How Australians are taking back their financial independence. Image credit: AdobeStock
Forex trading was once something that was done over the phone, by fax, or even by email. It usually involved liaising with a trader or a broker that would execute trades for you, often taking a cut. This process left many traders feeling ripped off or even deceived, especially when trades didn’t go as expected. But in recent years, online trading has become extremely popular by giving the individual back the power to trade as they wish.
Today there is an increase interest in Forex trading in Australia, driven by the need for financial independence but also curiosity about the markets. Forex has had a bumpy few years, and currencies have peaked and troughed wildly, resulting in many being keen to place trades. This online method, when combined with learning about trading at a personal pace with various resources and trading tools, is expected to continue growing in popularity in Australia and beyond.
Another element of the digital financial revolution relates to the proliferation of online-only banking solutions. In Europe, Revolut and Wise caused a storm as millions of high-street bank account holders upped sticks and switched. They are now both available in Australia, and they are being welcomed by consumers.
These apps offer full control of current accounts, savings, cards, account details, and currencies from a mobile app. There is no need to visit any branch or call up and wait on hold for hours. Instead, everything is controlled with a swipe of the thumb. Other benefits include low transaction rates, minimal ATM withdrawal fees, and instant transfers.
According to data processed by Commonwealth Bank, the usage of eWallets in Australia jumped by 90% in just 12 months up until 21 March. Furthermore, the amount of money transacted through eWallets rose by a staggering 100%, making it one of the leading forms of contactless payment in the country. With a value of around AUD 2.1 billion, this has made merchants sit up and take notice. More and more are now offering payment methods such as Google Pay, Samsung Pay, Apple Pay, and FitBit Pay.
Consumers are using these wallets to make regular daily payments such as filling up the car, paying the water bill, or buying a train ticket. If the sector continues growing at the current rate, by the end of the year, they will be the most popular way to pay. The use of digital wallets empowers users to move away from credit cards, be more secure when they transact, and pay on their terms in an instant way that’s most convenient to them.
These are just some of the ways Australians are becoming more financially empowered and independent. The continued expansion of the internet and the way in which other technologies interact with it will create a much more decentralised, fair, and open financial future.