COVID-19 caused consumers to abandon cash during the pandemic, and most intend not going back, according to new data from the Commonwealth Bank. But perhaps more surprisingly, support for the BNPL model is tepid at best, with consumers preferring digital wallets and debit cards. Turns out consumers recognise another debt
Digital wallet users spent more than $1 billion on a record number of transactions in March as cash and physical contact were minimised in an attempt to stem the spread of COVID-19, according to data from the Commonwealth Bank. CBA’s monthly analysis of transactions from Apple Pay, Google Pay, Samsung
Australia’s banks risk losing US$3 billion in payments revenue by 2025 due to the growth of digital payments and competition from non-banks, according to new research from Accenture. According to Accenture’s Global Payments Pulse Survey [PDF] overall payment revenue will grow at an annual rate of 3.7 per cent by
Apple Pay will be available for Westpac customers by June 2020, meaning all four of Australia’s big banks will offer the digital payment method next year. Westpac also announced Apple Pay is available from today for customers at its smaller banks – St.George, BankSA and Bank of Melbourne – provided
The number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50 per cent of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80 per cent to more than $9 trillion per annum.