Highlights
- 83% of Australians surveyed said they had used a mobile wallet in the last 12 months
- 69% of Australians surveyed said they felt comfortable enough using a mobile wallet to leave their physical wallet at home
- 67% of Australians surveyed said they could imagine a future where they never used cash
Australian consumers are at the forefront of mobile wallet use and adoption of digital banking tools, abandoning cash and physical payment experiences in larger numbers than the US or UK, according to a new survey from Marqeta (NASDAQ: MQ), the global modern card issuing platform.
The company’s 2022 State of Consumer Money Movement report released today – surveying 4,076 consumers across three continents, including more than 1,000 in Australia – examined how consumers across the USA, UK and Australia want to pay, bank and shop.
It shows that the changes in payment preferences bought on by the pandemic have become second nature to consumers globally, with Australian consumers coming out far ahead in comfort with new digital payment methods.
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Around 83% of Australians surveyed said they’d used a mobile wallet in the last year, coming in well ahead of UK (77%) and US (71%) survey respondents.
Slightly more than two-thirds (67%) of Australians surveyed said the start of the pandemic had increased their mobile wallet use.
Australians surveyed gave mobile wallets higher marks for convenience than other survey respondents (90%) and more Australians said they could make mobile payments everywhere they wanted to (86%).
“Given its size and market, Australia has always been a great place to launch new technology, and major banks in Australia were investing in the technology for secure contactless payments well before mobile wallets started to get traction.
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It has put Australia at the forefront of a change across the world that has been accelerated dramatically post-pandemic,” said Duncan Currie, Country Manager for Australia and New Zealand, Marqeta.
Not surprisingly, given high mobile wallet adoption and low cash use, Australian survey respondents had a considerably lower appetite for in-person banking experiences.
