NAB’s move signals digital wallets are ‘the future’ of payments in Australia

NAB has become the third big four bank to offer Apple Pay, further cementing cardless payments as a major development in Australia’s financial landscape.

The bank’s May 21 decision to allow customers to store their card details on their iPhones and make payments using the phones’ specially-designed hardware sees NAB follow the lead of ANZ in 2016 and Commonwealth Bank in January 2019.

Cardless payments are currently only used by a bit more than 10 per cent of consumers, but A.J. Duncanson – data science director for finance comparison website Mozo – told The New Daily that this is quickly changing.

“There’s no question that mobile banking and mobile payments are the way of the future, and the pace of change is only going to increase as things become more and more widely accepted,” he said.

“Every time a new major bank decides to offer it, it will increase the rate of change and eventually everyone else will need to catch up.”

To read more, please click on the link below….

Source: Apple Pay, Google Pay the ‘way of the future’ for Australian consumers