There have been a swathe of reports lately about the rise of online payments in Australia.
This is largely being driven by the rise of not only online shopping but the plethora of virtual services on offer.
Australia ranks solidly against other countries when you look at the amount of cash in circulation compared to the number of electronic payments. More on that here.
And now payments platform company Braintree has partnered with PayPal to make it easier for small businesses to implement more sophisticated payment options.
“We’ve got the integration down to minutes if not an hour where you can have the same functionality that Uber enjoys,” Braintree head of Asia Tyson Hackwood said, adding you can now have the same payment experience without multiple integrations.
Reducing the cost of managing transactions is a win for small businesses and means they can get out of the way of a customer checking out.
Hackwood said online trade is progressing fast, already advancing beyond just buying goods and getting them shipped to your door.
“It’s all moved on. If we look at innovative companies, they seem to be the ones offering virtual-based services,” he said.
“The concept of having a business without any online interaction is just very foreign now.”
With the electronic wallet now allowing Australians to make small, fast transactions – like for example the daily staple of coffee – small businesses can’t afford to ignore the move to digital payments systems. And according to data released by payments company eWay this week small businesses are starting to understand this, with both the florist and catering industries recording significant year-on-year digital transaction growth.
The other benefit of e-commerce and seamless payments products is rural Australia can now shop and enjoy many of the same services the nation’s city dwellers experience. On Wednesday eWay released its July transaction data which showed regional centres including Toowoomba and Cairns in Queensland made the top ten cities ranked by online transactions.
“If you want to run an e-commerce business you probably don’t have to put yourself in the middle of an urban centre. You can start taking advantage of lower cost distribution hubs. You can be anywhere running a business,” Hackwood said, adding this could also lead to more jobs for country towns.
“We will get to a point, like the US, where you see major distribution centres run from what were smaller towns,” he said.
“I’m looking forward to seeing ‘regionalisation’ of people and services.
“We are no longer about having to be in a city to operate.”
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