Invest
Aussies embrace digital wallet following COVID-19 outbreak
As Australians become more aware of social distancing and preventing germs from spreading, digital wallet transactions have soared, according to a big four bank’s research.

Aussies embrace digital wallet following COVID-19 outbreak
As Australians become more aware of social distancing and preventing germs from spreading, digital wallet transactions have soared, according to a big four bank’s research.

The latest figures from the Commonwealth Bank showed that digital transactions topped the $1 billion mark in March 2020, setting a new record.
The number of digital wallet transactions also increased at a faster rate (up 8 per cent from February) than the average monthly compound growth rate over the past six months (4.4 per cent).
This led to an overall 36 million digital wallet transactions made in March, up from 33 million in February and higher than the previous monthly record of 34 million in December 2019.
Kate Crous, executive general manager of everyday banking, CBA, said: “The growth in the number of contactless purchases has been increasing since the introduction of Apple Pay last year; however, it’s now evident that even more people regard it as a safe and secure way to pay in this environment.”
The data also found that 77 per cent of overall transaction spend in March was on a debit card. However, credit card spend grew at 21 per cent month-on-month compared with February, while debit card spend grew 16 per cent month-on-month.
“In the current environment, paying without cash is an important way to protect yourself and others against the spread of coronavirus. The increased contactless card limit is a fantastic step; however, where possible we’re encouraging our customers to use digital wallets as they have the added safety of not needing to enter a PIN on the PIN pad no matter how much they spend, as it instead leverages Touch ID or Face ID,” said Ms Crous.
About the author

About the author


Spending
Where are Aussies looking to spend their money in 2021?
Australians are increasing their spending intentions, with travel and entertainment set to be the big winners, a new report has revealed. ...Read more

Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more

Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more

Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more

Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more

Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more

Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more

Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more

Spending
Where are Aussies looking to spend their money in 2021?
Australians are increasing their spending intentions, with travel and entertainment set to be the big winners, a new report has revealed. ...Read more

Spending
Toyota returns $18m in JobKeeper payments
An unexpected surge in sales in 2020 has inspired car manufacturer Toyota to write an $18 million check to the government, returning the amount it received in JobKeeper subsidies and touting the move...Read more

Spending
Aussies spend up big during pre-Christmas sales
Consumers have taken advantage of new freedoms post-lockdown and pre-Christmas discounts as retail sales soared in November, official figures have revealed. ...Read more

Spending
Aussies unlikely to splash the cash following pandemic
Australian consumers are likely to cut back on discretionary items in 2021 with many re-evaluating their spending habits following the COVID-19 pandemic, new research has revealed. ...Read more

Spending
‘It’s back’: SA unveils second Great State Voucher
South Australian residences or those planning to travel to the state could save up to $150 as the government continues its support for the local tourism sector. ...Read more

Spending
Rise in health premiums at 20-year low, but there’s a catch
While the Australian government’s health insurance reforms have resulted in the lowest annual average premium change since 2001, according to experts consumers could still see a “whacking” prem...Read more

Spending
Young Aussies pressured to buy love this Christmas
Younger Australians are likely to spend more this Christmas as they equate expensive gifts with love, a researcher has found. ...Read more

Spending
Buying local this Christmas could raise over $1bn for small business
New research suggests that Australians could deliver an estimated $1.12 billion to the small-business sector this Christmas just by buying one more gift from their favourite local business. ...Read more