Aussies are leaving wallets at home and relying on digital payments

By Maria Gil · · 1 min read
Fact Checked
Advertiser disclosure
people using phones to pay

Australians are changing their wallet habits. Notably, 40% of Aussues leave their wallets at home and use mobile phones and smartwatches as their primary form of payment.

The Australia Banking Association (ABA) found that we are entering a digital banking revolution with young people leading the charge, with two-thirds of those aged between 18-24 relying solely on their phones and wearables technology to make purchases.

“One in two Australian smartphone users say they have used their mobile phone to make a purchase in-store, in-app or on a website, an increase from 18% in 2019 to 49% in 2022,” says the report.

As Aussies become more inclined to use mobile banking, branch usage has rapidly declined. In fact, the report found that 70% of Australians haven’t visited a physical bank branch in the past month. 

Only 3% of Aussies reported visiting a branch more than three times in the past month. 

And that’s because more people are using their mobile banking apps and digital wallets to send, receive and make payments for their expenses.

With BPAY, PayID and bank transfers becoming more common, visiting a bank to pay your bills or deposit cheques has become a thing of the past. 

“Twenty per cent of all payments now conducted using PayID and 15 million PayID registrations as at 1 May 2023, an increase from six million in 2021,” says ABA.

If you want to learn more about mobile banking, check Mozo’s banking guides and tips. Alternatively, join the digital bank movement and compare bank accounts below.

Bank account comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 237 bank accounts.
Last updated 27 July 2024 Important disclosures
  • Mozo Expert Choice Badge
    Orange Everyday

    $0.00

    Apple Pay, Google Wallet, PayID, PayTo

    0% p.a.

    The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

    Compare
    Go to site
    Details
  • Everyday Global Account

    $0.00

    Apple Pay, Google Wallet

    0% p.a.

    Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^

    Compare
    Go to site
    Details
  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.

    Compare
    Go to site
    Details
  • Glide Account

    $0.00

    Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Bank Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's bank account rates