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Commbank Churns $100bn In Mobile App Transactions

Commbank Churns $100bn In Mobile App Transactions

It says the number of users of the app doubled in the past 12 months to 3.2 million.

According to Lisa Frazier, CBA’s digital channels executive GM, there was a 142 percent increase in the amount of in-app transactions in February compared to February last year, or around 4.7 million transactions a week.

“That’s a big trend. Customers prefer to use the phone on a weekly basis,” she said.

“It’s like having a financial concierge in your pocket.”

The shift comes as the bank expands its contactless payment scheme to support more devices. 

CBA claims its customers have been the first of the big four banks to use Android or iOS smartphones to purchase goods at the checkout.

Handsets without the required near field communication (NFC) technology use a physical PayTag sticker to enable contactless payments. Latest iPhones have NFC capability but Apple so far hasn’t given access to third party payment providers; though iPhone users still manage to make credit-card contact-free payments with ease.

CBA says it will be one of the first banks in Australia to expand full NFC support outside the Samsung Galaxy S4+ range.

The services are not tied to a physical credit or debit card and can instead be linked to a person’s account. 

Frazier said CBA’s smartphone customer base is 60 percent iPhone and 40 percent Android.

Westpac also offers tap-and-pay mobile systems.

In September ANZ Bank’s goMoney mobile app reached $100 billion in transactions since it was launched in 2010.

Westpac has predicted nearly $3 billion in contactless transactions will be made this year.

PayPal Australia’s Kareem Al-Bassam said the company “continues to be focused on providing consumers with a secure digital wallet” that provides choice with multiple funding sources and convenience in the physical and online worlds.