The payments business has undergone a massive revolution. While online shopping technology has surged forward with better shopping cart systems, AI-assisted tools to help you find what you're looking for - even when you don't know what you want, and greatly improved user interfaces, payments have languished. Andy Barker, the head of payments at online commerce shopping provider Magento, and I spoke about this at the recent MagentoLive event.
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Australians will finally enjoy the ability to send each other money in “real time”, with the launch of the New Payments Platform this week. The platform is a mixture of new processes for settling transactions between banks, guided by the Reserve Bank of Australia.
But while this may make payments faster, it could also make them less safe.
The numbers are in: 53% of payments made in Australia are now done with cards or mobile payment apps. Mobile-based tap-and-pay systems have seen a surge in usage of over 200% in the last 12 months. Australians are predicting that our country will be cash free by 2022 (in June, if you want to be really specific). So long, cash! It's been nice knowing you.