It pays to be secure: Australians are the world’s most security-sensitive payers finds new data

It’s no secret that security is a top priority for Australian consumers when it comes to making payments. In fact, according to our recent Demystifying Payer Experience survey conducted in collaboration with YouGov of over 1000 Australian consumers, 87 per cent of respondents value the protection of their privacy and data when deciding on a payment method, the highest percentage of any country surveyed in the five-market report.

We also discovered Australian consumers are open to new, innovative payment methods they may not be familiar with if it means increased security. Almost half of Aussies payers would try a new payment method if it was more secure. 

It came as no surprise that the survey revealed that the method with the highest level of trust, selected by 94 per cent of respondents, was paying from a bank account. 

Furthermore, the preference for digital payment methods over offline payment methods is on the rise in Australia. While credit cards are still trusted by Australians, our research shows that  newer digital alternatives like digital wallets are gaining in popularity due to their perceived security.

More than one in four Aussies want to pay for their online transactions with digital wallets, and 17 per cent say they are more inclined to leave their wallet at home and pay with their phone.

Merhcants beware: Disregarding payment preferences could be costing you sales

Considering that 70 per cent of respondents would abandon their purchase if their preferred payment method was unavailable, businesses that only accept card payments at the checkout could risk losing out as the next generation of digital-first' consumers increase their purchasing power. This could hinder the sales growth of Australian businesses- which is why payments strategy needs to be more than a fleeting thought for companies of all sizes. 

Customers more than ever want fast, safe and seamless digital payments. We understand that manually inputting payment details can be frustrating for consumers, with over half of the respondents stating that they are annoyed by it. 

On top of this, 35 per cent of Australian consumers say they are likely to use biometric authentication like face ID and fingerprints to make payments in the next 12 months. This presents an opportunity for businesses to offer new payment options that cater to the low-touch, high-trust nature of payments customers demand without compromising on security.

These are just a few reasons why we believe that PayTo, the new Australian real-time bank pay method, will be the payment option that solves your business case for cost-effective, secure transactions, while also offering simpler and faster checkout experiences.

According to our State of Pay Report, an overwhelming 80 per cent of businesses that are aware of PayTo would like to implement it. Businesses looking to drive bottom-line benefits by investing in their payments strategy should consider what it means to become an early adopter of PayTo. 

TL;DR? The results of our latest survey conducted by YouGov reveal that Australian consumers are seeking out more innovative and secure ways to pay, and are open to trying new payment methods if it improves their checkout experience.