The financial technology company ‘FIS’, conducted a research and found out that 22% of online retail purchases in Australia in 2018 were made using digital payments and eWallets, such as Apple Pay and Google Pay.
Credit cards were the most popular payment method at 28%, eWallets were the second, while debit cards came in third. For purchasing electronic goods, clothing and footwear online, digital wallets were also the most preferred option, accounting for 26% of all mobile purchases in both categories.
However, credit cards were preferred over digital wallets in the health and beauty sector, with the two accounting for 25% and 23% of online purchases respectively.
In Australia, mobile payments currently account for 31% of all retail eCommerce and are set to grow by up to 15% over the next four years.
Phil Pomford, Worldpay General Manager of Global eCommerce for Asia Pacific , said, “Much like the rest of the APAC region, Australians are increasingly embracing digital payments, forgoing the more traditional credit-debit card combinations when shopping online, according to our 2019 Retail Global Payments Report.”
According to the report, eCommerce growth in Australia is expected to peak by almost US$40 billion by 2022, while in store sales will be at a 3% compound annual growth rate.
Mr Pomford said, “In order for Australian retailers and merchants to succeed in the increasingly noisy eCommerce landscape, they need to understand local consumer preferences and offer the right mix of payment methods to meet their expectations. It’s not about offering every available option, but rather focusing on those that best suit your business model and match the needs of your customers.”
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