ANZ: Mobile Wallet Payments Soar 140% In 2017

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ANZ’s latest data reveals the volume of mobile wallet payments soared 140% in December 2017, compared to the same period 12 months ago.

Mobile wallet transactions notched 3.9 million in December 2017, up from 1.6 million in December 2016.

ANZ December Mobile Wallets ANZ: Mobile Wallet Payments Soar 140% In 2017

However, Steve Price, Head of Everyday Banking and Payments, ANZ, claims mobile wallets are “still a relatively new technology”.

The Christmas period saw ANZ customers make 23% more payments via their mobile wallets, versus the former three-month average.

The growth in mobile wallet payments is largely driven by wearable devices – over 5,000 payments were reportedly made via FitBit Pay and Garmin Pay.

ANZ forecasts this trend to continue to grow “into 2018 and beyond”.

fitbit pay 2 ANZ: Mobile Wallet Payments Soar 140% In 2017

ANZ Mobile Wallet transactions ANZ: Mobile Wallet Payments Soar 140% In 2017

Price affirms the data reflects the growing popularity of convenient payment options, and demonstrates “strong demand among consumers for greater choice over the way they pay”.

4.5% of all ANZ transactions were made via smartphones and wearables, with the number of mobile phone transactions – compared to card use – doubling in the period.

fitbit pay 3 269x300 ANZ: Mobile Wallet Payments Soar 140% In 2017

Clearly, the trend is not exclusive to Australia, with mobile wallet use also rapidly accelerating around the world.

Statista forecasts mobile wallet payments to exceed US$1 trillion by 2021.

global mobile wallet transactions ANZ: Mobile Wallet Payments Soar 140% In 2017

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