New research from PayPal Australia shows that a quarter of Australians now refuse to shop at cash-only businesses.Australians are keen to support small business, with four in five Australians stating that they will support small business wherever possible, however this comes with the proviso that they are equipped with the latest payment technology.
To be competitive, 70 per cent of Australians believe small businesses need to be decked out with the latest payment technology, according to the research.
“Our support for the ‘little guy’ is often at odds with our expectation to be able to pay via whichever method we choose,” Emma Hunt, PayPal Australia director of small business, commented.
“Consumers now expect the same level of technology from their local market stall as they experience at leading retailers, and that level of expectation can be challenging and expensive for Aussie small businesses.”
PayPal is “hoping to bridge that divide” with the local launch of its NFC-enabled PayPal Here Tap-and-Go device, engineered to enable businesses to accept contactless card payments from debit and credit cards on-the-go.
PayPal states preference for chip-and-PIN technology “is rapidly being superseded by tap-and-go”, stating that, when asked for their preference, 71 per cent of Australians cited speed and 69 per cent ease of use as the top factors for using tap-and-go over chip-and-PIN.
PayPal states that on average Australians can save up to three hours and 54 minutes of transaction time every month by only using tap-and-go when making purchases.