Australian businesses must adapt to payment trends: Worldpay

Businesses risk losing sales if they ignore trends on the preferred payments options of Australian consumers, according to payments leader Worldpay. 

Insights about consumer trends and solutions are contained in the Payments Performance Report, which stresses the importance of convenience, security and flexibility payment options in payments. 

Data from Worldpay market research shows that compared to other parts of the world, Australians need extra reassurance about security and fraud prevention when shopping online. Nearly a quarter of Aussie shoppers refuse to make a purchase at all when their preferred payment method is not available. 

The data shows that online, digital wallets are on the rise, debit cards are more popular in Australia than other parts of the world, and BNPL use is higher, compared with global trends. 

However, Australians currently use account to account and digital wallets less than many other countries, but mobile wallets are expected to soar over the next three years. 
Worldpay's Australia and New Zealand Commercial Vice-President, Paul Koopmans said the report highlighted that consumer choices in payments varied considerably and needed to be considered carefully when retailers decide which payments options they adopt. 

"In Australia especially, it is vital that merchants offer their customers a variety of purchase options to ensure that they don't miss out on potential sales and to maximise conversion." Mr Koopmans said. "Australian customers need to feel comfortable purchasing online, and a sense of security and convenience. They are becoming more discerning in their payment choices and merchants that provide payment options and secure payment processes." 

"In the attention economy, securing and retaining users' interest has never been more critical to the success of digital businesses. Regardless of how great your offering is, if the customer payment experience is inconsistent, or frustrating, then plenty of competitors are keen to will capitalise on these missed opportunities. Every abandoned transaction, failed payment, security issue, or other friction in the customer journey can result in increased churn rates, lost customers, and missed revenue opportunity." 

Worldpay provides payments solutions to more than a million merchants globally in 146 countries, including Australia. 

Data shows that familiar, trusted logos make Australians feel more secure at an online checkout (77% versus 61% globally), and symbols like locks add a feeling a security for many. 

"As we look to the future, digital payments are set to undergo significant transformations, propelled by emerging technologies and shifting consumer preferences. Merchants that keep up with their customers' preferences will maximise their revenue opportunity," Mr Koopmans said.