Save
Making way for mobile: Tapping becomes too easy
Cards could be going out of favour as Australians move towards more mobile payment methods. The average person now taps their phone 21 times a month for everyday expenses.

Making way for mobile: Tapping becomes too easy
Cards could be going out of favour as Australians move towards more mobile payment methods. The average person now taps their phone 21 times a month for everyday expenses.

Debit payments network eftpos has attributed the surge to a greater preference for contactless payments during the COVID-19 pandemic, and the greater compatibility of the service with banks, credit unions and other financial institutions.
CEO of eftpos Stephen Benton said that from June to July 2020 alone, the company saw 20 per cent growth in eftpos mobile transactions.
Year-on-year, mobile payment methods actually surged more than 400 per cent.
“We anticipate this growth will continue to soar with more mobile launches planned later this year, and we already have more than 50 banks offering eftpos as a payment option on mobile,” he outlined.
It is grocery stores and supermarkets and fast-food restaurants that are leading the way for tap transactions via mobile phone, with eating places and restaurants not far behind, eftpos said.
Across all categories, the average eftpos mobile payment transaction costs $31.
As well as improving hygiene and safety, Mr Benton touted the mobile tap method’s added convenience of real-time balances as better helping consumers stay on top of their spending.
“At a time when Australians are having to keep a close eye on their expenditure, the convenience of contactless combined with real-time balances can really benefit consumers,” he said.
About the author

About the author


Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more

Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more

Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more

Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more

Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more

Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more

Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more

Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more

Expenses
Insurance prices rise despite payout falls
The COVID-19 pandemic has seen insurer payouts fall by $500 million, but Australian consumers are continuing to pay more, the consumer watchdog has revealed. ...Read more

Expenses
CBA cops civil proceedings for overcharged interest
ASIC has commenced civil penalty proceedings in the Federal Court against the Commonwealth Bank over the bank charging an interest rate on business overdraft accounts that was substantially higher tha...Read more

Expenses
What are the top 10 most expensive cities in the world?
Logistical issues and currency fluctuations caused by the COVID-19 pandemic has seen the most expensive cities in the world drastically change, new research has revealed. ...Read more

Expenses
Sydney adviser pleads guilty to misappropriating $2.9m
A Sydney financial adviser has pleaded guilty to misappropriating $2.9 million in his clients’ funds. ...Read more

Expenses
Telstra set to refund 10,000 customers
Ten thousand past and present Telstra customers are entitled to a refund due to being overcharged a total of $2.5 million. ...Read more

Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more

Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more

Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more