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Digital payment adoption varies widely across industries for Australian businesses.
Victorian businesses are at the forefront of digital wallet adoption, with 38 percent accepting this payment method, followed by businesses in NSW and Queensland at 34 percent.
At an industry level, 57 percent of businesses in retail and 49 percent in the finance and insurance services sector are adopting digital wallets.
Report co-author Dr Luke Deer, lecturer in Finance at the University of Sydney Business School, said security concerns, along with cost and reliability, are the main factors preventing businesses from investing in digital payments.
“54 percent of businesses identified fraud and scams as their primary concern when it comes to adopting new payment technology, which is understandable given the potential for financial and reputational damage if a data breach occurs,” Dr Deer said.
“This also helps explain why digital wallets provided by established, reputable companies such as Google and Apple are the most popular choice. Businesses want reassurance that payment service providers have robust security and fraud prevention strategies in place to protect them and their customers.”
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