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Oz Tipped As Leader In Global Mobile Payment Revolution

Oz Tipped As Leader In Global Mobile Payment Revolution

The survey predicts worldwide mobile payments will account for US$1 trillion in value in 2017, up 124 percent from the less than $500 billion it has tipped for 2015.

And it adds: “Driven by a high number of initiatives and diverse mobile commerce maturity level, Asia-Pacific is expected to lead the world in mobile payment developments.”

IDC predicts that the limited state of credit/debit card adoption in Asia/Pacific will see mobile payments usage shifting to bank account-linked mobile wallets.

“Smartphone adoption has grown much more rapidly than general banking and card adoption in the Asia-Pacific region,” said Shiv Putcha, Asia-Pac associate research director at IDC.

“Recent focus on financial inclusion policies in various countries has given a boost to connecting the unbanked. This phenomenon, coupled with the innovation of semi-closed wallet schemes linked to bank accounts, has given a major boost to mobile payments in Asia-Pacific.”

“When we look across the region, we see a duality between the mature Asian markets like Australia, Hong Kong, and Singapore, versus the emerging Asian economies like China, India. and Indonesia.”

It predicts the mature A-Pac markets will prove fertile markets for solutions like Apple Pay and Android Pay – though recent remarks from Australian banks have suggested a certain diffidence about embracing Apple Pay