The Australia and New Zealand Banking Group (ANZ) latest data has revealed the volume of mobile wallet payments soared 140% in December 2017.
Thus, mobile wallet transactions notched 3.9 million in December 2017, up from 1.6 million in December 2016. Moreover, 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. 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.
Even if mobile wallets are “still a relatively new technology”, ANZ forecasts this trend to continue to grow “into 2018 and beyond”. 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 USD 1 trillion by 2021, according to Channel News.