Quick coffee? Digital wallets make light work of Aussie payments

By Krutika Kale · · 2 min read
Fact Checked
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When was the last time you paid cash for your morning coffee? 

Aussies are increasingly choosing the convenience of digital wallets and businesses are well aware - coffee with cash is fairly outdated!

In fact, new research shows that 45% of Australian businesses see a need to upgrade their current payments systems. The report from University of Sydney Business School further shows that digital payments are beneficial for businesses as they boost their competitiveness and give them a chance to expand internationally. 

But does your digital wallet fit the bill?

With the world changing its payment preferences, here are a few things you should consider: 

  • Make sure the tech meets your needs: Perhaps you move your money around quite a lot or need to make international transfers. Or maybe you love the ease of tap & pay. This is where the right digital wallet can be a huge help.  
  • Do your research: Before signing up, check what’s on offer and how easy the wallet is to use. There are a number of options!
  • Make use of what’s available: Embrace the new tools, they may cut down on time and in most cases the security around them is cutting edge.  

Let’s look at a few examples. Here are some bank accounts and the digital payment options they offer: 

  • Ubank’s Spend Account offers quite a few payment options like Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, and Garmin Pay. (It comes with zero account fee and even has zero foreign transaction and ATM withdrawal fees). 
  • AMP’s Cash Manager offers Apple Pay, Google Wallet and Samsung Pay. (It has no account fee and an interest rate of 0.60% p.a.). 
  • Suncorp’s Everyday Options offers Apple Pay, Google Wallet and PayID. (It has no account fee and an interest rate of 0.01% p.a).
  • MyState Bank’s Glide Account offers Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay and Garmin. (No account fees). 
  • CommBank’s Smart Access offers Apple Pay, Google Wallet, PayID, Samsung Pay, Sarmin and Fitbit. (It charges an account fee of $4). 

Always be sure to do your research when choosing a bank account. As you can see some offer a greater variety of digital wallets than others. You can start comparing some of the top bank accounts below. 

Compare top bank accounts: 

Bank account comparisons on Mozo

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Last updated 24 October 2024 Important disclosures
  • 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.^

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  • Everyday Options Account

    $0.00

    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.

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  • Glide Account

    $0.00

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

    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.

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  • 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.^

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^See information about the Mozo Experts Choice Bank Account Awards

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