Australia is witnessing a significant transformation in its payment landscape, with mobile wallets like Apple Pay and Google Pay becoming increasingly integral to daily transactions. This surge in digital payments has prompted the government and financial institutions to advocate for updated regulatory frameworks to ensure the system’s integrity, fairness, and security.
Background & Context
The adoption of mobile wallets in Australia has been remarkable. In the June quarter of 2023, digital wallet transactions accounted for 35% of all card transactions, a substantial increase from 10% in early 2020. This growth spans various demographics, with nearly two-thirds of individuals aged 18 to 29 utilizing digital payment systems on their mobile devices.
