Australian consumers are finally accepting online transactions, according to growth figures from Camtech's last quarter. The Internet payment provider recorded a 25 per cent increase in online merchants and a 72 per cent increase in the volume of transactions across its Internet payment gateway.
Camtech CEO Bruce Linn attributes the growth to a general uptake in consumer's minds and the overpowering convenience of online purchasing. Recent reports by Internet measurement company Red Sheriff show a 600 per cent increase in the number of Australians buying online in the last three years.
"e-payment companies are very excited about the current growth figures because this is the first time a quarter has shown a sharp uptake," says Linn. "Up until now we have seen a painfully slow growth in transaction uptake and are way behind the American market."Projection figures for future trends by IDC predict over 183 million consumers will be buying goods and services online by 2003. This translates into $1 trillion in online commerce purchases.