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The A to Z of payment methods in Australia


This buy now pay later (BNPL) platform lets customers make a purchase and pay it off in 4 interest-free instalments over 6 weeks. Afterpay pays retailers the full amount of the customer’s purchase up front, then collects the balance from the customer. 

Key points

  • Afterpay customers have a higher average order value than customers who pay up front.

  • Afterpay assumes the risks associated with collecting payments.

  • Customers can use Afterpay for digital and in-person purchases.

  • Merchants pay a commission of 3%-7% for every transaction.

Apple Pay

Apple Pay is a digital wallet that Apple pre-installs on every iOS device. Users don’t need to download an app — they can begin using it as soon as they link their payment card to Apple Pay. 

Key points

  • Digital wallet security protects customer data. 

  • More than 50% of smartphone owners in Australia have iPhones.

  • There are no additional merchant fees for Apple Pay — standard debit and credit card fees apply. 

Bank Australia Tap & Pay

This digital wallet is for Bank Australia customers, who can use it for purchases of up to $100. 

Key points

  • This app works only with Android 5.0 phones and newer that have near-field communication (NFC) capabilities. 

  • Businesses need a Visa PayWave terminal to accept payments. 


Australia has the highest rate of cryptocurrency adoption in the world, although bitcoin isn’t a popular payment method for everyday purchases. 

Key points

  • Many businesses don’t accept bitcoin.

  • Users may be able to buy prepaid debit cards with bitcoin, which makes it easier to spend on everyday items.

  • Australia is developing regulations for bitcoin, which may not be complete until 2024 or 2025.  


BPAY is a popular electronic bill payment service that users can access from within their online banking portal. Any business that has a BPAY Biller Code can accept BPAY payments. 

Key points

  • Businesses can add Intelligent Customer Reference Numbers (iCRN) to bills that require customers to pay the exact amount listed on the bill.

  • You can set up BPAY batch payments to pay multiple bills with a single transaction. 


Cash currently only accounts for 6% of the value of all transactions in Australia. Still, while cash is losing traction as a payment method, it may be useful for certain transactions. For example, customers that don’t have smartphones or digital payment technologies may prefer to pay with cash. 

Key point


Cheques account for just 0.2 % of non-cash retail payments in Australia, and the government announced in 2023 that it'll phase-out cheques by 2030. 

Key points

  • Many businesses no longer accept cheque payments. 

  • Cheque usage has declined by 90% in Australia over the past 10 years.

CommBank Tap & Pay

This app lets users pay with a Debit Mastercard or CommBank credit card from their mobile wallet. The app also tracks monthly income, spending and savings. 

Key points

  • You don’t need to use a PIN for purchases under $100.

  • This app is for Android devices only. 


Contactless describes a type of payment that doesn’t require the payer to touch a payment terminal. This is possible when a point-of-sale terminal and the payment device both have near-field communication (NFC) capabilities.  

Key points

  • Each transaction generates a unique payment ID.

  • NFC payments don’t expose a user’s personal bank account information.

  • NFC cards are also called “chip” cards.

Credit and debit card

Credit and debit cards may have both a chip and a magnetic strip for “swipe” payments. The magnetic strip contains static, encoded account information, which is why swipe payments are less secure than contactless payments. 

Key points

  • Mastercard is phasing out magnetic strips by 2033

  • Credit card companies charge interest for purchases and may also charge annual fees.  

Direct deposit and debit   

Direct debit lets B2B and B2C customers set up “autopay,” so they never have to worry about forgetting to make a payment. 

Key points

  • Direct deposit simplifies payment management, including payroll. 

  • Direct debit ensures timely payments. 

Fitbit and Garmin Pay

These two mobile wallet payment apps let users make payments from their wearable Fitbit devices and Garmin watches. With Fitbit Pay, users can also pay for certain transportation services, like Sydney ferries, trains and light rail. 

Key points

  • These devices are ultra-convenient for cyclists, runners and other people who might not want to carry a smartphone at all times.

Gift card/certificate

Gift cards and certificates may be specific to a merchant, or for broad use (like an Amazon gift card). When businesses sell gift cards, they earn money in advance of providing a service or product. 

Key points

Google Wallet

This mobile wallet app is available for Android users, and it does more than just store your payment information. You can also store retail loyalty cards, official identification and proof of COVID vaccinations.

Key points

  • You can store transit passes in Google Wallet and get updates if itineraries change.

  • Google Wallet can digitally store concert tickets with QR codes.


Klarna is a buy now, pay later app that lets users purchase items in 4 equal payments over 6 weeks, with the first payment due at the time of purchase. It works at any business that accepts Visa, and with any brands that accept Klarna.

Key points

  • Business users can take advantage of Klarna’s integrated marketing tools. 

  • The app integrates with 6 popular ecommerce platforms. 

  • Klarna charges merchants a fee on every transaction.

Mastercard Click to Pay

This online-only payment app lets users pay merchants without entering a login and password, simplifying the checkout process and potentially reducing cart abandonment. 

Key points

  • Users can add their Mastercard credit, debit or prepaid cards to the app.

  • Users must enrol through their bank.

Money Order

A Money Order is a product sold by Australia Post. Users can purchase a Standard Money Order at any post office and mail it to a recipient, or an Express Money Order for one-hour post office-to-post office delivery. 

Key points

  • Purchasers must use cash or debit card/direct debit — Australia Post doesn’t accept cheque or credit card payments for Money Orders.

  • The fee for Money Orders of up to $5,000 is $13; it’s $25 for Money Orders of up to $10,000.

  • Purchasers must present government-issued identification for Money Orders of $1,000 or more.

NAB Now Pay Later

This buy now pay later payment app from National Australia Bank is for NAB customers with a transaction account. Users can make purchases of up to $1,000, payable in 4 equal fortnightly instalments, with no interest. 

Key points

  • Users can make early payments with no penalty.

  • The smartphone app is compatible with Android and iOS devices.


Osko is a BPAY product that’s accessible from many online banking portals (usually in the “Pay Anyone” section). While BPAY is primarily for paying bills, Osko allows peer-to-peer payments. 

Key points

  • Osko transfers funds in under a minute. 

  • Users can add up to 280 characters to describe payments.


PayPal is a peer-to-peer payment app that lets users transfer money to other PayPal users and merchants. Businesses that use the PayPal payment platform can accept PayPal purchases online, in person or over the phone. 

Key points

  • PayPal also offers a buy now pay later option called PayPal Pay in 4.

  • Businesses can generate PayPal QR codes for invoices.

Samsung Pay

This mobile wallet for Samsung devices works at any tap-and-pay terminal and requires either fingerprint verification or a PIN for every transaction. 

Key points

  • The app also stores loyalty cards. 

  • Users who lose their phone can remotely lock their phone and block access to Samsung Pay.

  • Opal accepts Samsung Pay.

Wire transfer

People within and outside Australia can use a wire transfer to send money to a person or business in Australia. Each bank sets its own fees for wire transfers, which the sender pays. But a receiving bank may also charge a fee. 

Key points

  • Senders need the recipient’s account number, bank information and bank SWIFT code. 

  • Some banks require senders to appear in person for a wire transfer. 

Zip Pay

This buy now, pay later app lets users make purchases of up to $1,000, payable in weekly, fortnightly or monthly instalments. Purchases are interest-free for 3 months. Unlike some other buy now pay later apps, users don’t have to make an initial payment at the time of purchase. 

Key points

  • Users can bundle purchases and pay them off as a single debt.

  • Zip Pay offers a cash back rewards program through participating merchants.

Get paid faster with MYOB

MYOB is a business management platform with a bench of payment options built in. This includes accepting all the major credit cards, BPay, Apple Pay, Google Pay and PayPal.

With MYOB, you can invoice customers, track the status of outstanding invoices, accept payments and account for income, expenses and GST to make tax time easy. 

Get started with MYOB today.

Disclaimer: Information provided in this article is of a general nature and does not consider your personal situation. It does not constitute legal, financial, or other professional advice and should not be relied upon as a statement of law, policy or advice. You should consider whether this information is appropriate to your needs and, if necessary, seek independent advice. This information is only accurate at the time of publication. Although every effort has been made to verify the accuracy of the information contained on this webpage, MYOB disclaims, to the extent permitted by law, all liability for the information contained on this webpage or any loss or damage suffered by any person directly or indirectly through relying on this information.

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