Commonwealth Bank reports surge in digital wallet transactions

Apple Watch with Apple Pay digital wallet making a payment on a CBA POS
TAP & PAY: Australia has reported a huge increase in digital wallet transactions for March 2020

Digital wallet transactions grew 17% in March 2020, outpacing the average monthly compound growth rate of 6.7% over the past six months, Commonwealth Bank of Australia (CBA) reports.

Digital wallet transactions include those made by its own CBA Tap & Pay service as well as Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay, the bank says.

A total of A$1bn (US$635m) was spent using digital wallets in March and the average spend per transaction was A$28 (US$17.91) “reflecting how ubiquitous digital wallet spending has become in Australia”.

“The number of digital wallet transactions also increased at a faster rate (up 8% from February) than the average monthly compound growth rate over the past 6 months (4.4%),” CBA adds.

“Overall there were 36m digital wallet transactions made in March, up from 33m in February and higher than the previous monthly record of 34m in December 2019.”

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