Less than half of Aussie firms adopting real-time payments: survey

About 2 in 3 believe that finance tech providers will shoulder the responsibility of assistance.

Less than half of Australian businesses are ready to take the next step to transition to real-time payments, according to Westpac.

Whilst 99% of senior business leaders acknowledged the need for real-time payments, only 47% said they are preparing to take the next step, Westpac and Nielsen Australia found, based on interviews with senior business leaders.

The survey also involved a survey of 113 decision-makers from companies with annual revenues exceeding A$150m.

Less than 1 in 2 (44%) of leaders said that their organisation is transitioning to real-time payments. A significant 67% of decision-makers felt that finance technology providers would shoulder the responsibility for assistance.

1 in 2 (50%) of leaders deemed real-time payments as “very important.”

Amongst named barriers include data and payment security, technical integrations, and the perception that there is no immediate requirement to move until necessary.