Australians Prefer Other Electronic Methods over Crypto

 

Only less than 1% of Australians used cryptocurrencies like Bitcoin as a payment method in 2019, the Reserve Bank of Australia (RBA) reports.

Last year, RBA conducted a study with an objective to find out more information about local payment preferences. It recently published a report: “Consumer Payment Behaviour in Australia”. According to it, customers in Australia more and more prefer to use electronic payment methods.

As the study discovered, around 80% of people are aware of cryptocurrencies as payment methods. However, very small number of them had used a crypto like BTC to actually make a payment; less than 1%.

The report also underlines electronic payments’ increasing importance, which shows the growing demand for inexpensive, secure payment methods. The Australian Bank also noted that it is now preparing a review of retail payments regulation for 2020. It will consider a broad spectrum of points such as competition, efficiency as well as retail payments’ security.

Summarizing, RBA outlined the continuous changing way how customers make their everyday payments in Australia. As the report showed, the usage of cash keeps declining, as people now prefer to use different electronic payment methods for even small purchases.

 

---