Is the bank card dead? Why is plastic in your wallet heading for banknotes and coins, because four in five Australians rely on digital currency – and it could mean the end of ATMs
- The Australian Banking Association has seen a boom in digital wallets and online banking
- Four in five Australians prefer to play cards and cash electronically
- One in 10 Australians leave home without their physical wallet
- 20% drop in ATM withdrawals across the country
Bank branches are a thing of the past, with more than four in five Australians preferring to pay their bills and transfer money online.
Buyers also prefer online banking and digital wallets on their smartphones over physical cards or cash, according to an analysis by the Australian Banking Association.
More than a third of people with smartphones use their devices to pay at the counter, and one in 10 Australians regularly leave their home without their physical wallet.
According to an analysis by the Australian Banking Association, Australians prefer online banking and digital wallets on their smartphones to physical cards or cash, with one in ten leaving home without a physical wallet.
ATM cash withdrawals continued to decline, dropping an additional 20% in the year through August 2021 after dropping the previous year.
ABA chief executive Anna Bligh said banks are shifting their investments towards online platforms and applications as the use of physical branches declines.
“It is not surprising to see banks investing in areas where customers prefer to bank,” she said.
But there will always be face-to-face options with about one in five customers still preferring to bank at branches.
Eighty banks and financial institutions provide services in 3,500 post offices across Australia, about half of which are in rural and remote areas.