9 December 2024
New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments.
For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October, totalling over $20 billion.
ABA CEO Anna Bligh said the data demonstrated that customers were continuing to switch to convenient digital banking channels.
“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.
“This massive surge in mobile wallets demonstrates 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.
“That’s why the ABA supports legislation currently in the Parliament that will ensure Australia’s payments regulatory framework remains fit-for-purpose and covers new entrants into the market.”
View the full data release: https://www.rba.gov.au/payments-and-infrastructure/resources/payments-data.html
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »