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Australia’s digital wallet transactions increased by 90%: research

 The popularity of digital wallets among consumers is also improving the way businesses receive payments

Australia

Australia’s digital wallet transactions increased by 90%: research. Source: pexels.comaustra

According to Commonwealth Bank of Australia, the number of monthly digital wallet transactions increased 90% between March 2020 and March 2021 with the number of transactions rising from 36 million to 68 million.

Over the same period, the total dollar value of digital wallet transactions more than doubled, with the value of monthly transactions rising to $2.1 billion, up from $1 billion.

We know customers continue to value the ease and security of digital wallets and over the last year we have seen Covid play a part in accelerating the trend. As more customers use digital wallets, they are also using more features in the CommBank app to monitor and manage their spending
Kate Crous, CBA’s Execuive General Manager for Everyday Banking

The press release revealed that Commonwealth Bank saw around 40% of total card and digital wallet transactions in Australia.

The bank’s figures also found that many Australians have started making higher-value purchases via their digital wallets with the average dollar value of a digital wallet transaction increasing from $41 to $44 (credit) and $26 to $29 (debit) over the past year.

We’ve reported that Australia trials digital age checks for online alcohol sales.

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