CBA digital wallet transactions have almost tripled since the introduction of Apple Pay earlier this year.
Over 90% of purchases use contactless technology. It is now the preferred payment choice as the ‘Tap & Go’ trend continues to rise.
General manager of commerce solutions, business customer solutions, Sam Itzcovitz, commented: “The popularity growth among consumers is also changing the way businesses make and receive payments, with more choosing to go cashless.”
Across CBA’s merchant portfolio, over the past two years contactless payment transactions have seen a growth of 140%.
Itzcovitz said the average dollar amount that consumers are spending reduced by 6% from the past year.
“The continuing growth in the number of contactless purchases, coupled with the decreasing dollar amount people are spending in a single transaction, highlights that consumers are becoming more comfortable with Tap & Pay methods. Businesses are equally taking advantage of the speed, convenience and security that contactless offers when making or receiving payments.”
Cashless trends taking over
Cashless technology is increasingly becoming the most popular payment method. The convenience and simplicity is exactly what consumers today desire.
Australia has some of the highest volumes of contactless payments globally. Furthermore, CBA continues to focus on delivering simpler and easier features to customers.
Itzcovitz pointed to a recent trial run by Transport for NSW. In partnership with Mastercard, CBA rolled out contactless payments acceptance across the whole Sydney transport network.
“Currently, Sydney commuters can tap on and off trains, in addition to ferries and light rail using their credit card or mobile device,” he said.
“The trial has the potential to be replicated to other transport networks across Australia. CBA is well positioned to do this.
“We are putting the power of mobile technology in the hands of even more Australians, giving them more convenient access to their finances whenever and wherever they are.”