob Belan notes that it has become the first major bank to allow customers to make mobile payments using Apple, Samsung and Android devices. ANZ will begin offering the Samsung Pay contactless mobile payments solution. It was the first Australian bank to provide access to the rival Apple Pay service. Westpac revealed plans to offer Samsung Pay earlier in 2017.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SAMSUNG ELECTRONICS AUSTRALIA PTY LTD, SAMSUNG PAY, WESTPAC BANKING CORPORATION – ASX WBC, APPLE INCORPORATED, APPLE PAY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FACEBOOK INCORPORATED, MESSENGER CORPORATION, WECHAT, SNAPCHAT INCORPORATED, CITIGROUP INCORPORATED, AMERICAN EXPRESS COMPANY, CREDIT UNION AUSTRALIA LIMITED, BANK AUSTRALIA, DEFENCE BANK LIMITED, BANK OF SYDNEY LIMITED

Apple Pay to take bite at big three banks

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Original article by James Eyers
The Australian Financial Review – Page: 1 & 30 : 10-Feb-17

Macquarie Bank and ING Direct customers will have access to the Apple Pay service by the end of February 2017, but the ANZ Bank is the only "big four" bank that currently offers it. The head of Apple Pay, Jennifer Bailey, warns that the Commonwealth Bank, Westpac and National Australia Bank risk losing customers unless they embrace the global payments system. ANZ Bank has indicated that about 26 per cent of its customers use Apple Pay, while Bailey notes that Australians are now the biggest users of the service.

CORPORATES
APPLE PAY, APPLE INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE BANK LIMITED – ASX MBL, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Targeted tax strike on digital economy

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Original article by David Crowe, David Uren
The Australian – Page: 1 & 2 : 11-Jan-17

The Australian Government plans to overhaul the tax system in response to the transition from a cash-based economy to digital payments. Treasurer Scott Morrison has stressed the need to ensure that the nation’s tax base is modern as well as comprehensive and reflects the shift to a digital economy. The Government also intends to crack down on the so-called "black economy", while 2017 will also see the broadening of the GST to include online purchases and new measures to counter profit-shifting by multinationals.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, GOOGLE INCORPORATED, NETFLIX INCORPORATED, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, CSIRO

PayPal takes $85m slice of SME lending pie

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Original article by Michael Bennet
The Australian – Page: 23 : 8-Jul-16

PayPal has written more than $A85 million worth of loans to about 3,000 small businesses in Australia since late 2014. Darrell Esch, the global general manager of small and medium business lending at PayPal, is amazed by the rate of growth at PayPal Working Capital. The program’s combined figure for loans in the US, Great Britain and Australia exceeds $US2 billion ($A2.6 billion).

CORPORATES
PAYPAL AUSTRALIA PTY LTD, PAYPAL INCORPORATED, SOCIETYONE AUSTRALIA PTY LTD, PROSPA FINANCIAL PTY LTD, MACQUARIE SECURITIES PTY LTD, ETTITUDE AUSTRALIA