Apple Pay, NPP Shake Payments
The new payments platform is set to cost the financial services industry more than $1 billion to implement but at this stage only five percent of businesses are aware of the platform, due to roll out in 2017.
The platform is expected to open up opportunities for new services, streamline the payments process, and allow payments to be directed to a specific account using either a mobile phone number or an e-mail address.
So says Roy Morgan Research in its Business Attitudes to Electronics Payments Systems study which found Australia’s hunger for mobile and digital services is revolutionising the way businesses are being paid for their goods and services, with 45 percent of Australian businesses now accepting customer electronic payments using methods such as PayPal or digital wallets.
Roy Morgan’s financial services GM, Jason Hulme, predicted financial institutions and their customers will experience unprecedented levels of change over the next few years as new payments methods continue to emerge.