Mobile payments are still relatively new in Australia, with Apple Pay and other popular options first introduced around 2015. But data from the Reserve Bank of Australia (RBA) has found mobile payments made up 25% of all credit and debit card transactions in 2022, and they're steadily rising.
Mobile payments commonly refer to payments made with Apple Pay, Google Pay, Samsung Pay or another mobile payment app. These payments are made with your mobile phone or another device and use a digital version of your credit or debit card, instead of a physical card or cash.
A broader definition of a mobile payment is any payment that is made with a mobile device instead of cash, a physical card or a fixed payment terminal. As well as mobile wallets, this can include accepting payments from your mobile phone or device (e.g. if you're running a food truck or market stall).
Mobile or digital wallets are apps for smartphones and other devices that allow you to add a credit or debit card and then tap your phone to pay.
As part of their security features, mobile wallets also typically have a quick ID verification process, such as a fingerprint at purchase.
Most major banks in Australia offer credit and debit cards that you can add to one or more of the mobile wallets available in Australia. To find out whether your card is supported by a certain app, check with your bank or credit card brand.
Since a mobile payment is any payment you make with a mobile device, it includes everything from credit card payments via SMS, WAP (Wireless Application Protocol) billing – where charges are applied directly to your mobile bill – and more.
There are also bank-specific digital wallets, such as Tap and Pay from CommBank. Be aware that these are more limited because they usually only work with cards from that bank.
If you’re running a business and want to be able to accept mobile and contactless payments, you’ll need a point-of-sale device known as Near Field Communication (NFC) technology. This means that it can communicate with cards and devices that are a few centimetres away and can exchange the necessary information to complete a purchase.
The popular mobile payment systems listed below are focused around in-store transactions. If you’re interested in online payment gateways for your business, check out Finder's guide to online credit card payments.
Tyro offers two EFTPOS machines – a countertop and mobile option depending on your business. Pricing is customised to each business. There's no lock-in contract, so it's easy to see if Tyro EFTPOS is right for you.
Square offers some of the best features of any free point-of-sale app. Along with charging no monthly fees, it lets you create custom discounts, send invoices and maintain a product library plus many other useful features. You can also add employees as individual users with limited permissions for an extra $35 per month. Square can be particularly useful in retail and hospitality settings.
The Albert tablet works by charging you a fixed monthly fee that increases with your monthly turnover. Additional purchases past your agreed-upon turnover will attract a 1.5% fee. It supports different business apps but is expensive for businesses that aren’t already making a lot of money.
Mobile payments are highly secure, though actual security features vary. Some widely-employed security features include the following:
If someone gets their hand on your mobile phone, they shouldn’t be able to do much if they can’t get past your lock screen. However, if they do, they will likely be able to make tap payments with your mobile wallet if you haven’t set up biometric checks like a fingerprint or face scan.
When you lose your phone, your best bet is to contact your bank so you can freeze payments until you can recover your phone or lock your card.
If you want to know more about protecting your cards and accounts, check out this Finder guide for tips on how to avoid scams and other security issues.
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