Is Australia ready to go cashless? New survey reveals Aussies embracing mobile wallets

More than half of Australians are comfortable with the idea of a completely cashless society, according to new research.

New research published by software comparison platform Capterra investigated how COVID-19 increased Australia’s readiness towards becoming a cashless society, and found 55% are comfortable with the idea of going cashless.

After Australia relaxed social distancing guidelines in May, businesses had to ensure they had the correct resources in place to handle contactless payments. In a survey of 1,020 respondents, Capterra Australia highlighted how COVID-19 meant more Australian consumers were embracing the idea of a cashless future.

The survey found 58% of Australians have a mobile wallet installed on their devices, with 97% of respondents planning to use mobile wallets post COVID-19.

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

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

Lower-income Australians are less likely to use mobile payments, the survey found.

Many Australian retailers are now refusing cash to try and protect the risk of spreading the virus. 87% of Capterras respondents who had a mobile wallet installed said they used it to make purchases before the lockdown. This increased marginally to 91% during the lockdown.

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