Friday, July 26, 2024

Contactless payment gains momentum

Data from the Roy Morgan Digital Payments Report shows a sharp increase in use of non-bank contactless mobile payment services compared to a year ago.

According to the report, a total of 10.8% of Australians now use non-bank contactless mobile payment services such as Apple Pay and Google Pay, up from 7.1% a year ago. Apple Pay is now used by 6.5% (up from 4.1%) and Google Pay is now used by 4.1% (up from 3.6%). Samsung Pay was unchanged at 1%.

COVID-19 is the cause for this as it put personal hygiene front and centre for Australians, says the report. This includes the way people pay for goods and services.

“Many retailers are requesting contactless payment be used rather than handling cash to reduce the opportunities for passing on COVID-19,” said Roy Morgan CEO Michele Levine.

“Apple Pay in particular has enjoyed impressive growth over the past year, with 6.5% of Australians now using the service, up from 4.1% a year ago.”

Banks support Apple Pay 

Apple is assisting banks and financial institutions push contactless payments in Australia, the report says, with Apple Pay continuing to be the largest non-bank contactless mobile payment service in the country for another year.

ANZ was the first of the big four banks in Australia to adopt Apple Pay, followed by CommBank and NAB in 2019. Westpac added support recently as it saw the requirement for contactless payment opportunities during COVID-19.

The report also highlights that there are chances for tech firms to increase their market share in the country due to the health risks associated with cash and physical card payments.

For the full report, click here.

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