New research reveals that the majority of surveyed Australians (73%) don’t want to let go of their physical debit or credit cards, despite the growing popularity of mobile wallets.
According to the research from Money.com.au, of those who prefer to keep using physical cards, 39% say they like using them at checkouts, while 34% say they might go fully digital, but still want a physical card as backup.
In comparison, the nationally representative survey finds that nearly a quarter of surveyed Australians (24%) use a mobile wallet for all their purchases. Only 3% still pay for goods and services with cash.
Money.com.au finance expert, Sean Callery, says the convenience of mobile wallets doesn’t outweigh the comfort of having a physical card in reserve for most people.
“Despite all the hype, Aussies aren’t ready to give up their cards just yet. It’s partly habit and trust, but also about having a backup when your phone dies or the tap doesn’t work at checkout,” he says.
“People know how physical cards work, and what to do if one is lost or stolen. But with mobile wallets, there’s still uncertainty around things like fraud or data breaches, and how to fix it if something goes wrong.
“Mobile wallets are super convenient, but they still feel a bit intangible, especially for older Australians who are more hesitant to trust digital payments over traditional methods. Even younger Aussies prefer to carry a card just in case. That shows there’s still a trust gap when it comes to going fully digital.”
Older Aussies leading the charge
The survey finds that 84% of surveyed Baby Boomers and 75% of surveyed Gen X won’t give up their debit or credit cards, despite mobile wallets becoming more widespread.
Even among younger Australians, many are still hesitant. 66% of surveyed Millennials and 55% of surveyed Gen Z say they’re not ready to go fully digital either.
However, 43% of surveyed Gen Z and 32% of Millennials say they use a mobile wallet for all their purchases – compared to just 23% of surveyed Gen X and only 10% of surveyed Baby Boomers.
