Australia on track for cashless future | IR News

Australia on track for cashless future

Posted Date: 28/06/2012

By Inside Retail

Australia is on track for a cashless future – but the country still has obstacles to overcome before mobile payments become the norm according to a study released by MasterCard on Thursday.

The MasterCard Mobile Payments Readiness Index (MPRI) reveals Australia now sits middle of the pack globally in its readiness for mobile payments, with 17 per cent of Australians surveyed willing to use a mobile device to pay for goods in-store.

Young, affluent men aged 18-34 years are the most prepared to use a mobile payment process.

The global index scores Australia 35.3 in mobile payment readiness, just above the global average of 33.2.

Singapore, considered the most advanced country in mobile payment readiness scored 45.6 - the closest nation to the optimum readiness target of 60 points.

The results follow a recent MasterCard Australia online shopper survey which revealed 71 per cent of Australians have access to the internet from their mobile phones, but in contrast only five per cent claim to have made a recent purchase.

MasterCard Australasia, head of market development and innovation, Matt Barr says it is these types of findings that confirm there is a long way to go to improve upon the current customer experience.

For Australia to advance toward a mobile payments future, MasterCard believes momentum needs to come from all quarters including government, telcos, banks, technology providers and retailers. JB Hi-Fi is one of the first retailers to get onboard with MasterCard’s PayPass Wallet Services.

Keywords: MasterCard, cashless society

Comments:

Wednesday, July 25, 2012 by Greg

Stepping stones to the mark of the beast system as foretold in the bible in the last days!

Saturday, July 14, 2012 by BEV

I am a retailer and cannot understand the push for a system that allows for more fraud when we already have constant bombardment every day from the internet scammers with outrageous claims with Lottery wins, car wins, people wanting your personal details so they can deposit millions of English Pounds into your account etc etc - for goodness sake when is enough going to be enough.

Tuesday, July 10, 2012 by Caitlin

After living in the States for 2.5 years and now having moved back to Melbourne I never have cash on me. I became so used to paying with everything via my credit/debit card. It' still my own money but it eliminates the middle man - the ATM.
It is so fantastic being able to tap and go. There was no such thing in the States as "minimum $20" for the use of a credit or debit card at a local cafe, or worse, CASH ONLY. Now I simply don't go in to a place that won't accept a card.
Australia needs to get with the times and realise cash is an inconvenience and stores that don't accept card are losing out on customers (I know I am not the only one).

Tuesday, July 03, 2012 by Helen

Most cafes and restaurants still ONLY accept cash...! There is no way they will be able to move to mobile payment unless they accept that providing EFTPOS or credit card payment facilities is a right not a privilege. There is nothing more frustrating than eating out and finding out they only take cash...

Friday, June 29, 2012 by Luke

We need to have across the board same day settlement for eftpos before cashless transactions become the preferred currency for retailers. Having to wait up to 3 days on weekends to get cash into your account is a joke as the customers account is swept immediately. Stop the banks from using others peoples money to make themselves profits while small business misses out.

Friday, June 29, 2012 by anon

With what ive seen, going cashless especially mobile, your
details can be skimmed without you even realising it.
Dont trust this system !!!!
BTW they will introduce carbon based credits system into their agenda
which will link into and make this a cashless system.
Thats when its pretty much all over for us.
Ie: we will become a liability, even to our own breaths

Dont fall for it !!!!!
Truth in arms

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