Mobile Wallets Overtake Cash as Payment Method in Australia

Published on June 28, 2024

New research has shown that mobile wallets have overtaken cash as a means of transaction as more Australians have switched to digital payments in recent years. The Australian Banking Association (ABA) on June 27 released a new report (pdf) providing an overview of banking trends among Australian consumers. The ABA found that between 2019 and 2023, the value of mobile wallet transactions soared by 18 times to $126 billion (US$84 billion). The figure was also higher than the total ATM cash withdrawals ($106 billion) for the first time. Since 2007, the share of retail payments made in cash has plummeted with a nearly 10 percent drop each year. In 2022, cash transactions accounted for less than 20 percent of retail payments, while the total value of cash payments fell to just 7.5 percent....

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