Australian Payments Network's The Digital Economy milestones
report reveals the shift to a digital economy in Australia is accelerating:
7 out of 10 card payments in 2017 were made with a debit card. Debit card payments grew to 5.6 billion in 2017, an 87% increase since 2012. Credit card payments grew to 2.7 billion, a 51% increase since 2012.
Consumers now make 10.6 million transfers every day - 42.3% more than in 2012.
The number of ATM withdrawals dropped by 5.9% in 2017 down to 610.1 million, a 25% drop since 2012.
Cheque use plummeted by 19.7% in 2017 to 89.7 million, a 60% drop since 2012.
72% of consumers purchased online in 2016-17, compared to 61% two years earlier. Online spending exceeded $25 billion in the 12 months to February 2018. Moreover, spending in February 2018 was up 15.1% on the previous year.
Three in every five smartphone owners use them to make payments.
Smart watch penetration reached 9% in 2017 (up from 5% in 2016), and fitness band ownership grew from 18% to 20% over the same period. Wearables are expected to account for 20% of all proximity payments by 2020.
Refer infographic by Australian Payments Network.
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