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Australia: Mobile wallet adoption boomed in 2017

According to the latest data of the Australia and New Zealand Banking Group (ANZ), the volume of mobile wallet transactions skyrocketed by 140% in December 2017.

In December 2017, 3.9 million payments were made through mobile wallets, compared to 1.6 million in December 2016. ANZ customers used their mobile wallets 23% more often than compared to the previous three months average.

This trend can largely be attributed to the gain in popularity of wearables devices. Over 5000 transactions were made using FitBit Pay and Garmin Pay. Smartphones and wearables were used in 4.5% of all ANZ transactions. To put things in perspectives, mobile phone transactions, compared to cards, doubled over the holidays.

According to Steve Price, Head of Everyday Banking and Payments, ANZ, the data echoes the growing popularity of convenient payment options, and shows a “strong demand among consumers for greater choice over the way they pay”.

The Australia and New Zealand Banking Group expects the mobile wallet usage to keep growing in the next years. Around the world, mobile wallets are also gaining popularity, proving that this trend is not limited to Australia and New Zealand.