Australian digital wallet usage has increased almost threefold over the last year, however ranks below the Asia Pacific average, MasterCard has found.In Australia, 13.6 per cent of respondents are currently using a digital wallet (up from 4.6 per cent last year), compared to the Asia Pacific average of 19.5 per cent (up from 11.2 per cent), MasterCard’s latest Mobile Shopping Survey shows.
Emerging markets China and India are leading the way, with 45 per cent of respondents in China and 36.7 per cent of respondents in India using a digital wallet.
Mobile banking apps still rank as the most widely used new mobile technology (at 31.8 per cent), however digital wallets have seen the fastest uptake over the last two years.
Meanwhile, 48.5 per cent of respondents in the Asia Pacific had made a purchase using their smartphone in the past three months (up from 45.6 per cent last year), with Australians among the least likely to shop on their smartphone (at 23.7 per cent, up from 19.6 per cent).
“Unsurprisingly, the markets that have seen strong uptake of digital wallets are also where the majority of people are using their mobiles to shop,” MasterCard notes. “Three quarters of people in India and China are now shopping on smartphones.”
Respondents across the Asia Pacific cited convenience (53.9 per cent) as the key driver for shopping on their smartphone, with other motivating factors including the ability to shop on the go (42.9 per cent) and the growing availability of apps making it easy to shop online (41.4 per cent).
“New forms of mobile payment technology, such as MasterCard’s digital wallet MasterPass, are making transactions easier and safer, online, in-app and in-store,” Raj Dhamodharan, MasterCard group head, digital payments, commented.
“As more and more merchant apps provide shopping and services, consumers need a digital wallet that provides the best balance between security and convenience. We are already seeing that demand in many markets in Asia Pacific, from India to Singapore to Australia.”
