Days of cash payments numbered as 19% of Aussie wallets go digital

One in five Australians have ditched cash and physical cards to pay with their phone or smartwatch at the checkout.

New research from comparison site Finder shows that 19 per cent of Australians – equivalent to about 3.7 million – now use digital wallets such as Apple Pay, Google Pay, and Samsung Pay at the checkout. 30 per cent have their debit or credit card connected to their smartphone or watch, with another 10 per cent saying they plan to connect it in the near future.

The shift away from cash and cards is most prominent among Gen Z, with 39 per cent using the technology, compared to only six per cent of baby boomers.

According to Kate Browne, personal finance expert at Finder, smart devices are rapidly becoming a preferred option for day-to-day payments.

“For younger users like Gen Z, not only are they cashless, they are the first generation to go wallet-less.

“As we deal with the challenges of COVID-19, tap-and-pay features of smartphones can also help people protect their personal health,” she said.

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Source: Days Of Cash Payments Numbered As 19% Of Aussie Wallets Go Digital – channelnews