Contactless payments are becoming the new norm, according to Australia’s Commonwealth Bank Chief Executive, Matt Comyn, in an article on the changing face of banking in Australia.
Drawing on the latest data analysis provided by Mastercard and Visa, the bank revealed that there had been a surge in the number of digital or online transactions — an increase of 17% in just one year. The bank said that a total of around 36 million online wallet transactions were conducted last month.
While the simplest and most common form of digital payment is with debit or credit cards, it can sometimes be open to fraudulent activity. That’s where companies like PayPal and Google Pay Send come in. These payment options are fast, safe, easy, and widely accepted by many retailers and service providers.
Comyn added that it was unlikely that Australians would ever use cash in the same way again.
With drone delivery technology in its infancy, many delivery companies and restaurants in Australia — and worldwide — have launched contactless delivery services where goods are left at the door or picked up from a designated location. Popular services include DoorDash and Postmates.
One lesser-known company that has seized on the contactless delivery opportunity is Sherpa, a mobile and web-based delivery service. Sherpa was voted best carrier solution partner for its contribution to the Australian economy last year.
As a result of the pandemic, Sherpa began providing no-contact delivery for both small businesses and individuals. Instead of requiring signatures for deliveries, drivers take photos of the items as proof of delivery.
An IT Brief report from Australia follows the trend toward using collaboration technology to work from home.
Collaboration technology includes tech platforms like Zoom, which claims to be “the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars.” Zoom, and other online platforms like Google Hangouts and Microsoft Teams, provide an easy way to hold business meetings.
The report further predicts that this swing towards online technology will probably be part of the workforce for years to come. The advantages of remote work include reducing commute times, providing more flexibility, and allowing employees to enjoy an improved work-life balance.
A recent World Economic Forum article reveals a shift towards online education has been gaining momentum for years — and it is big business. Business Insider further reports that investments in technology have reached $18.66 billion, with the overall market for online education expected to reach $350 billion by 2025.
In turn, this creates another problem when taken into the work environment where many staff members will need to be upskilled in digital readiness. According to the report, all of this can, and is, being done remotely.
Australia’s Mirage News reports that digital technology can also play a major role in caring for the elderly, especially those living in isolation. One such example comes from aged care provider Bolton Clarke, which has made social connection the focus for those living alone at home or in residential communities.
Under the Bolton Clarke project, volunteers will use a fast-tracked telephone social support project to make regular calls to the elderly, helping to address the problems created by social isolation and loneliness.
This, the report says, has always been important to check on the well-being of the elderly.
Digital technology is playing an increasingly important role in everyday lives in Australia, enabling people to reach out to each other in a contactless world. From digital payments to reaching out to the lonely, these trends show a global need to embrace these new developments in all spheres of life.
About the Author
Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank, he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Luigi is also the published author of: The Digital Banking Revolution.