Mobile and smartwatch payments surge
Digital payments made using phones or other devices have doubled – from 19 per cent of total transactions in 2019 to 38 per cent last year – according to data from the Australian Banking Association (ABA).
Two-thirds of younger people aged between 18-22 years now rely on their phones or wearables to make payments, however only 9 per cent of those aged 65 years and over have adopted the payment channels.
Likewise, about 20 per cent of all payments are conducted using PayID with 15 million PayID registrations made as of May 1 – an increase of 6 million over 2021.
The association also pointed out that the number of customers visiting bank branches has declined with the shift to digital banking.
About 70 per cent of Australians report not having visited a bank branch in the past month and just 4 per cent now prefer to visit a bank to check their balance or pay a bill.
ABA CEO Anna Bligh said Australians’ spending habits are changing at a “breakneck speed” and “the transformation” of payments preferences is continuing at a rapid pace.
- Further reading: Payment experts launch alternative payment platform: Waave
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