New data from Commonwealth Bank reveals customers are increasingly reaching for their smartphones instead of their wallets at the checkout, with user growth up 35 per cent in the past six months.
With five million CommBank app users, tap and pay transactions have numbered 16.8 million for the six months to June 2018, an increase of over 35 per cent.
Today’s announcement comes as Visa cardholders* can now make contactless payments via CBA’s Tap & Pay functionality in the CommBank app. Samsung Pay and Google Pay are also now available for Visa cardholders as well as payments via Fitbit and Garmin’s payment-enabled smartwatches.
Michael Baumann, CBA’s acting Executive General Manager, Everyday Banking, said that by enabling Visa across the suite of CBA supported digital wallets we are combining choice and convenience for more customers.
“Since 2013, our customers have been able to use their smartphones to make payments. By extending the suite of CBA supported digital wallets to our Visa cardholders, we’re providing our customers with even more options to make a payment at the point of sale, whether that be through the CommBank app or their smartwatch.”
“We’re seeing customers who are stretched for time taking advantage of the ease and convenience of digital payments. Our data has revealed that groceries, food and beverages and petrol are the most commonly purchased goods.”
Axel Boye-Moller, Visa’s Head of Product for Australia, New Zealand and South Pacific, said that in addition to convenience, mobile payments offer enhanced customer control.
“Mobile payments bring even more to the customer experience than just convenience. Each time a payment is made, these devices can deliver instant alerts and enable customers to manage their accounts while on the go. This is a great example of enhancing the customer experience by increasing both ease of use and control.”
Key tap and pay data points:
Major supermarkets account for one in every five tap & pay transactions, one in 10 take place at major fast food chains and petrol stations and other major retailers account for one in every 20 transactions
Men make up the majority (75%) of digital wallet customers
Half of digital wallet users are aged between 20 - 29 years old and around one third are 30 - 39 years old
Average number of monthly transactions per user is 13 and the average dollar value per transaction is around $25
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