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The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey

Author

Listed:
  • Tanya Livermore

    (Reserve Bank of Australia)

  • Jack Mulqueeney

    (Reserve Bank of Australia)

  • Thuong Nguyen

    (Reserve Bank of Australia)

  • Benjamin Watson

    (Reserve Bank of Australia)

Abstract

The Reserve Bank conducted its sixth triennial Consumer Payments Survey (CPS), which provides detailed information on how Australians make their payments. The 2022 CPS provides the first comprehensive snapshot of consumer payment behaviour following the changes brought on by the COVID-19 pandemic. The survey shows that most in-person payments are made by tapping cards or mobile devices, even for small purchases. This means the share of in-person transactions made with cash halved, from 32 per cent to 16 per cent, over the three years to 2022. The demographic groups that traditionally used cash more frequently for payments – such as the elderly, those on lower incomes and those in regional areas – saw the largest declines in cash use. Cash usage has generally been replaced with card payments. While Australians are aware of and use a range of other newer payment methods, such as digital wallets and buy now, pay later services, they still make up a small share of payments.

Suggested Citation

  • Tanya Livermore & Jack Mulqueeney & Thuong Nguyen & Benjamin Watson, 2023. "The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey," RBA Research Discussion Papers rdp2023-08, Reserve Bank of Australia.
    • Handle: RePEc:rba:rbardp:rdp2023-08
    DOI: 10.47688/rdp2023-08
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    File URL: https://www.rba.gov.au/publications/rdp/2023/pdf/rdp2023-08.pdf
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    References listed on IDEAS

    as
    1. James Caddy & Luc Delaney & Chay Fisher, 2020. "Consumer Payment Behaviour in Australia: Evidence from the 2019 Consumer Payments Survey," RBA Research Discussion Papers rdp2020-06, Reserve Bank of Australia.
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    More about this item

    Keywords

    consumer payment choice; consumer survey; dual network debit cards; method of payment; payment systems;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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