ANZ says that more than a million Aussies are now using its goMoney mobile-to-mobile payments app, transferring around A$2.5 billion a month.
Launched in late 2010 as an iPhone app, goMoney enables users to send funds to anyone with an Australian bank account by entering the recipient's mobile phone number.
Customers can also pay bills, move money between their accounts and check the balance and transaction history.
With an Android version arriving last September, there have now been 61 million transactions, worth a total of A$35 billion, with around 20,000 people logging in every hour.
The one million milestone was hit in around two and half years, compared to the eight years it took ANZ.com to hit the same mark. The vast majority of users - 88% - are between 18 and 44, with 53% men. The most popular time of use is during commute home between 5.00pm and 7.00pm.
Matt Boss, MD, products and marketing, ANZ, says: "ANZ goMoney is a clear example of how we are building our digital banking capability to respond to customer demand for greater mobility and flexibility."
The success of goMoney comes after a couple of false starts for ANZ, which ditched its M_Banking service in 2010 due to poor take-up and in 2011 also abandoned plans for a microSD-based iPhone case that turns the handset into a contactless payments device.
Mobile-number-based person-to-person payments have also proved popular in the UK, with Barclays Pingit claiming well over a million downloads within months of launching, prompting rival RBS to introduce its own offering in March.