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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.
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