Quoted by The Epoch Times
New researchers indicate that mobile wallets have overtaken cash as the primary means of transaction in Australia, reflecting a significant shift towards digital payments.
The banking trends are rapidly changing due to innovative technologies. On June 27, ABA – The Australian Banking Association released a new report which provides an overview of banking trends among customers in Australia.
It has been observed that between 2019 and 2023, mobile wallet transaction values increased 18-fold, reaching $126 billion (US $84 billion), exceeding the total value of ATM cash withdrawals, which was $106 billion.
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“Some of the strongest decline has been in customer segments with historically high cash usage,” the report said.
There have been significant changes in specific Demographics as well. The 65+ age group saw a 69 per cent decrease in cash use since 2017. Similarly, in regional and remote areas cash utilization declined by 80 percent, surpassing the decline in major cities.
ABA CEO – Anna Bligh stated that Australia was in the midst of “a digital banking boom”
“Australians are interacting with their bank more than ever before thanks to the ease and convenience of digital banking,” she said.
“They are banking whenever and wherever it suits them.”
