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Making way for mobile: Tapping becomes too easy

  • August 28 2020
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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: Tapping becomes too easy

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  • August 28 2020
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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.

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“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.

Making way for mobile

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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About the author

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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

author image
Grace Ormsby

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.

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