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 ABA has today announced that former ASIC Deputy Chair Peter Kell will undertake the five yearly independent review of the Banking Code of Practice, the rule book that sets standards of service for customers. The Code sets out consumer protections and safeguards that are in addition to the law for individuals, small business customers… Read more »
ABA welcomes today’s move by the Reserve Bank of Australia to designate Armaguard under the recently legislated Cash Distribution Framework Act. ABA CEO Simon Birmingham said this was an important step in providing ongoing stability to the distribution and availability of cash across the economy. “The Cash Distribution Framework is an important piece of regulatory… Read more »
E&OERadio InterviewABC Sunshine Coast3 September 2026. Topics: Upcoming card surcharge ban Tim Wong-See: Now, from the start of next month, credit card surcharge fees are being abolished following a recommendation from the Reserve Bank of Australia. So, all those extra charges that annoy a lot of you when it comes to tap and pay will… Read more »