Australians are the most prolific users of contactless payments in the world. Also, Australia’s major financial institutions and big supermarkets have backed the new payment systems, making them widely available for customers to use. The Australian payments landscape is poised to evolve quickly as customers continue to gravitate towards mobile-based services with the advent of Android Pay, Apple Pay and Samsung Pay. As Australian consumers place greater trust on mobile payments that are offered by major banks, these digital wallet providers have increasingly collaborated with some of the Australia’s major financial institutions.
3. Market Context
Australians are the most prolific users of contactless payments in the world. Also,
Australia’s major financial institutions and big supermarkets have backed the new
payment systems, making them widely available for customers to use. The Australian
payments landscape is poised to evolve quickly as customers continue to gravitate
towards mobile-based services with the advent of Android Pay, Apple Pay and
Samsung Pay. As Australian consumers place greater trust on mobile payments that
are offered by major banks, these digital wallet providers have increasingly
collaborated with some of the Australia’s major financial institutions.
4. Key Insights
The National Australia Bank (NAB), one of the four largest financial institutions in
Australia, introduced its indigenous contactless payments over smartphones called
NAB Pay in January 2016. However, its competitors such as Westpac and the
Commonwealth Bank of Australia had been offering digital payments since early 2015.
5. Key Insights
Catching up with competition and witnessing changing industry landscape, recently
the National Australia Bank (NAB) added a new instant card feature on its NAB Pay
app. This feature of instantly available replacement credit cards within the bank's app
allowed customers, whose card has either been stolen or lost, to make payments with
their mobile phones. The newly introduced feature is compatible with Android devices
and is intended to render greater convenience and confidence to the NAB customers.
6. PayNXT360 View
PayNXT360 views this move of NAB will reestablish the fact that the financial
institutions would be required to engage consumers not only by leveraging new
payment methods, but also by prioritizing user experience and securing trust and
convenience in their technologies. The Australian mobile payment market is
expected to record to reach US$ 115.6 billion in transaction value terms by 2020.
7. To Know More
To know more and gain deeper understanding of
mobile payment industry in Australia, click here.