MOBILE PAYMENTS
54 required in the coming years . 85 % of fraud in Australia is currently driven by card-not-present fraud . With online shopping traffic growth increasing to 19.2 % in 2017 , up from 11.5 % in 2016 , there is plenty of opportunity for retailers , as long as they are able to implement the appropriate fraud protection measures .
In line with global trends , we can expect to see significant growth in alternative payments . Last year , Alipay and ‘ buy now , pay later ’ schemes such as Zip and Afterpay saw significant uptake . Merchant demand has seen acquirers and larger payments players work hard to make sure these payment methods are accepted across in-store and online channels . Additionally , many domestic debit card schemes are also set to move online and drive widespread acceptance this year .
For retailers in the Pacific region , the unique opportunity is to capture a greater share of the giant Asian markets . Products from Australia and New Zealand are in high demand in Asia , so the ability to effectively service cross-border trade from these markets , particularly into China , will be a critical challenge for merchants this year .
‘Many payment methods that were previously nascent are now described as mainstream ’
APRIL 2019