Two in five Aussies don’t trust their phone for money matters
- 40% of Aussies don’t make payments on their smartphone
- Only 7% of smartphone users feel comfortable using an app for transactions over $1,000
- More women use their phone for making online purchases than men
17 October 2016, Sydney, Australia – Two in five Australians wouldn’t buy goods or pay their bills through a smartphone app, according to finder.com.au, Australia’s most visited comparison website.
While the take-up of mobile apps is growing exponentially, two in five Aussies still feel uncomfortable purchasing things via their smartphone. A finder.com.au survey of 2,006 Australians found 41% of respondents don’t feel comfortable using a phone app to make a transaction.
Of the 59% of respondents who are prepared to purchase goods and services via an app – one in four (26%) wouldn’t process over $100 using a smartphone.
The top five transactions Australians were most uncomfortable processing on their phone were for a big ticket items such as a car or motorbike, paying their tax bill, mortgage repayments, repaying a credit card and paying for holiday accommodation.
Bessie Hassan, Money Expert at finder.com.au, says the results are surprising.
“We can manage many aspects of our lives through mobile app these days but some of us are still a little cautious when it comes to money and the online world,” she says.
“Only 14% of respondents would be happy to process a transaction of any amount using their smartphone” she says.
Ms Hassan explains there are still concerns about security risks where money and apps are involved, and many Aussies choose to use mobile apps for small transactions only.
“App developers are tightening security for consumers - but smartphone users should still be vigilant as convincing scams regularly crop up and target Aussies specifically.”
“Always log out when you’ve finished making a transaction and it’s a good idea to opt out of auto-saving your credit card details,” she says.
“Mobile transacting is fast, convenient and it provides greater control when browsing and purchasing online. Gone are the days of waiting for the bank or shop to open,” Ms Hassan says.
- Women (66%) are more comfortable than men (53%) with making transactions via a phone app.
- 16% of women would be happy to process a transaction of any amount on their smartphone compared to 13% of men.
- Men were more comfortable than women paying for a big ticket item through an app (34% of women would be uncomfortable compared with 22% of men).
- 11% of Gen Y were comfortable processing up to $1,000 through mobile phone apps, compared to 7% of Gen X and only 3% of Baby Boomers.
State by state
- South Australians were the most uncomfortable making mobile app transactions (52%) followed by West Australia (46%) and New South Wales (41%).
- Victorians are most comfortable with mobile banking - with 17% prepared to handle any size transaction through their phone.
- In fact, the most comfortable demographic making mobile phone application transactions of any size are Victorian males in Generation Y, with 24% happy to make a phone payment of any size.
How to stay safe online
- Look for https://. Keep an eye out for https:// in the URL browser. The ‘s’ signals that the website is secure. Also look for the padlock icon in the address bar. Browsing secure and authorised websites will minimise your risk of personal fraud or being suspect to an online or in-app scam.
- Try and use the official app. Generally, it’s safer to use the ‘official’ app for your favourite store. Companies heavily invest in apps which also involves added security checkpoints behind the scenes.
- Don’t auto-save your details. Be cautious about auto-saving your credit card or payment details when completing a transaction through your mobile app.
- Mix up your passwords. Don’t ever use the same password for several accounts. It’s annoying to remember lots of passwords, but it’s even more annoying to have your money stolen. If you have trouble keeping track of them, use a password manager such as LastPass, KeePass or Dashlane.
For further information
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com.au's review pages for the current correct values.
finder.com.au is Australia's most visited comparison website and has helped over 4.8 million Australians find better credit cards, home loans, life insurance, shopping deals and more since 2006. finder.com.au compares 250 credit and debit cards from 31 providers, over 300 home loan products, and information from 13 life insurance providers as well as online shopping promo codes, mobile phone plans, travel insurance and more. One Australian every five minutes is using finder.com.au to find better (Source: Google Analytics).