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Tech & Science Digital wallet transactions soaring: CBA

03:33  09 april  2020
03:33  09 april  2020 Source:   msn.com

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Digital payments soared in March as increasing number of shops refused to take cash or urged The CBA recorded a substantial jump last month in the use of its virtual cards on its Tap & Pay via mobile There were 36m digital wallet transactions made in March, up from 33m in February and higher

Commonwealth Bank says the number of digital wallet transactions has nearly tripled since it launched Apple Pay earlier this year. After CBA in late January became the second big four lender to offer the payment service — which allows consumers to make purchases by tapping their phone on a

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Digital wallet use is soaring in Australia as the population bunkers down amid the coronavirus pandemic, one of the big four banks says.

The Commonwealth Bank has found digital wallet users spent $1 billion in March - a record number of transactions.

Digital wallet transactions, which include CBA Tap & Pay, Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay, increased by 17 per cent on February's numbers.

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CBA has seen contactless payment transactions linked to a debit or credit Mastercard almost triple, since the introduction of Apple Pay earlier this year. In recent months, she has noticed that an increasing number of her customers are paying for their food using Tap & Pay or their digital wallets .

Secure Electronic Transaction (SET) is a communications protocol standard for securing credit card transactions over networks, specifically, the Internet. It was supported initially by Mastercard, Visa, Microsoft, Netscape, and others. With SET, a user is given an electronic wallet ( digital certificate)

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The average spend per transaction, according to the analysis derived from Visa and Mastercard, was $28.

In total, 36 million digital wallet transactions were made in March, up from 33 million in February and higher than the previous monthly record of 34 million in December.

Everyday Banking executive general manager Kate Crous said the growth in contactless purchases had been increasing since the introduction of Apple Pay in 2019.

"However, it's now evident that even more people regard it as a safe and secure way to pay in this environment," she said.

"In the current environment, paying without cash is an important way to protect yourself and others against the spread of coronavirus."

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