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Are we on track to become a cashless society?

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Australia and New Zealand have some of the lowest rates of cash used in the world, so what does it mean for businesses as consumer behaviours shift?

Bob Dylan once penned a famous song called “The Times They Are A-Changin'” back in 1963, and that title could not be truer 60 years later.

With the ability to move – and transact with – money without needing to have it in your hand, things have been progressing towards a cashless society.

Goods and services can be purchased at the tap of a card or a beep on your phone, and this trend has been noted in FIS Global‘s annual report, the Global Payment report.

“What we’re seeing at the moment is a clear trend of consumers moving towards digital alternative payment methods,” Senior Vice-President & General Manager, Global eCom, APAC at Worldpay from FIS Phil Pomford described to Ticker News Insight. “Customers are really looking for choice and convenience.

“If you look at the Buy Now, Pay Later scene, there’s been huge growth over time, and continue to maintain a sort of market share – around about 14 per cent – in the next three to four years.”

Pomford notes a transition from even using credit cards to having a digital wallet.

“Digital wallets have really overtaken credit card usage, especially online,” he adds. “And they’re now around about 31 per cent in Australia versus 28 per cent in the credit cards, and we think that trend will continue.”

So, what does the future of the cashless society start to look like a few more years down the track?

“We’ll see an evolution of the Buy Now Pay Later space with some regulations, obviously, coming down the pipe as well,” Pomford revealed.

“It will still remain a really strong popular choice to consumers.”

If that’s the consumer side, what about business merchants? How are they preparing their companies for this new ‘way’ of doing things without exchanging physical cash or swiping cards?

“I think it’s critical that businesses merchants, as we call them, really do stay ahead of the trends,” Pomford asserts. “They need to be aware of what, and where, consumers are moving towards.

“For example, making sure you’re providing the right wallets for your consumers to use in your market – that might be Apple Pay or Samsung Pay just to name a few.

“It is also ensuring you invest in your technology, making sure it is a seamless, safe and convenient experience for the consumer.”

For more information about FIS Global, head to their website, or view more information about the report here.

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Experts question social media ban’s effectiveness for youth

Debate over social media ban: Alex Coates advocates education over enforcement, warns of risks for youth and community connections

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Debate over social media ban: Alex Coates advocates education over enforcement, warns of risks for youth and community connections

In Short:
– The ban aims to enforce social media protocols for the younger generation.
– Alex Coates argues for education over enforcement, highlighting challenges in monitoring restrictions.

A new ban on certain social media platforms aims to establish protocols for children’s online usage, but experts question its effectiveness.

Alex Coates from Interactive Australia highlights the challenges of policing such restrictions and suggests that education on safe social media habits may be more effective than enforceable laws.

Emerging platforms like Yope and Lemonade are already attracting young users looking to bypass the initial bans, raising concerns about enforcement. Coates points to the lack of a reliable digital ID system as a significant hurdle, making it difficult to control who accesses certain platforms.

Marginalised and regional communities could face unintended consequences, as social media often serves as a key communication tool. Experts warn that failing to discuss online safety at home may exacerbate domestic issues, while the shift to less regulated platforms could increase risks to mental health, cybersecurity, and digital resilience.

Coates encourages families and individuals to seek more information and join the ongoing dialogue with Interactive Australia.

For more information, visit Interactive.


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AI scams target Australian shoppers during festive season

AI scams surge as Australian retailers prep for record holiday spending, risking consumer losses and heightened fraud detection challenges

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AI scams surge as Australian retailers prep for record holiday spending, risking consumer losses and heightened fraud detection challenges

In Short:
– Australian shoppers are projected to spend $6.8 billion over Black Friday to Cyber Monday, attracting fraudsters.
– Australians are losing nearly $1,700 per person to sophisticated AI-generated scams, nearly double last year’s loss.

The Australian Retail Association projected shopper spending at $6.8 billion over Black Friday to Cyber Monday, viewed as a prime opportunity for fraudsters. According to Adyen country manager, Hayley Fisher, recent Adyen Index findings reveal Australians lost nearly $1,700 each to scams, primarily driven by AI technologies. AI advancements are making scams more convincing, leading consumers to fall victim to fraudulent emails mimicking trusted brands. Retailers face sophisticated fraud leveraging AI, with scams designed to mimic genuine shopping behaviours. The festive period is crucial for retailers seeking new customers while managing the challenge of distinguishing legitimate shoppers from fraudsters.

Consumers are advised to be vigilant during this shopping season, verifying URLs and being cautious with card details. Retailers are urged to employ advanced AI-based fraud detection tools, moving away from outdated methods that fail to combat modern fraud tactics.

Adyen implements its “Adyen uplift” method, incorporating behavioural signals to enhance fraud detection and prevention. Retailers should evaluate the effectiveness of their strategies post-Black Friday to refine approaches for Cyber Monday. Additionally, there is a push for improved customer experiences as retailers streamline payments both online and in-store to manage customer flow efficiently.

For more information, visit Adyen.


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Regional small businesses thrive through digital marketing strategies

Regional small businesses thrive as marketing improves and technology enhances growth potential amid rising city living costs, says Sarah Cann

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Regional small businesses thrive as marketing improves and technology enhances growth potential amid rising city living costs, says Sarah Cann

In Short:
– Small businesses outside major cities are growing due to better marketing, streamlined systems, and strategic focus.
– The internet enables regional businesses to connect with wider audiences and scale operations effectively.

Small businesses outside major cities are experiencing rapid growth due to enhanced marketing, streamlined operations, and focused strategies. Rising living costs in urban areas are prompting many entrepreneurs to seek opportunities in regional markets.The internet and technological advancements enable these businesses to reach local, national, and international audiences more easily. Transitioning from local to national mindsets is facilitated by digital marketing and online platforms.

Sarah Cann from Powered by Sarah Cann, highlights the importance of effective, integrated marketing for small businesses. She refers to this as “functional marketing,” stressing the need for a solid marketing foundation rather than reliance on trends. Expert marketing advice is recommended for sustainable growth.

Regional businesses often benefit from authenticity, as owners typically serve as the face of their brands, fostering strong connections with customers. Their agility allows them to adapt quickly compared to larger enterprises. Building community, both online and offline, is vital for cultivating loyalty and customer relationships.

Cann offers a comprehensive approach to marketing, including market research, strategy, product development, and digital advertising. She provides flexible services, functioning as a fractional chief marketing officer or collaborating with existing teams.

For more information, visit Powered by Sarah Cann


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