For Australian quick service restaurants (QSRs) the ability to accept mobile payments is fast becoming a necessity than a nice-to-have, especially for those catering to tech-savvy millennials.
A global study commissioned by Oracle found that nearly 1 in 4, or 24%, of Australian millennials have already paid by mobile device but 44% want to pay by mobile.
This shows a 20 percentage point gap between desire and opportunity to pay by mobile. The gap in Australia is higher than among millennials in the United States where 29% have already paid by mobile device and 44% want to pay by mobile.
In order to close the gap, Australian stores, including quick service restaurants (QSRs), need to offer more mobile payment options, or improve their mobile payment channels to convince millennial customers to do so.
The National Australia Bank (NAB) also revealed this month that its newly launched mobile payment service has been a hit among Australians. More than 18,000 customers downloaded the NAB Pay app in its first month of release. Many are using the app to pay in restaurants, usually during lunchtime, as well as in cafes and supermarkets.
“If NAB Pay is anything to go by, it won’t be long before mobile payments become the common payment method for our customers,” NAB executive general manager for consumer lending, Angus Gilfillan, was quoted as saying.
Oracle notes that the rising demand for mobile payment follows closely to trends showing an uptick in mobile ordering, suggesting that Australian millennials want to be able to order and then pay by mobile in one smooth transaction process.
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