MyState Bank sees sharp rise in online banking during COVID-19

MyState Bank has reported close to a 30% decrease in cash withdrawals this month alone, while BPAY payments and transactions made via the New Payments Platform have gone up by a significant 20%.
Managing director and chief executive Melos Sulicich interpreted the data collected by MyState as a sign that Australians are taking advice from the government and health experts seriously, and so are avoiding cash where possible to slow the spread of COVID-19.
“Social distancing and other preventative health measures means many Australians may not be able to undertake their banking or normal day-to-day activities in the usual way,” he said. “Many retail establishments are only accepting payment via debit and credit cards.”
RELATED: Australians advised to ditch cash for cards to curb Coronavirus spread
Could COVID-19 signal the end of cash?
While it’s no secret that cash has been in steady decline for the past ten years, there is some speculation that COVID-19 could play a major part in speeding up the decrease in cash use.
According to the Australian Payments Network, ATM withdrawals dropped by 20% between 2015 and 2019. To add to that, the Reserve Bank’s 2016 Consumer Payments Survey revealed that, at that time cash only accounted for 37% of payments, in comparison to 69% back in 2007.
This decline in cash use isn’t just in Australia either. Last week GlobalData reported that the global pandemic will most likely see an increased decline in the use of cash in Japan, as both consumers and merchants try to stop the spread of the virus via coins, notes and POS terminals.
New registrations for internet and mobile banking also up
As well as noting an increase in cashless payments, MyState Bank’s data also showed a 55% increase on the twelve-month average for new customers signing up for internet and mobile banking services.
Sulicich suggested those who have more knowledge when it comes to online banking might want to lend a helping hand to any friends, family members or neighbours who may be struggling at this time to get their heads around cashless payments.
Want to learn more about online banking? Why not check out our guide on online accounts and if all this talk of opening an account has you thinking about switching, head to Mozo’s compare bank accounts page to see what options there are to choose from.
Compare bank accounts - last updated 29 June 2022
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Transaction Account
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$0.00Apple Pay, Google Pay, PayID1.50% p.a.Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.
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Earn 1.50% p.a. interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2022^.
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- $0.00
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- Debit Mastercard
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Balances from $250,000: 1.00% p.a.
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Everyday Options
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$0.00Apple Pay, Google Pay, PayID0.01% p.a.An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. You could get $25 plus Suncorp Bank will donate 25 meals to Oz Harvest. T&C’s Apply.
- account fee
- $0.00
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- Apple Pay, Google Pay, PayID
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- 0.01% p.a.
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- Suncorp
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- Visa Debit
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Glide Account
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$0.00Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin0% 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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Classic Banking Account
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$0.00Apple Pay, Google Pay, PayID, Samsung Pay0.01% p.a.No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
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No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
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- $0.00
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Orange Everyday
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$0.00Apple Pay, Google Pay, PayID0% p.a.Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2022 for Exceptional Everyday Account.^
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Rebates on ATM fees anywhere in Oz. No ING international transaction fees. Zero monthly fees. Winner of the Mozo Experts Choice Awards 2022 for Exceptional Everyday Account.^
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- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic and international) and unlimited rebates on international transactions. When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
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