SW Sponsored Content Left 3 160x1200

SW Sponsored Content Right 3 160x1200

SW Sponsored Top Banner 3 705x108

Thursday, 21 March 2019 12:36

Australians big users of buy-now, pay-later payment services: report

By

In the 12 months to January 2019, more than 1.5 million Australians used one of the latest "buy-now, pay-later" digital payment methods, with millennials making up the biggest share, according to a newly published report.

These are some of the findings from the newly released Roy Morgan "Digital Payment Solutions Currency Report" for January 2019.

The data from Roy Morgan’s Single Source survey is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, and the results are based on interviews conducted in the 12 months to January 2019.

According to the report, millennials account for 40.6% of "buy-now, pay-later" users followed by Gen Z with 35.1%. These two groups made up more than three quarters (75.7%) of the market or 1.2 million consumers.

And the two older generations (baby boomers and pre-boomers) by contrast make very little use of "buy-now, pay-later" systems with a combined market share of only 5.2% (83,000).

Buy-now, pay-later usage in last 12 months: market composition by generations:

Source: Roy Morgan Single Source (Australia), February 2018 - January 2018, n=51,036. Base: Australians 14+.  1. Includes 'afterpay', 'zipPay', 'zipMoney'. 2. Gen Z (born 1991 - 2005); Millennials (born 1976 - 1990); Gen X (born 1961 - 1975); Baby Boomers (born 1946 - 1960); Pre-Boomers (born pre 1946)

Roy Morgan says awareness of these new payment methods is a healthy 42.9%, well ahead of the 7.7% usage levels and, as a result, provides a positive growth outlook.

“Clearly the major player in this market is ‘afterpay’, with 39.9% awareness and 6.9% usage over a 12 month period ,well ahead of second placed ‘zipPay’ with 19.0% awareness and 1.6% usage,” Roy Morgan notes.

“The payment environment in Australia is facing rapid change as we see innovative new companies, such as Afterpay, changing the way people purchase goods that they may not be able to afford immediately,” said Norman Morris, Industry Communications director, Roy Morgan.

“These ‘buy-now, pay-later’ companies are likely to pose a threat to traditional payment types such as credit cards as well as traditional financial institutions, as consumers can access a small amount of credit instantly with no documentation.

“The increasing use of new payment technologies is being aided by the growing proliferation and development of smart phones and wearables with integrated technology such as Apple Pay and Google Pay, and an increasing number of financial institutions enabling their customers to make payments with these devices.”

Buy-now, pay-later usage in last 12 months: incidence by generations: 

Source: Roy Morgan Single Source (Australia), February 2018 - January 2018, n=51,036. Base: Australians 14+.  1. Includes 'afterpay','zipPay','zipMoney'. 2. Gen Z (born 1991 - 2005); Millennials (born 1976 - 1990); Gen X (born 1961 - 1975); Baby Boomers (born 1946 - 1960); Pre-Boomers (born pre 1946).

Buy-now, pay-later payment methods: awareness v usage in last 12 months:

  

Source: Roy Morgan Single Source (Australia), February 2018 - January 2018, n=51,036. Base: Australians 14+.


Subscribe to ITWIRE UPDATE Newsletter here

Active Vs. Passive DWDM Solutions

An active approach to your growing optical transport network & connectivity needs.

Building dark fibre network infrastructure using WDM technology used to be considered a complex challenge that only carriers have the means to implement.

This has led many enterprises to build passive networks, which are inferior in quality and ultimately limit their future growth.

Why are passive solutions considered inferior? And what makes active solutions great?

Read more about these two solutions, and how PacketLight fits into all this.

CLICK HERE!

WEBINAR INVITE 8th & 10th September: 5G Performing At The Edge

Don't miss the only 5G and edge performance-focused event in the industry!

Edge computing will play a critical part within digital transformation initiatives across every industry sector. It promises operational speed and efficiency, improved customer service, and reduced operational costs.

This coupled with the new capabilities 5G brings opens up huge opportunities for both network operators and enterprise organisations.

But these technologies will only reach their full potential with assured delivery and performance – with a trust model in place.

With this in mind, we are pleased to announce a two-part digital event, sponsored by Accedian, on the 8th & 10th of September titled 5G: Performing at the Edge.

REGISTER HERE!

BACK TO HOME PAGE
Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

Share News tips for the iTWire Journalists? Your tip will be anonymous

WEBINARS ONLINE & DEMAND

GUEST ARTICLES

VENDOR NEWS

Guest Opinion

Guest Interviews

Guest Reviews

Guest Research

Guest Research & Case Studies

Channel News

Comments