Mobile banking products are becoming increasingly important to Australian consumers, with new products such as mobile wallets and credit cards proving increasingly popular.
The popularity of the technology has been driven by changes in the way the banking industry operates.
In a bid to better manage consumer finances, the Reserve Bank has announced a new policy for banks to use mobile payment technology to manage consumer spending.
The Reserve Bank says that the new policy is designed to “enable better use of mobile payments and improve the efficiency of our banking system”.
The Reserve Bank is not saying how much money will be made from mobile banking, but it is expected to generate around $7.5 billion in revenue in 2019-20.
The Reserve Board says it has been monitoring mobile payments since 2011, and has seen a significant growth in the use of the service in the past year.
However, it has not yet been able to establish whether mobile banking is a success, or if consumers are actually using it to make purchases.
It is understood that a majority of people are using mobile banking to make payments for other financial transactions, such as a car loan, as well as checking accounts.
The Australian Financial Services Association (AFSA) says mobile banking provides a cost effective way for customers to make financial purchases and is “an innovative and cost effective option for consumers to make online purchases”.
In a recent survey, 70 per cent of people said they would like to use an alternative financial method such as the one provided by their bank.
According to AFSA, mobile banking has the potential to be used to help consumers “understand and manage their finances in a way that is more personal and more flexible”.
“The Reserve’s new mobile banking policy is a strong signal that the Reserve is committed to improving the customer experience and providing consumers with more choice and flexibility,” the AFSA said in a statement.