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Credit and debit card Credit and debit card payments are the most common payment type.

Alternative methods of payment are means of making a payment other than cash. Alternative methods of payment (AMOP) include payments made using a credit or debit card, loyalty program points, cryptocurrencies like bitcoin or digital wallets like Google Pay or Apple Pay. Another popular AMOP is Venmo.

Payment system interoperability is the ability of different payment systems to communicate and exchange information, transactions, and value seamlessly and efficiently. It can enhance financial inclusion, innovation, competition, and efficiency in the payment ecosystem.

The rise of PayPal and Apple Pay The growth of alternative payments has also been driven by the rising popularity of buy now, pay later (BNPL) solutions. Some of the prominent BNPL brands in Australia are Afterpay, Zip, and Klarna.

Visa and Mastercard were the most popular card schemes used for online transactions across Australia in 2022, with just shy of 50 percent of Australians using a Visa card. Online payment services are also gaining momentum, with PayPal taking the top spot as the most widely used.

Australians are using cash less frequently; only around 13 per cent of payments were made using cash in 2022, which is half the share reported in 2019 (Table 1). Card payments made up the bulk of consumer payments, with debit cards accounting for half of all payments and credit cards another quarter.

The most used methods include credit cards, debit cards, bank transfers, cash on delivery, and other optional electronic payment methods. Among them are credit cards, which are the internationally accepted VISA cards, and MasterCard, both of which occupy similar market shares in Australia.