RDP 2023-08: The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey 1. Introduction

The Reserve Bank conducted its sixth triennial Consumer Payments Survey (CPS) in October to early December 2022. The CPS provides comprehensive data on how Australian consumers make their payments as well as qualitative information on payment preferences and attitudes. It is one of the main sources of information on the use of and attitudes towards different payment methods in Australia. A representative sample of just under 1,000 people participated in the 2022 CPS.

The way in which Australians are making payments is changing. New payment methods are emerging, often enabled by mobile technology, while transactional use of cash is declining. Moreover, the COVID-19 pandemic induced substantial changes in payment behaviour. The 2022 survey is the first CPS to be conducted since the pandemic and so provides a valuable snapshot of its effect on consumers' payment patterns.