CHARTS: This has been a big year for payments companies

This has been a huge year in the payments space, both in terms of the products issued and the movement away from cash.

Apple Pay has come to Australia, and Android Pay is quick on its heels.

Square is making a push into the country, turning Melbourne into a hub. And Paypal has joined the Eftpos network.

Terminal startup Tyro has gotten a banking licence and is aiming to displace the incumbents. Perth-based Pin Payments has created a platform for online marketplaces and to distribute funds.

Meanwhile, nearly all of the big Australian banks are now investigating the blockchain as a new framework for banking, as a way to provide instant payments, settlements and transfers.

And while Australia may be trailing other countries in the race to a cashless economy, this year saw another big drop off in cash use, as signified by ATM withdrawals.

Both the total number of withdrawals and total value are down, signifying that Australians have relegated cash to smaller transactions.

Simultaneously, payments using cheques are falling off a cliff. The total number is down while the average value has skyrocketed, to $8,000 this year. Meaning Australians are only really using cheques for big transactions – insurance and property settlements, legal bills etc.

So where has payments gone? It has moved to cards and online. Bpay and other online transfers are slowly gaining ground, while debit and credit cards – upon which services like Apple Pay and Square are built, have skyrocketed.

Australians are now making around 400 non-cash transactions per person, every year, according to the RBA.

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