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. 

RELATED ARTICLE:
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 - rates updated daily

Search promoted credit cards below or do a full Mozo database search. Advertiser disclosure.
  • Apply By 31 October 2021
    placeholder
    Bendigo Bank Low Rate Credit Card

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

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    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
    -
    Go to site
    Details
  • Apply By 2 August 2021
    placeholder
    Kogan Money Black Card

    Kogan Money Black Card has no annual fee and no cap or expiry date on points. It comes with a 55 interest free days on purchases and a 0% balance transfer rate for the first 12 months. Earn up to $400 in Kogan.com Credit, $50 Credit on first eligible spend in 30 days and $350 Credit when you spend $1,500 on eligible purchases in 90 days from card approval.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.99% p.a.
    0% p.a. for 12 months and then 21.74% p.a.
    $0
    Kogan Rewards Points
    Go to site
    Details
  • Apply By 30 November 2021
    placeholder
    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
    Balance transfer rate
    Annual fee
    Rewards program
    13.99% p.a.
    6.99% p.a. for 12 months and then 21.49% p.a.
    $55 $0 in the first year
    -
    Go to site
    Details
  • placeholder
    MoneyMe Freestyle Virtual Mastercard

    A virtual card that’s available to use instantly once approved (approvals typically within 60 minutes). Tap n Pay, transfer money to friends and get awesome credit back offers from over 1,400 stores.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    16.99% p.a.
    No current offer
    $209 $0 - $149 based on credit limit, $5/month for balances over $20.
    -
    Go to site
    Details
  • Apply By 30 November 2021
    placeholder
    Westpac Low Rate

    Enjoy a super low rate of 13.74% with 55 days interest free plus 0% balance transfer for up to 28 months at 1% BT fee. No annual card fee for the first year, $59 thereafter. New Cards only. Offer ends November 30th 2021. T&C's and exclusions apply.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    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
    -
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2020
    American Express Qantas Ultimate Card

    Receive 55,000 bonus Qantas Points when you apply, are approved, and meet the minimum spend criteria of $3,000 in the first 3 months. T&Cs apply. Available to new Card Members only.

    Purchase rate
    Balance transfer rate
    Annual fee
    Rewards program
    20.74% p.a.
    No current offer
    $450
    Qantas Frequent Flyer
    Go to site
    Details

^See information about the Mozo Experts Choice Credit Card 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.