CBA predicts digital wallets set to become the most popular contactless way to pay

Commonwealth Bank today released new figures showing a significant uptick in digital wallet usage over the last 12 months. The figures highlight the growing popularity of digital wallets and the likelihood for them to become the most popular contactless way to pay in-store by the end of the year, if current trends continue.

Between March 2020 and March 2021 the number of monthly digital wallet transactions increased 90 per cent, with the number of transactions rising from 36 million to 68 million.

Over the same period, the total dollar value of digital wallet transactions more than doubled, with the value of monthly transactions rising to $2.1 billion, up from $1 billion.

These new figures reinforce CBA’s previous analysis released in April last year.

CBA’s Executive General Manager for Everyday Banking, Kate Crous, said: “We know customers continue to value the ease and security of digital wallets and over the last year we have seen Covid play a part in accelerating the trend. As more customers use digital wallets, they are also using more features in the CommBank app to monitor and manage their spending.”

Commonwealth Bank sees around 40 per cent of total card and digital wallet transactions in Australia.

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Source: CBA predicts digital wallets set to become the most popular contactless way to pay