Australians made a staggering $160 billion worth of payments with their mobile wallets last year, as they continue to embrace the ease and convenience of digital banking.
The Australian Banking Association's 2025 'Bank on It' report released today reveals digital payments continue to surge with over four billion mobile wallet transactions made in the past year, over 11 times the number of ATM cash withdrawals.
Other key stats in Bank on It:
- 99.3 per cent of customer-bank interactions now occur via digital channels.
- The value of mobile wallet payments has grown twenty-three-fold since 2019, with a 28 per cent increase in the last year alone.
- Bank branch interactions have fallen by 51 per cent since 2019 as people move to digital banking platforms.
- Lending to smaller and medium businesses now accounts for more than half of total business lending.
- Lending to agribusiness reached a record $131 billion last year.
ABA CEO Anna Bligh said the way Australians access banking services was continuing to change, with digital platforms offering greater choice, convenience and security.
"We are undergoing a massive transformation in how people bank in this country," ABA CEO Anna Bligh said.
"More and more Australians are jumping online to do their banking. Digital options are reshaping how people interact with their bank and manage their finances.
"Making payments with your phone is also now the norm for millions of customers. Mobile wallet usage continues to surge and is closing in on the use of physical cards or cash.
"Digital banking is fast, it's safer and it fits into our busy lives, whether it's paying a bill on the train, checking your balance at the shops or transferring money to a friend.
