While a surge in online spending and the sharp decline of cash and cheques in particular can reasonably be attributed to the pandemic, this trajectory has been mapped for some time. Since the initial publication of its Digital Economy Report in 2013, AusPayNet has tracked the decline in cheques and cash in favour of cards and other electronic payments. Over the past decade, payment options have expanded exponentially, with the introduction of NPP (Australia’s New Payments Platform), digital wallets and increased access to mobile and internet financial services.
As we look to the future of payments, we expect to see increased technical innovation, progressive governance and accessibility frameworks, and new ways to pay and store value. The shift towards a digital economy will continue. As it does, Australia will need to maintain interoperability, accessibility and customer protection in the payments system - and plan for the eventual retirement of legacy systems no longer best placed to meet the needs of end users.
This infographic from AusPayNet captures some of the trends, including the boom in online shopping, strong uptake of digital wallets and the rise in P2P payments using a PayID.