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400% growth in mobile payments

Media Release

eftpos cardholders embrace mobile payments with 400% growth  

28 August, 2020

eftpos, Australia’s own debit payments network, today announced eftpos cardholders have flocked to its mobile pay offerings, as Australians show a greater preference for contactless payments during the COVID-19 pandemic.

eftpos CEO Stephen Benton said dozens more banks, credit unions and financial institutions extended their mobile pay offerings with eftpos to Australian consumers this year.

“Many Australians are choosing to use eftpos when paying with their mobiles, with eftpos mobile transactions growing more than 400% year on year in July 2020 across all supported mobile ecosystems,” Mr Benton said. “From June to July 2020 alone, we saw 20% growth in eftpos mobile transactions.”

“We anticipate this growth will continue to soar with more mobile launches planned later this year and we already have more than 50 banks offering eftpos as a payment option on mobile.”

Mr Benton added consumers were actively choosing eftpos as their mobile payment option and using it regularly – tapping their phone an average of 21 times a month at the checkout.

Grocery stores and supermarkets, fast food restaurants, followed by eating places and restaurants, are the most frequented locations where eftpos mobile pay users tap to pay, spending on average $31 each transaction.

Mr Benton said despite cash falling out of favour for some due to COVID-19 concerns, eftpos mobile pay customers are more inclined to access the convenience of eftpos cash out services when shopping.

“eftpos also has the added convenience of real time balances, helping consumers stay on top of their spending,” Mr Benton said.

“At a time when Australians are having to keep a close eye on their expenditure, the convenience of contactless combined with real time balances can really benefit consumers.”

eftpos mobile payments use the eftpos Token Service Provider (TSP) for increased security, by removing confidential consumer card data and replacing it with a unique payment token.

Source: Porter Novelli.

The post 400% growth in mobile payments appeared first on Retail World Magazine.



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