Business in Australia’s “digital gold” market is growing and it is the reason many financial institutions are turning to alternative payment methods, a new study suggests.

Key points:A survey of more than 2,000 business owners suggests digital gold is boomingThe survey found 80% of business owners said they were using more and more mobile apps to manage their financesDigital gold is growing, with some businesses using it to boost revenue and get people to buy products online, and other companies buying and selling products on their own.

Key takeaway:Almost half of business owner surveyed said digital gold was helping them get to their financial goalsDigital gold was the reason they were spending more money in the digital marketplaceA recent survey of business ownership in Australia by Australian Business Alliance (ABA) found 80 per cent of businesses had switched to digital gold since the end of March.

“It is clear that digital gold has grown significantly in Australia,” the ABA said in a statement.

“More and more businesses are choosing to adopt this technology and we have seen some incredible growth in digital gold businesses in the last year or so.”

The ABA surveyed more than 1,500 business owners in the past year and found that 70 per cent were using digital gold to increase their revenue and profits.

“Digital gold provides a unique and scalable solution for businesses to gain more revenue and generate more value,” a spokesperson said.

“Many of the most popular digital gold apps have already been launched and are well-received by our customers.”

The survey also found the number of digital gold products being sold by business owners has more than doubled over the past 12 months, from 12,838 digital gold purchases in December 2015 to 32,824 in March 2016.

“The growth in business digital gold revenues is being driven by a number of factors, including increased demand for digital gold in the Australian market and more and better tools available for business owners to manage digital gold transactions,” the spokesperson said, adding that businesses had been buying digital gold because of the increased availability of digital payments options.

“Some businesses have been turning to digital services for digital cash, mobile money, and even e-commerce.”