Financial infrastructure platform, Stripe has partnered with The University of Sydney Business School (USBS) to develop a report on the future of digital payments, demonstrating how Australian businesses can tap into payments innovation, futureproof their business and compete in the digital economy.
The findings will be revealed at this year’s Intersekt Fintech Festival on 30th August where Stripe and USBS will host a panel session on the results.
Comprising an extensive survey, completed by Australian business leaders across a range of business sizes, locations and sectors, the report will uncover:
- The current state of payment practices and methods in businesses
- The benefits of digital payments adoption and innovation
- Barriers to payment innovation and adoption
- The opportunities and emerging trends in the payments landscape
This will be complemented by a series of Australian business case studies with innovative technologies and business models.
The research is led in conjunction with Dr. Wei Li from the Discipline of International Business and Dr. Luke Deer from the Discipline of Finance at USBS.
Stripe managing director for Australia and New Zealand, Karl Durrance said, “Australia is a nation of entrepreneurs and innovators, yet payment innovation varies wildly across business size, location and industries. While some businesses are advanced in their adoption and approach to emerging payment trends, others lag behind. If businesses aren’t exploring new payment methods to improve the customer experience, it not only impacts their customers but also their ability to grow, innovate and their overall competitiveness in the digital economy.
“With this report, we seek to uncover the challenges Australian businesses face when it comes to digital payments and the opportunities to give them a competitive edge. Extensive work has gone into this project and I’m excited to present the findings at Intersekt next month, alongside our friends from USBS.”
USBS discipline of international business, Dr Wei Li commented, “As academics from the leading university and business school in Australia, we feel a deep responsibility to contribute to a better world. Digital payments are both a leading indicator of the digital economy and a driver of inclusive economic development. The findings from this report will help inform Australian businesses how they can build a globally competitive company – a key theme that came out of the recent National Tech Council Summit in order to help businesses spur investment amid the economic downturn.
“This research will be the first major Australian study to examine the impact of digital payments from a business perspective and our collaboration with Stripe, one of the most innovative digital payment facilitators globally, is incredibly exciting. We look forward to sharing our findings at this year’s Intersekt Fintech Festival.”