Eight in ten (80%) in-person contactless payments made from digital wallets using Commonwealth Bank of Australia (CBA) debit and credit cards are made by tapping an Apple device, the bank has told a government inquiry into mobile payments and digital financial services.
The CBA also estimates that as of August “around 90%” of in-person payments made with its debit and credit cards were contactless and that “approximately half” of those transactions were completed by tapping a mobile device rather than a physical card.
“This means digital wallets are close to becoming the most popular way to pay in person,” the bank says.
“Of the CBA digital wallet payments made by tapping a phone or related device, 80% are made using Apple devices (eg Apple iPhone, Apple Watch).
“CBA considers it likely that this proportion would be indicative of Apple’s share of payments made by digital wallets in Australia.
“This proportion is based on CBA’s analysis of its payments through its primary scheme partner Mastercard, to determine the percentage of digital wallet transactions (ie tap/contactless) that are conducted via Apple Pay.
“In relation to overseas jurisdictions, we are aware of reports that, in the United States, Apple Pay accounted for 92% of debit card transactions completed using a mobile wallet in 2020.”
The CBA provided the statistics in a written answer to a question about Apple’s share of the digital finance market from Australia’s Parliamentary Joint Committee on Corporations and Financial Services at a public hearing on the possible introduction regulatory controls to ensure payment apps get access to smartphone NFC technology.
In the answer submitted this week, the CBA responded to a question arising from submissions to the public hearing that estimated that Apple had a 54% share of the Australian market.
The public hearing took place in July and is part of the Australian government’s ongoing mobile payment and digital wallet financial services inquiry.