A cashless community: Australian cities are ‘digital leaders’ in the banking world

Sydney and Canberra are two of the cities leading the way when it comes to digital banking, according to the Visa Cashless Cities report.
These cities were recognised as “digital leaders” thanks to the country’s advanced digital banking and payment systems, our high usage and readiness for online banking and the number of Aussies with an up to date banking set up.
The report analysed 100 cities in terms of their development with cashless payments and banking and found 18 cities across the US, Europe and Asia were ‘digitally advanced’, while cities in Africa and Latin American still had a way to go in terms of digital maturity.
RELATED: Meet Beem - The new instant payments app from the Commonwealth Bank, NAB and Westpac
Time, or our sworn lack of it, was a driving force when it came to the push for digital banking on an international scale. It was recorded that on average, bankers spent 6.4 hours a year withdrawing cash from an ATM, 7.3 hours visiting a bank and a massive 12 hours on paying bills in person.
And should digitally immature cities reach a reasonable cashless level, the report predicted that bankers would save 8 hours a year and a total of $12 billion in time-savings from things like banking transactions.
The report also said that potential crime reduction was a factor to consider, with an average of $5.8 billion lost per year across 100 cities due to cash-related crimes.
Aussie banking itself has come a long way, from cash to credit cards and with the surge in online banking, it’s safe to say that the wallet may no longer become the back pocket or purse essential.
With all the new ways to pay and bank, from Beem - an instant payment app available with CommBank, NAB and Westpac, to Westpac’s PayWear, where contactless payments begin with a flick of your wrist and chatbots like UBank’s RoboChat to give Aussies the assistance they need to manage their money.
And of course, if you’re not a tech fanatic, but are addicted to your smartphone, you still have the option of keeping it simple through regular online transfers and payments.
In fact, data from the Mobile Consumer Survey recently found that 30% of smartphone holders use the ‘fingerprint reader’ to approve payments/purchases, while 18% use their mobiles to authorise money transfers to people and organisations. So rest assured, we are well on our way to becoming a walletless tribe.
But while other cities across the world work to reach their cashless development goal, find out more about what other bank accounts can do for you in terms of innovation by having a browse of some popular bank accounts.
Bank Accounts - last updated 29 November 2023
-
AMP Cash Manager
$0.00
Apple Pay, Google Wallet, Samsung Pay
0.60% p.a.
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, Samsung Pay
- interest rate
- 0.60% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.60% p.a.
Balances from $10,000.01: 4.60% p.a.
Balances from $250,000.01: 4.10% p.a.
Balances from $5,000,000.01: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from internet, phone, EFTPOS, AusPost deposit.
Read our Mozo Review to learn more about the AMP Bank AMP Cash Manager
-
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.
CompareCompareGlide Account
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.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the MyState Bank Glide Account
-
Wisdom Saver Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
0.05% p.a.
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
CompareCompareWisdom Saver Account
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
- interest rate
- 0.05% p.a.
- ATM networks
- IMB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.05% p.a.
Balances from $10,000: 1.65% p.a.
Balances from $50,000: 2.05% p.a.
Balances from $250,000: 2.55% p.a.
- Fee free transactions
- Unlimited transactions from counter deposits and withdrawals, phone, internet, purchases and network ATMs. $2 monthly transaction allowance for customers outside postcodes 2500 to 2580
Read our Mozo Review to learn more about the IMB Bank Wisdom Saver Account
-
Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$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.
CompareCompareEveryday Options
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.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Suncorp Everyday Options
-
Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- none
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend Account
And if you’re craving a little more variety, check out our bank account comparison tool.
^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.