Digital wallet use is soaring in Australia as the population bunkers down amid the coronavirus pandemic, one of the big four banks says.
The Commonwealth Bank has found digital wallet users spent $1 billion in March – a record number of transactions.
Digital wallet transactions, which include CBA Tap & Pay, Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay, increased by 17 per cent on February’s numbers.
The average spend per transaction, according to the analysis derived from Visa and Mastercard, was $28.
In total, 36 million digital wallet transactions were made in March, up from 33 million in February and higher than the previous monthly record of 34 million in December.
Everyday Banking executive general manager Kate Crous said the growth in contactless purchases had been increasing since the introduction of Apple Pay in 2019.
“However, it’s now evident that even more people regard it as a safe and secure way to pay in this environment,” she said.
“In the current environment, paying without cash is an important way to protect yourself and others against the spread of coronavirus.”