CBA digital wallet transactions soar during COVID-19 in Australia

By Edil Corneille

The Commonwealth Bank of Australia (CBA), one of the big 4 banks in the country, announced today that it has seen accelerated growth in digital wallet transactions over the past 12 months, with the number of monthly transactions increasing from 29 million in October 2019 to 52 million this year.

Commonwealth Bank’s General Manager of Everyday Accounts Retail FX, Rohan Ritchie said, “More than ever, Australians are choosing to adopt digital wallets, allowing for increased convenience and choice whilst making transactions safely and securely.

“While coronavirus has led to a decline in cash transactions, it has also seen more of us not using the plastic card and embracing the benefits of using our phones to transact.”

To provide those customers making cashless and digital wallet transactions with even greater convenience, CBA has launched dual network support, allowing customers to use eftpos through Apple Pay – with eftpos via Samsung Pay and CBA Tap & Pay set to be enabled in the coming months.

eftpos is Australia’s own debit card network, accounting for more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion. The introduction of eftpos allows more features and payment options for customers, including cash withdrawals.

Stephen Benton, eftpos’ Chief Executive Officer, said the company was excited to bring greater payment choice and a seamless digital wallet experience to CBA customers.

“Using your mobile to pay for your purchase with eftpos, while also getting cash out as needed allows CBA customers to use their mobile as a true wallet replacement. This means you only need to take your mobile when going shopping.”

Insights from eftpos show the average amount of cash Australians withdraw when using their mobile phone is $75, while the average combined cash out and purchase transaction for customers using their mobile is $84.

The eftpos feature will be available to all CBA customers. For those who are already using Apple Pay, they will simply need to remove their existing card and re-add it to the Apple Wallet.