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Inside Business | 1 min read

The Coming Age of Card-Free Commerce

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Grow Magazine


The days of pretending you’ve forgotten your wallet to get out of paying for dinner are over. Digital wallets mean that a night out involves nothing more than making sure you’ve got your phone with you, and, really, when does anyone leave the house without their phone?

Like your normal wallet, a digital wallet doesn’t wear a hole in your pocket. It sits in the cloud, patiently waiting for you to make a purchase. Over the last few years, as consumers have readily accepted contactless payment like PayPass and PayWave, banks, credit cards and tech companies have been looking at ways to encourage customers to move away from the tap of a plastic card to the simple wave of a smartphone to make their purchases.

The digital wallet has answered this call and as they rise in popularity, more businesses are signing up allowing more and more consumers to pay with technology rather than cold hard cash. But while the efficiency of the digital wallet should be lauded, what does it mean for money as we know it? Will cash soon be extinct?


Jonathan Kelly from Fintech company ZipMoney thinks not. “Cash will always be here,” he says. “But just like cheques, which are now pretty much non-existent, it will continue to decline.” With ZipMoney, Kelly and his team have taken the digital wallet away from a simple transaction focus and more into the world of financing.

Launched three years ago, their concept was that interest-free financing was confusing to consumers and a long paper trail was needed every time someone signed up. “Zip wanted to create a product that was simple to understand and fair for the consumer so they could get value for their money,” Kelly says. “We are simply given them a better way to pay than traditional credit card or financing companies.”

With around 50,000 new customers signing up every month, ZipMoney is proving successful in showing both businesses and consumers a new way of doing things. “We are giving consumers new fairer purchasing power and, for businesses, this has instantly translated into high average order values and increased conversion for the businesses which offer ZipPay,” he says. “From the customer perspective, using ZipPay means that the consumer never has to worry about paying interest. Two-thirds of credit card holders in Australia are carrying debt that is accruing interest. Because ZipPay is interest free, the consumer can shop with confidence and not have to worry about a mountain of debt down the track.”

Zip is continuing to invest in technology to bring more products and services to market and is working towards the goal of seeing zipPay in more brick and mortar stores. “We want to see zipPay anywhere a potential transaction can take place,” Kelly says.

These days, in a society where ease of use is everything and technology is driving our expectation for smooth digital experiences ever higher, it’s up to businesses whether they keep up. “The next generation millennial is looking for easier digital solutions,” Kelly says. “And its companies like zip who are meeting this demand.”


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