🎉Australia🇦🇺: Digital banking surges thanks to the boom in mobile wallets

🎉Australia🇦🇺: Digital banking surges thanks to the boom in mobile wallets

According to the latest report by the Australian Banking Association (ABA), 99.3% of all transactions in the country now take place via digital channels. Here are some key figures:

▶️Since 2019, the volume of digital banking operations has grown by 70%, while mobile payments have increased 23-fold.

▶️Over the past year, more than 4 billion payments were made through mobile wallets — 11 times more than the 353 million ATM cash withdrawals.

▶️The total value of payments made via digital wallets reached AUD 106 billion, equivalent to approximately USD 68.2 billion.

▶️In terms of banking competition, Australian banks continue to invest in physical services and still maintain a broader branch network than other OECD countries with similar levels of urbanization. Given the sector’s rapid growth, the ABA has urged the government to regulate the emerging mobile wallet market.

#news #Australia

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