Nick Molnar and Anthony Eisen built an empire by detecting and responding to major shifts in financial behaviour. So their views on the immediate future carry weight.
Afterpay became a multibillion-dollar business partly by detecting and responding to major shifts in financial behaviour. So, co-founders Nick Molnar and Anthony Eisen’s views on payment trends carry a certain amount of weight.
In an interview this week, Molnar pointed out Australia is further down the path of going cashless than most places. “I think Australia’s is further along into the next phase of the cashless economy than most regions,” he said. Cash use has fallen off a cliff, while digital payments on smartphones have boomed, as have the BNPL loans offered by Afterpay and rivals, prompting the government to move to regulate the sector. Another striking change has been the rise of debit cards: Reserve Bank figures show debit cards made up more than half of all payments in 2022, up from just 15 per cent in 2007.
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