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Are we on track to become a cashless society?

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3 weeks ago

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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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Insight

Accelerating cybersecurity skills in the workforce

Published

14 hours ago

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June 1, 2023

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The increasing demand for cybersecurity talent is ramping up to meet industry needs

The Australian cyber sector currently employs 26,500 people but increasing demand for talent means an estimated 30,000 jobs will need to be created by 2026 to meet industry needs. Globally, the cybersecurity industry projects a massive 3.5 million jobs will be unfulfilled by 2025.

Australia’s largest ASX listed cyber security company, Tesserent (ASX:TNT), is investing over $250,000 to develop cybersecurity talent from diverse backgrounds, age cohorts and genders to accelerate the future pipeline of talent in cybersecurity.

Tesserent’s CEO Kurt Hansen joined us to discuss how the free ‘100 Day Challenge’ program will help accelerate 100 participants in cybersecurity skills.

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Insight

Our second brain

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3 days ago

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May 30, 2023

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It has been described as the organ that heavily influences a person’s mood even more than the brain

It has been described as the organ that heavily influences a person’s mood even more than the brain – Your stomach.

Scientist have found that the gut behaves like a second brain to the body. So how does the brain impact your gut and mood?

Clayton Thomas, CEO & Founder of The ROOT Brands explains his thoughts as to how the brain can have an impact on your gut, which scientists call the “gut/brain axis connection”.

Harvard Medical School recently found that a person’s stomach or intestinal distress can be a cause of anxiety, stress or even depression. Other studies show people with mood disorders have a gut microbiome. Research has also shown that 50 percent of all dopamine and roughly 95 percent of all serotonin are produced in a person’s gut and both of these play a crucial role in a person’s mood.

The Green Edition is presented by The ROOT Brands – Inspiring Greatness with natural solutions for people to reach their highest and healthiest potential.

For all media inquiries, please get in touch here: tshuvah4u@yahoo.com.

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Insight

The impacts of bad money mindsets

Published

6 days ago

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May 26, 2023

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Bad money mindsets are leading people down a bad economic path, so how can you get your head in the financial game?

Money mindsets have the potential to lead people down a bad economic path, so how can you get your head in the financial game and break bad mindsets to turn it into a much more positive approach towards money?

CIA Tax’s Dr Steven Enticott describes a bad money mindset where someone’s always saying, “I’m really bad at money”, “I’m never going to be able to save money”.

However, this mindset can be changed with a few simple steps – to turn your attitude to turn your money habits around.

Money Matters is sponsored by CIA Tax.

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