Mobile news

Smartphone digital wallets replace ATMs, bank cards and credit cards


Is the bank card dead? Why the plastic in your wallet is heading the way of notes and coins as four in five Australians rely on digital currency – and it could spell the end of ATMs

  • Australian Banking Association found boom in digital wallets and online banking 
  • Four in five Australians prefer play electronically over cards and cash
  • One in 10 Australians leave home without their physical wallet 
  • 20 per cent decline in withdrawals  from ATMs across the country










Bank branches are becoming a thing of the past with more than four in five Australians preferring to pay bills and transfer money online.

Shoppers are also preferencing online banking and digital wallets on their smartphones over physical cards or cash, analysis from the Australian Banking Association found.

More than a third of people with smartphones use their devices to pay at the counter and one in 10 Australians regularly leave home without their physical wallet.

Australians are preferencing online banking and digital wallets on their smartphones over physical cards or cash with one in 10 leaving home without the physical wallet according to analysis from the Australian Banking Association

Australians are preferencing online banking and digital wallets on their smartphones over physical cards or cash with one in 10 leaving home without the physical wallet according to analysis from the Australian Banking Association

Cash withdrawals from ATMs continued to decline, falling a further 20 per cent in the year to August 2021 after dipping the year before.

ABA chief executive Anna Bligh said banks are pivoting investment towards online platforms and apps as the use of physical branches drops.

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‘It is no surprise to see banks invest in areas where customers prefer to bank,’ she said.

But there will continue to be face-to-face options with around one in five customers still preferring to bank in branches.

Eighty banks and financial institutions offer services at 3500 post offices across Australia, about half of which are in rural and remote locations.



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