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