Quick coffee? Digital wallets make light work of Aussie payments

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increasingly choosing the convenience of digital wallets and businesses are well aware - coffee with cash is fairly outdated!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