The data comes from a Roy Morgan report based on the interviews of 50,000 consumers in the 12 months to November 2018. 

The report found 7.2 per cent of the Australian population over the age of 14 have used the relatively new ‘buy now, pay later’ platforms such as Afterpay, zipMoney and zipPay in the last 12 months. 

The the use of ‘buy now, pay later’ is above the average of 7.2 per cent for Gen Z at 11.6 per cent and Millennials at 11.4 per cent. 

Older generations made little use of pay later payment platforms with Pre-Boomers at 0.2 per cent and Baby Boomers 1.8 per cent. 

Female use of 9.8 per cent is well above male use at 4.4 per cent of pay later services. 

Another digital payment scheme outside the major banks utilised by Australians are fintechs, including Android Pay, Apple Pay, Samsung Pay and Google Wallet, that were used by 1.4 million Australians over the last 12 months. 

Compared to ‘buy now, pay later’ services where female use is higher, 8.8 per cent of males use fintechs compared to 5.0 per cent of females. 

Use of ‘buy now, pay later’ services and fintechs were both higher than use of banks own mobile payment systems used by 5.8 per cent, 1.2 million Australians. 

The research found 72.4 per cent of Australians used at least one digital payment platform in the last 12 months. 

Roy Morgan industry communications director Norman Morris said Australians are moving rapidly towards new ways of making payments. 

“All these changes post a threat to traditional payment types such as credit cards and cash as consumers in effect can access small amounts of credit instantly,” Mr Morris said. 

“Consumers will increasingly want simplified and convenient payment systems and the industry will need to adapt to these expectations by providing more innovative solutions.”