One of Australia’s leading banks, Westpac has announced a new incentive to drive mobile payment adoption, an AUD$5 credit towards coffee. According to Westpac, customers that open the mobile banking application will now see ‘order ahead at cafes’ button that when tapped, links to their debit and or credit card and provides customers with the $5 credit. The new functionality is due to a partnership with mobile coffee ordering outfit Hey You and will be redeemable at hundreds of cafes across Australia.
Commenting on the tie up, Rebekah Campbell, co-founder, Hey You said,
“Australian consumers are becoming used to an Uber-like service. No one enjoys waiting around to order coffee or lunch. To have it paid for and waiting when you arrive feels like a 21st century experience.”
Westpac recently released data showing that four in five respondents (out of 1137 smartphone users) think mobile payments will be the primary form factor soon and that 90% of respondents believe the country will be 90% cash-free by 2027, there is evidence to suggest that mobile payments are gaining support but incentives to drive use are significant and an effective mechanism of getting consumers over the line.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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