New RBA Data Shows Rapid Rise in Digital Payments

New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments.

For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October, totalling over $20 billion.

ABA CEO Anna Bligh said the data demonstrated that customers were continuing to switch to convenient digital banking channels.

“Australia is well and truly in a digital banking boom.” Ms Bligh said.

“Australians have always been at the forefront of adopting new digital technologies, and these latest figures show that banking is no exception.

“This massive surge in mobile wallets demonstrates a clear shift towards digital payment solutions, reflecting the evolving preferences of consumers for faster and more secure payment options. 

“Go back a decade, and almost no one was making a digital wallet payment. Now we’re seeing over half a billion payments being made with mobile wallets in just one month.

“With the ongoing surge in digital payments, it’s critical these transactions are subject to the same oversight and consumer protection laws as the rest of the payments system.

“That’s why the ABA supports legislation currently in the Parliament that will ensure Australia’s payments regulatory framework remains fit-for-purpose and covers new entrants into the market.”

View the full data release: https://www.rba.gov.au/payments-and-infrastructure/resources/payments-data.html