The 2016 World Payments Report shows that digital banking and non-cash transactions are on the rise in Australia, but consumers are now calling for heightened efficiency measures and security procedures as technology pushes banking to a new stage.
The World Payments Report, co-developed by BNP Paribas and Capgemini, shows Australia's four major banks are evaluating their digital strategies and electronic payments, after 8.7 billion non-cash transactions were made in Australia between 2014 and 2015.
The report categorises Australians as early adopters of electronic payments methods and states that the country was set to embrace digital wallets.
"Australia is poised to enter a period of 'digital wallet' transformation, as seamless payments begin to change the way we pay," Capgemini banking practice lead, Phil Gomm, said.
"The report reconfirms Australia's position in the Top 10 global non-cash payments markets, both in terms of the $8.7 billion absolute volume of non-cash transactions, together with Australia's Top 5 placement globally in terms of non-cash payments per capita."
Comparatively on a global level, Australia had the fifth highest levels of non-cash transactions per inhabitant, sitting behind the US, Finland, the Netherlands and South Korea respectively.
"The Australian Payments Clearing Association believes immediate payments have the potential to replace cheques and cash," the report said. "Immediate payments could also potentially replace credit cards."
In a bid to boost Australia's levels of payment innovation, The Australian Payments Council has devised a 10-year strategy, which the report said had been designed to meet the needs of the Australian economy and the wishes of its consumers.
Security and trust was the top area of the new system needing collaborative action, with initiatives like the New Payments Platform, data management practice, digital identity and cybersecurity strategies on the agenda, along with an efficient practices focus in response to consumer demand.