According to the Galaxy research commissioned by MasterCard, Australians of all ages continue to embrace contactless payments, with 66% preferring to use tap and go for small transactions under a $100 instead of entering their PIN, and 64% favoring it as a payment method over cash. The study was conducted online during October 2015 using a sample of 1,005 Australians aged between 18-64 years old, who have a credit or debit card.
Results from the survey showed that speed and convenience continue to generate increased adoption of the technology by Aussies (77%), and safety benefits available through contactless cards are also contributing to its growing popularity over cash; the majority of Australians (82%) believe they are more likely to be reimbursed for unauthorised contactless payments made with a stolen credit or debit card than they are likely to get stolen cash back.
First introduced into Australia in 2007, contactless payments have been one of the fastest-adopted payment technologies globally, and despite recent reports, MasterCard data in addition to industry data, reveals no increase in fraud specifically relating to contactless payments. Australian Card Data* has found that fraud relating to contactless payments makes up less than 2% of all total card fraud. This is despite huge growth in the category, where contactless MasterCard transactions have grown 148% based on card data compiled by MasterCard and Visa showing that number of Contactless MasterCard transactions grew 148% between July 2013 and 2014.
MasterCard SVP and Country Manager, Andrew Cartwright said “This research indicates not only a shift in the preferred methods in which consumers like to pay, but also suggests that they are beginning to understand and trust the safety benefits associated with paying by card. As contactless payments continue to rise, cash is increasingly become unnecessary real estate in wallets.
“I’ll take a card any day of the week – it is safer than cash. With a card I’m protected against unauthorised purchases, whereas, if my wallet is stolen, the cash is as good as gone”, said Cartwright.
Shoppers in West Australia have the highest preference for contactless payments in the country (72%), followed by shoppers in NSW (67%), VIC and TAS (66%).
