Digital wallets are set to become the leading payment method in Australia by 2030, according to the new Worldpay Global Payments Report.
The report forecasts that digital wallets will account for 38 per cent of point of sale (POS) and 51 per cent of e-commerce transaction value by the end of the decade. It highlights a sharp rise in digital wallet use over the past ten years. In 2024, digital wallets make up 39 per cent of e-commerce transaction value in Australia, nearly double the 21 per cent recorded in 2014.
Paul Koopmans, Vice President, Commercial – ANZ, Worldpay, said, the rise of digital wallets signifies a major transformation in Australia’s payment landscape.
“While debit cards are still favoured by Australians when making payments, we are noticing a shift in Australians’ spending habits as they opt for convenience and security. Customers now value smooth and quick experience more than ever, businesses and merchants must adapt to these changing consumer preferences by offering seamless digital wallet integration, or risk consumers abandoning a purchase.”
The report found that 38 per cent of Australians surveyed use digital wallets for online retail purchases. Among them, 47 per cent cited convenience, 46 per cent security, and 40 per cent habit as key reasons.
Despite this growth, cards remain important. Debit cards are the main funding source for digital wallets, with 42 per cent of consumers using them, compared to 19 per cent who link wallets directly to bank accounts.
At physical checkouts, debit cards were still the most used payment method in 2024, representing 37 per cent of transaction value. Debit remains strong in sectors such as food and drink (41 per cent), retail (38 per cent), and travel and hospitality (32 per cent).
Digital wallets now account for 19 per cent of in-store payment value, up from just 2 per cent in 2014. That figure is expected to double again by 2030.
The Worldpay Global Payments Report is an annual study that tracks global consumer payment trends, analysing data from 2015 to forecast developments through 2030.
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