Australians made payments worth more than $20 billion through mobile wallets in October.
Australian Banking Association CEO Anna Bligh said the latest Reserve Bank of Australia (RBA) data showed Aussies were embracing the mobile technology.
Ms Bligh said for the first time, the RBA’s latest monthly retail payments data included a snapshot of newer payment technology.
She said it showed more than 500 million payments were made via mobile wallets in October, totalling over $20 billion.
“Australia is well and truly in a digital banking boom.” Ms Bligh said.
“Australians have always been at the forefront of adopting new digital technologies, and these latest figures show that banking is no exception.”
She said the growth in mobile wallets demonstrated a clear shift towards digital payment solutions, reflecting the evolving preferences of consumers for faster and more secure payment options.
“Go back a decade, and almost no one was making a digital wallet payment. Now we’re seeing over half a billion payments being made with mobile wallets in just one month.
“With the ongoing surge in digital payments, it’s critical these transactions are subject to the same oversight and consumer protection laws as the rest of the payments system.”
Explore the latest RBA Payments Data.
