Australians are increasingly using their phone as a credit card: Deloitte

The pressure is on Australian banks to keep up with customer’s growing use of smartphone apps to pay for in-store and online purchases. A Deloitte survey has found the use of mobile payment solutions has grown 14 per cent over the past year, with over a quarter of respondents now using them.

Mobile payment solutions include apps such as Apple Pay, Samsung Pay and Android Pay, which allow users to process payments for online or in-store purchases using the app, without having to punch in their credit card details every time.

Most of these apps act as “mobile wallets”, allowing users to store their card details and authorise payments using either a PIN or biosecurity measure like fingerprint recognition.

According to the The Media Consumer Survey 2017, the use of fingerprint authentication on smartphones has surged 35 per cent in the last year, with fingerprint recognition available on all leading smartphones on the market, including the iPhone 8, Samsung Galaxy S6, and Google Pixel 2.

Despite the strong public uptake, ANZ remains the only of Australia’s “big four” banks to partner with all three major mobile payment apps, allowing customers with these apps to process payments using its card online or by tapping their phone to an eftpos machine in the same way they would use PayPass.

Westpac cards can be used with Samsung Pay and Android Pay only. Android Pay also recently became available to Commonwealth Bank customers, while NAB has yet to partner with any third party apps.

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Source: Australians are increasingly using their phone as a credit card: Deloitte – Sydney Morning Herald