Small business owners are working hard to adapt to the cashless society as new payment technologies mushroom in Australia. Are you in a position to handle the countless payment methods customers want to use? If not, then be prepared to miss out on the sale.
Australian consumers are driving the trend toward a cashless society at a rate of knots, and small business owners need to ensure they’re equipped to take payments in various cashless forms.
According to the Reserve Bank of Australia, the use of cash has fallen sharply with the central bank’s most recent consumer payments study revealing the number of cash transactions plunged by more than a third between 2007 and 2013. While cash payments accounted for 70% of all transactions in 2007, they fell to just 47% in 2013.
Australia is one of the countries closest to becoming cash-free. That’s got big implications for every business.
Meanwhile, analysis as part of MasterCard’s “Cashless Journey” project describes Australia as a country at a tipping point where “all the factors appear to be in place for a substantial move away from cash”. This same project gives Australia an 87% “readiness to go cashless” score.
The speed of change of our payment tools will drive change across the financial services ecosystem. For example, insurance will have to keep pace with this world of cashless payment: cyber-insurance offerings – which protect businesses and individuals from Internet-based risks – will have to evolve to keep up with how the payments function is changing. Speak to a Steadfast insurance broker, who can arrange cyber insurance quotes for you.