In over 90 percent of purchases, contactless payment transactions, almost tripled its growth since the introduction of Apple Pay earlier this year.
As compared with other payment methods, the Tap and Pay method is consistently rising in popularity and contactless transaction is the most preferred by customers. Sam Itzcovitz, General Manager of Commerce Solutions, Business Customer Solutions, said, “The popularity growth among consumers is also changing the way businesses make and receive payments, with more choosing to go cashless.”
Over the past two years, Across CBA’s merchant portfolio, contactless payment transactions have seen a growth of 140 per cent. According to Tina Do, founder of Bar Pho, runs the popular Vietnamese restaurant in Sydney’s CBD, “I’ve seen so many people paying with phones in the past year. It’s the way of the future.”
During the past few months, she noticed that most of her customers are paying for their food using Tap & Pay or their digital wallets which prompted her to take a 21st Century approach to her business and go cashless when opening her latest store, in Sydney CBD’s Barrack Place.
In line with this, Tina ends up turning away a couple of customers by not taking cash. However, she emphasized that time, cost, convenience and data benefits help her to run a much more efficient company, which is more important than anything.
Mr Itzcovitz, further added, “The continuing growth in the number of contactless purchases, coupled with the decreasing dollar amount people are spending in a single transaction, highlights that consumers are becoming more comfortable with Tap & Pay methods. Businesses are equally taking advantage of the speed, convenience and security that contactless offers when making or receiving payments.”
CBA expects more growth on contactless payments later this year, when Sydney's public buses start accepting tap-and-go payments from bank-issued cards and digital wallets.
Simpler and easier payment features awaits Australian customers, hopefully leave positive impact on businesses.
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