2 in 5 Australians reluctant to use mobile payments

Peter Terlato 18 October 2016

mobile banking

Women and young people are most confident using banking apps.

Most Australians are ready to embrace new financial technology solutions, however, there remains a proportion still cautious of making online, mobile transactions.

New research by finder.com.au reveals two-fifths (41%) of Australians don't make payments on their smartphone, while a small number (7%) aren't comfortable using a mobile app for payments over $1,000.

Of the Aussies who use their mobiles to make payments, one quarter (26%) wouldn't process transactions exceeding $100 on their smartphones.

Big ticket items dominated the top five transactions Australians were most uncomfortable processing on their phones. These included car or motorbike purchases, mortgage repayments, holiday accommodation costs, tax bills and credit card repayments.

Only a modest proportion of individuals (14%) feel completely comfortable processing transactions of any amount on their mobile.

Women (66%) are far more confident than men (53%) when it comes to mobile banking. However, females are also more cautious when choosing to buy big ticket items via banking apps (34% of women would be uncomfortable compared with 22% of men).

The younger generations are evidently more apt at using apps, with more than one-tenth of Aussies from Generation Y (11%) comfortable processing transactions exceeding $1,000, compared with Gen X (7%) and Baby Boomers (3%).

South Australians are the most uncomfortable using banking apps, while Victorians are the most adept.

Most mobile banking apps allow you to keep track of your finances on the go with a range of features. Discover which banks offer these services and compare them to find the most suitable provider.

The landscape of mobile banking is rapidly changing with the advent of fintech. For example, in 2017 Australians will be able to make payments in near real-time, 24 hours a day, seven days a week.

For more information, news and weekly roundups of Australia's burgeoning fintech industry, check out our comprehensive guide to Australia's innovation landscape.

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Picture: Shutterstock

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