Embracing change at point-of-sale
From the corner store to the top end of town, Aussie retailers have quickly adopted new payment technologies. It’s rare to see any point-of-sale terminal that doesn’t accept contactless cards or mobile contactless methods anymore.
Why is this?
Consumers have pointed towards added convenience and quicker processing times for this shift towards tap and go. With no PIN required (unless spending over $100), face-to-face transactions are cleaner, quicker, and an overall much more pleasant experience.
Another factor — security — has always been a large concern for consumers.
Contactless fraud rates are at an all-time low, with online fraud providing the bulk of card-based crime. This makes carrying a tap and go card or digital wallet the safest choice for carrying money around.
Include the growth of the population with the 18-36 age bracket, and the pictures become even clearer.
This age group now makes up 26% of the Australian population. Shoppers in this group generally opt for efficient financial tools like contactless cards and digital wallets. With smaller merchants like cafés, pubs, pharmacies, and grocery stores embracing this digital change, it’s a win-win for both retailers and consumers.