Oz Business Finally Embracing Electronic Payments: Report
Almost two-thirds of these organisations say the practice is “extremely” or “very” critical to their business, according to the study commissioned by HCL Technologies from Roy Morgan Research.
Most frequent users are in retail (84pc), accommodation and food services (87pc), organisations with an annual turnover in excess of $1 million (64pc) or with more than 20 employees (72pc).
And there’s more disruption to come. “Financial institutions and their customers will experience unprecedented levels of change over the next few years, as new payments methods continue to emerge,” according to Roy Morgan’s Jason Hulme.
He warns that banks that fail to move with the time will suffer. “It would be short-sighted to assume that the likes of PayPal, crypto-currencies and digital wallets will be the end of innovation in this space. Banks must support both their merchants and customers to ensure that where appropriate. preferred methods of support are supported.