A Q&A with Richard Healy on Australia's financial services payments space

FinTech Australia sat down with Richard Healy, Senior Business Development Manager at Worldpay from FIS®, to get his thoughts on what is happening in Australia’s financial services payments space today and what to expect for the future.

1. How is the financial services payments space in Australia evolving?

Financial services companies continuously look for faster and more secure ways to accept and disburse funds. We are seeing a significant increase in the adoption of digital wallets, such as Apple Pay and Google Pay, which could contribute to a more seamless checkout experience. Another scheme to watch out for is electronic funds transfer at point of sale (EFTPOS) online, as it’s been in huge demand since becoming available, offering potential cost savings.

2. What’s the next big thing to look out for in the payments space in Australia?

Open banking is set to become a big player in the financial services space as its capabilities continue to grow. Speeding up settlement with Stablecoin is also exciting. The ability to settle instantly and on weekends could help meet the liquidity demands of the financial services space. As part of our thought leadership campaign looking at the future of payments, we’ve highlighted four trends to help prepare for the digital future. You can access our infographic here.

3. Do you expect the payment habits of consumers in Australia to change by 2025?

Definitely. We saw a huge spike in Buy Now Pay Later (BNPL) payments in Australia, indicating consumers might be open to try new ways to pay. I’m excited to see what the next innovation in payments is! Check out further thoughts on the future of payments in financial services, discussed by my colleagues here.

4. How can a payments provider help companies appeal to diverse audiences and expand intonew markets?Consumers globally expect a seamless checkout experience, driven by their preferred payment method and currency. When expanding into new markets, you need a partner that can offer multi-currency processing so your consumers can pay in their local currency. Offering domestic payment methods (e.g., China Union Pay and JCB), depending on your target market specifics, should also be considered.

5. What’s important to look out for when changing payments provider?

Payments are a key part of any business and, as such, selecting the right payments partner is important. It’s vital to ask about settlement times, available payment options, and support after go-live, while ensuring the payments service provider’s ethos aligns with yours. When switching payment providers, user experience should always be top of mind. Get a clear picture of what’s already working and what could be done better by your existing provider, verifying the move ticks more boxes for you and your customers. It sounds simple, but it’s easy to forget what’s working well. Finally, get an understanding of your acceptance rates and ask for a comparison against the new provider. A 1-2% uplift in sales can have a positive impact on turnover and help increase retention.

6. What solutions have you provided to Australian merchants in the past?

As a leading global acquirer, we have worked with Australia-based companies looking to expand into new regions. Our team of experts have also helped on local evaluation projects such as creating a cost-against-acceptance analysis. When approaching new markets, we run through our Global Payments Report, looking at regional/country nuances and providing insight into local payment trends and preferred payment methods to increase traction and user retention. 

Worldpay from FIS® is at the forefront of the industry, with extensive experience guiding financialorganizations through the complexities of payment processing to complement their business.

If you’d like to find out more, you can contact Richard Healy directly via email atRichard.Healy@fisglobal.com.