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Almost all Aussies to commit mobile wallets post-COVID

Adrian Flores
Adrian Flores
31 July 2020 1 minute readShare
mobile wallets

An overwhelming proportion of Australians plan to use mobile wallets following the COVID-19 pandemic as businesses prepare for a society with completely cashless transactions, new research reveals.

The research from software comparison platform Capterra found that 97 per cent of respondents plan to use mobile wallets post-COVID-19, while 58 per cent said they have a mobile wallet installed on their devices.

Of the 1,020 respondents surveyed, more than half (55 per cent) said they are comfortable with the idea of a completely cashless society.

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Health reasons are the biggest driver for using mobile wallets, with 33 per cent of respondents preferring to avoid handling money or using a chip-and-pin terminal.

Despite this, 20 per cent of respondents will always feel the need to carry around cash, no matter how many stores offer digital payment alternatives. 

 

In addition, 57 per cent said they still have an underlying concern over security, such as data being stolen or phones being hacked. This concern was much more prominent among younger people (66 per cent of under-25-year-olds).

According to the research, concerns about cashless payments and mobile wallets included:

  • Not wanting to get caught out by businesses that only accept cash payment (39 per cent)
  • Preferring to pay for small amounts using cash (28 per cent)
  • Not wanting to give their spending data to companies (16 per cent)

Capterra content analyst Anna Hammond said social distancing measures have certainly driven consumers and businesses closer towards a more cashless future in Australia.

“As stores, restaurants, bars and cafés began to reopen their doors, we saw them take steps towards creating safer environments for their customers,” Ms Hammond said.

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“However, many demographics — particularly older generations and lower earners — require more time to adapt to the concept of a completely cashless society.

“Businesses considering switching to digital payment processing, therefore, should ensure they’re choosing software that offers in-store cash payments, too.”

Almost all Aussies to commit mobile wallets post-COVID
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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