Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Save

Making way for mobile: Tapping becomes too easy

  • August 28 2020
  • Share

Save

Making way for mobile: Tapping becomes too easy

By Grace Ormsby
August 28 2020

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

Making way for mobile: Tapping becomes too easy

author image
  • August 28 2020
  • Share

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

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.

Advertisement
Advertisement

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.

Making way for mobile: Tapping becomes too easy
Making way for mobile
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

more on this topic

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.