Half of Aussies reaching for digital wallets over leather

person making digital payment with mobile phone

Do you appreciate the fine design of a well-crafted leather wallet? 

Well, according to fresh numbers a large chunk of us are ditching stitching and using digital wallets to shop instead.  

In fact, online financial broker firm Savvy found that 46.5% of Aussies have a digital wallet on their smartphone to store virtual debit and credit cards

Of those that use digital wallets: 

  • 15.9% use them all the time
  • 43.3% use them most of the time 
  • 30.9% use them some of the time 

Currently on the Mozo database, 63 out of 74 credit card providers offer a digital wallet option for customers to make mobile payments. Some of the options include Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, Garmin Pay etc. 

But why are digital wallets on the rise? 

The answer is simple - it’s convenient. 

Savvy found that a massive 87.6% of digital wallet users opt for the method of payment over others because it’s easier. 

“Digital wallets are simply more convenient,” says managing director of Savvy and financial technology advocate Bill Tsouvalas. 

“Why would you worry about taking a wallet around when you have your smartphone on you anyway? Digital wallets will simplify our day to day carry and can be used for all kinds of contactless payments such as public transport or event tickets.” 

These stats come after EFTPOS recently announced that it intends to launch a QR code payments system in Australia by 2022. 

In a nutshell, the network will operate by generating an individual QR code which contains transaction details for a customer. Shoppers can then use their smartphone to make a purchase via their digital wallet. 

“Digital wallets are not only great for customers but their easy integration into payment systems and retail technology also means business will benefit in the long term,” Tsouvalas says.

Consumers still cool on cash

Remember the feeling of physical money? We wouldn’t be surprised if you don’t! 

Savvy’s numbers also showed that as Aussies move more towards digital payments, less are using cash as their primary method of payment. 

Only 18% of respondents claimed to use cash the most, compared to other payment alternatives. 

As to be expected, EFTPOS and Paywave and Tap & Go came out as more popular options with 35.8% and 46.2% of shoppers using them to pay, respectively. 

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Credit card spending bounces back, finds Citi

Looking for a credit card to add to your digital wallet? Or maybe you need to switch up what you already have? Check out these hot options below or head to our credit card comparison page for more.

Compare Credit Cards - last updated 16 October 2021

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  • Apply By 31 Oct 2021
    Bendigo Bank Low Rate Credit Card

    0% p.a. on purchases for up to 12 months (Reverts to 11.99% p.a). Also 0% balance transfer for up to 12 months. Low annual fee of $45 and no fees for additional cardholders.

    Purchase rate
    Balance transfer rate
    Annual fee
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    0% p.a. for 12 months then 11.99% p.a.
    0% p.a. for 12 months and then 11.99% p.a. (2.00% balance transfer fee)
    $45
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  • Bankwest Breeze Mastercard

    Enjoy 0% p.a on balance transfers for 15 months then 9.90% thereafter. No annual fee for the first year. Limited time only. Other fees, T&Cs apply. New Breeze Mastercard customers only.

    Purchase rate
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    0% p.a. for 15 months then 9.90% p.a.
    0% p.a. for 15 months and then 9.90% p.a.
    $49 $0 in the first year
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  • Great Southern Bank Low Rate Credit Card

    0% balance transfer rate for 25 months and up to 55 interest free days. No annual fee for the first year and $49 after. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^

    Purchase rate
    Balance transfer rate
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    11.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $49 $0 in the first year
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  • MoneyMe Freestyle Virtual Mastercard

    Use your virtual card instantly once approved (typically within 60 minutes). Features include Tap n Pay with up to 55 days interest-free, transfer money to any bank account and exclusive access to MoneyMe perks. $0 annual fee for lower limits. Must be employed with decent credit history.

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    16.99% p.a.
    No current offer
    $209 $0 - $149 based on credit limit, $5/month for balances over $20.
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  • Apply By 10 Oct 2021
    humm90 Mastercard

    With up to 110 days interest free on your spending, this card is pretty unique in the market, and great for managing your daily spend. Plus, no foreign transaction fees overseas or online.

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    23.99% p.a.
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    $99
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    Purchase rate
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    13.74% p.a.
    No current offer
    $59 $0 in the first year
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  • Great Southern Bank Platinum Credit Card

    0% p.a. balance transfer for 25 months, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Purchase protection insurance. Mozo Experts Choice Balance Transfer Platinum Credit Card Winner 2020^.

    Purchase rate
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    19.99% p.a.
    0% p.a. for 25 months and then 21.74% p.a.
    $149 $0 in the first year
    Great Southen Bank Platinum Rewards
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    Rewards program
    19.95% p.a.
    No current offer
    $107 $8.95 monthly fee waived if outstanding balance less than $10
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  • Apply By 30 Nov 2021
    St.George Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
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    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
    -
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  • NAB Low Rate Card

    0% p.a. interest on balance transfers for the first 32 months, plus a low ongoing purchase rate after that means you can spend with confidence. There's also up to 55 interest free days on purchases to help you manage your budget better.

    Purchase rate
    Balance transfer rate
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    12.99% p.a.
    0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
    $59 $0 in the first year
    -
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  • American Express Low Rate Credit Card

    Competitive low rate with $0 Annual Fee. Get $100 back when you apply online by 27 October 2021, are approved and spend $1,000 on your new Card by 31 December 2021. T&Cs apply. New Card Members only. Customers need an annual income of $50,000 or more.

    Purchase rate
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    Annual fee
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    8.99% p.a.
    No current offer
    $0
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    Purchase rate
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    0% p.a.
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    $120 $10/month - waived if no spend & no balance owing
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  • Apply By 19 Oct 2021
    American Express Platinum Edge Credit Card

    Receive 50,000 Bonus Membership Rewards when you apply online by 19 October 2021, are approved and spend $1,500 on your new Card within the first 3 months. T&Cs apply. New Card Members only. $0 introductory annual Card fee for the first year..

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    Rewards program
    20.74% p.a.
    No current offer
    $195 $0 in the first year
    Membership Rewards
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    19.99% p.a.
    0% p.a. for 36 months and then 21.99% p.a.
    $129 $29 in the first year
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  • Apply By 26 Oct 2021
    American Express Explorer® Credit Card

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    Balance transfer rate
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    20.74% p.a.
    No current offer
    $395
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    0% p.a. for 12 months then 20.74% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
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    20.74% p.a.
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    $450
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  • Apply By 30 Nov 2021
    St.George Vertigo

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    Purchase rate
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    13.99% p.a.
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    $55 $0 in the first year
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    Purchase rate
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    13.74% p.a.
    0% p.a. for 28 months and then 21.49% p.a. (1.00% balance transfer fee)
    $59 $0 in the first year
    -
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  • American Express Cashback Credit Card

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    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $120 $0 in the first year
    Cashback Rewards
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  • Apply By 30 Nov 2021
    Bank of Melbourne Vertigo - Cashback Offer

    $300 cashback when you take out a new Vertigo Credit Card and spend $4k on eligible purchases within 120 days of the new card approval. No annual fee for the first year, $55 thereafter. New cards only, Eligibility criteria and T&Cs apply. Offer ends November 30th 2021.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    2.99% p.a. for 15 months and then 21.49% p.a.
    $55 $0 in the first year
    -
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  • Apply By 30 Nov 2021
    Westpac Altitude Platinum

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    Purchase rate
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    20.49% p.a.
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    $200 $149 in the first year
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^See information about the Mozo Experts Choice Credit Card Awards

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