The future of mobile payments in Australia

Australia’s Big Four banks could lose as much as $27 billion a year due to digital disruption and the payments space is rapidly evolving into a major battleground.

For some financial organisations, “disruption” is a dirty word. Competition—from start-ups, virtual currencies, the sharing economy, and mobile apps—is disrupting the traditional payments landscape. The Macquarie Group recently published research predicting that Australia’s Big Four banks could lose as much as $27 billion a year due to ‘digital disruption’. Incumbents face more challenges and many financial institutions, retailers and processors are uncertain about how to best prepare for and prosper from this disruption.

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