PayPal is the most easily recognized of the four major online payment platforms, and the most used, with nearly three-quarters of Australians surveyed aware of its existence, according to Roy Morgan Research.
In a statement, Michele Levine, CEO of Roy Morgan, said that of the 15.7 million Australians over the age of 14 who are familiar with online payment platforms, PayPal is 74.2% known.
The numbers, taken from the company’s digital payments report, for Visa Checkout (23.6%), Western Union (16.4%) and Masterpass (16.3%) were much lower than PayPal.
The figures are based on Roy Morgan Single Source, the country’s top consumer survey with around 50,000 Australians surveyed each year.
Levine said the pandemic has turned out to be a boon for online retailers; 47.3% of Australians had used PayPal in the past 12 months, up almost 10 percentage points from 37.8% in February 2020, just before the pandemic hit Australia.
Figures from Roy Morgan showed PayPal usage was used by 40.5% of Australians in January 2018, with that percentage gradually increasing before peaking at 42% in June 2018.
But from then on, the use of the payment portal gradually declined as buy now-pay-later services became more prominent.
Roy Morgan found that more than three-quarters of Australians (16.5 million or 78.1%) were now familiar with Buy It Now and Pay Later services such as Afterpay, Zip, Latitude Pay and Humm.
However, usage was much lower, with just 3.5 million Australians (16.6%) using such a service in the past 12 months.
Levine said: âThe proliferation of digital payment services over the past few years is profoundly changing the way Australians conduct financial transactions and pay for goods and services.
âOften referred to as ‘fintech’ – the union of finance and technology – these new services include Buy It Now and Pay Later services led by Afterpay, contactless / cardless mobile payment services such as Apple Pay or Google Pay, portable payment devices like fitbit pay, banks’ own mobile payment services like Commbank Tap & Pay, and even cryptocurrencies like bitcoin or ethereum.
âHowever, despite the plethora of options now available to consumers, PayPal stands out as the leading digital online payment platform used by 47.3% of Australians over the past 12 months. PayPal is ahead of the payment service. of BPAY bills used by 42.7% of people largely to pay their bills, and both are well ahead of Afterpay, third, used by 13% of Australians. “
She said Roy Morgan’s annual forecast for pre-Christmas retail spending released in conjunction with the Australian Retailers Association last week predicted Australians would spend $ 58.8 billion before Christmas – virtually the same as one year ago.
“Importantly for digital online platforms like PayPal, a recent Roy Morgan poll showed Australians predict that an average of 48% of their Christmas gift purchases will be online,” Levine added. .
“These results show that the next few months are poised to innovate with a record level of online sales and heavy use of digital payment services. PayPal has been a big winner in going online so far during the pandemic. and over the next few months, we’ll be closely monitoring whether the company can maintain the gains it has made over the past 18 months or whether competing digital payment services such as Afterpay can bridge the gap as we let’s get into âCOVID-normalâ.
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