Eftpos by mobile growing at record rates in Covid’s wake
Australians are choosing to pay by eftpos on their mobile phones at record levels in the wake of the Covid-19 crisis.
The places where consumers are most often using eftpos by mobile are grocery stores and supermarkets, fast-food outlets and restaurants, with their spending averaging $31 per transaction.
Eftpos CEO Stephen Benton says “dozens” more Australian banks, credit unions and financial institutions have expanded their mobile pay options with eftpos this year and those consumers using the service regularly are tapping their phones on average 21 times a month at checkouts.
The trend comes as Australians look for ways to use contactless payment methods at a time when social distancing and physical contact with money and surfaces is avoided to reduce the risk of exposure to Covid-19.
“Many Australians are choosing to use eftpos when paying with their mobiles, with eftpos mobile transactions growing more than 400 per cent year on year in July across all supported mobile ecosystems,” said Benton. “From June to July alone, we saw 20-per-cent growth in eftpos mobile transactions.”
Benton expects the trend to continue with more mobile launches planned this calendar year and already more than 50 banks offering eftpos as a payment option on mobile phones.
Besides the safety attraction of using eftpos by mobile, consumers can see real-time balances, helping them stay on top of their spending.
“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.”