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Aussies reach for their smartphones at the checkout instead of their wallets

Each day seems to bring new innovations that make life that little bit easier. One that millions of people around the world are embracing is the ability to make purchases in stores with a smartphone, instead of a wallet.

Australians seeking more convenient shopping

More Aussies are now tapping and paying with their smartphones than ever before, with data suggesting around 16.8 million shoppers1 are loving the convenience the technology offers. In fact, the first half of last year saw a 35% increase1 in the number of Australians who reached for their phones rather than use cash or plastic. Some of the big drivers behind this rapid growth have been the decline in the use of cash, as well as the bigger banks finally starting to offer the different mobile payment methods, like Google Pay , Apple Pay and Samsung Pay – some have offered all three for some time.

How it works

If you’re not familiar with how Tap and Pay on a smartphone works, you simply add your debit or credit card to a digital wallet on a compatible phone, then when you’re out shopping and need to pay for something just hold your phone near the EFTPOS terminal when prompted. You can even use linked wearable devices, like smart watches to Tap and Pay for purchases.

Adding cards to your smartphone is easy

On an iPhone, it’s as easy as opening the Wallet app, then following the prompts to add a new card. You’ll need to scan your card using your phone’s camera, and then verify your account with your financial provider (usually by text). Of course, your financial institution will need to offer the mobile payment method (Google Pay , Apple Pay , and Samsung Pay ) for you to add the cards successfully.

A secure way to shop

If you’re worried about the security of storing your card on your smartphone, think about it this way. Your card details are stored on your phone using high security encryption that is constantly being updated. Plus, your smartphone should always be locked and passcode protected for your own security, while the Wallet app accessing your card also requires authentication prior to making any purchases up to a maximum of $100 using either facial recognition, fingerprint ID or your passcode. Now think about your wallet or purse, and decide for yourself which one would be harder for someone to make unauthorised purchases if lost or stolen.

Making purchases using Tap and Pay on your smartphone is the convenient and secure way to do your shopping without using your wallet. Of course, you need to have a transaction account that gives you access to the different mobile payment methods. The Great Southern Bank Everyday Account offer access to all three major mobile payment options and much more.

Learn more about Tap and Pay

1. https://www.news.com.au/finance/money/costs/mobile-payments-are-booming-in-australia-as-customers-ditch-cards-and-cash/news-story/863e9f260f262b22d935ef8840ac6ab4