Australia’s Mobile Wallet Surge
Australians are embracing digital banking like never before, with mobile wallets rapidly overtaking traditional cash transactions. According to the Australian Bankers’ Association (ABA), a staggering 99.3% of all banking transactions now occur through digital channels. In the last year alone, over four billion mobile wallet payments were made—far eclipsing the 353 million ATM cash withdrawals.
The shift is clear: Australians are choosing speed, convenience, and mobile-first banking. Mobile wallet payments totaled A$160 billion last year, while ATM withdrawals, worth A$106 billion, continued to decline. Since 2019, digital banking interactions have increased by 70%, and the value of mobile payments has surged 23-fold. In just the last year, mobile payment value jumped by 28%, highlighting the rapid pace of change.
Anna Bligh, ABA’s CEO, described this as a “massive transformation” in banking behavior. She notes that paying with a phone is now second nature for millions. “Mobile wallet usage continues to surge and is closing in on the use of physical cards or cash,” Bligh said.
Despite the digital dominance, Bligh emphasized that Australia’s banks still support traditional banking. “Digital is now the norm,” she said, “yet banks continue to invest in face-to-face banking for Australians who want it.” In fact, Australia still maintains a denser branch network than many similar OECD countries.
As digital payments become central to the nation’s financial system, the ABA is urging lawmakers to step in. Six months ago, the association called for regulations that would ensure mobile wallet providers—particularly global tech giants—are held to the same standards as banks and card networks. “It’s only fair that they’re subject to the same oversight,” Bligh said in February.
With consumers clearly favoring mobile over manual, Australia is moving fast toward a future where the wallet lives entirely in the phone.
