The Changing Face of Payments &
The Rise of The Cashless Economy

In today’s digital world, and with the rise of a new generation of consumers, we’ve seen a major shift in Australians’ banking and payment preferences towards cashless and digital payment options. However, many consumers are still wary of fully embracing new ways of payment until they are assured of the security of digital-only transactions.

These are the findings from our latest research, ‘The Changing Face of Payments & The Rise of The Cashless Economy’:

  • Almost half of Australians are only interacting with their bank in person or over the phone once a year or less
  • 58% are interacting with their banks through a banking app daily or weekly
  • Almost half of bank’s customers have between one and five money management apps on their phones, with this number reaching 74% for Australians aged 18-24
  • However, 60% of Australians cited security as their primary concern when using a banking app

Download our whitepaper, The Changing Face of Payments & The Rise of The Cashless Economy, to learn how payment trends are impacting the relationship between people and banks.




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