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Aussies embrace digital wallet following COVID-19 outbreak

By Cameron Micallef · April 09 2020
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Invest

Aussies embrace digital wallet following COVID-19 outbreak

By Cameron Micallef
April 09 2020
Reading:
egg
digital wallet

Aussies embrace digital wallet following COVID-19 outbreak

author image
By Cameron Micallef · April 09 2020
Reading:
egg
digital wallet

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.”

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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.

Aussies embrace digital wallet following COVID-19 outbreak
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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

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