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Monday, 17 September 2018 10:03

CBA says tap and pay transactions have surged in six months

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The Commonwealth Bank says there’s been a surge in tap and pay transactions over six months, with its own customers increasingly using their smartphones instead of their wallets when making payments.

According to new research, the CBA — one of Australia big four banks — says with its five million customer app users, tap and pay transactions have reached 16.8 million for the six months to June 2018, an increase of more than 35%.

The bank says the research shows that:

  • Major supermarkets account for one in every five tap and 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.
  • The average number of monthly transactions per user is 13 and the average dollar value per transaction is about $25.

Release of the research comes as the CBA announced that Visa cardholders can now make contactless payments via its tap and pay functionality in the 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.

According to Michael Baumann, CBA’s acting executive general manager, Everyday Banking, by enabling Visa across the suite of CBA supported digital wallets the bank was 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 offered 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.”

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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