Young Australians driving digital payment adoption

By Dylan Bushell-Embling
Tuesday, 23 April, 2019

Young Australians driving digital payment adoption

Young Australians are driving adoption of new digital payment technologies such as mobile payment in the market, according to new research from Bankwest.

A survey of residents of Victoria and NSW conducted in February found that 38.2% of Generation Y respondents are using digital cards on smart devices — such as Google Pay, Apple Pay or Samsung Pay — for everyday purchases.

Of these, close to half report using digital cards for more than 50% of their everyday purchases (44.7%) and increasing the use of digital payment for everyday purchases over the past 12 months (48.4%).

But even though 93.5% of Generation Y respondents agreed that digital payment makes it easier to spend without thinking, and 90.1% agree it makes it easier to spend money they don't have, only 18.7% have adopted technology tools to help manage their spending.

“When new innovations emerge, people often jump in quickly to integrate them into their lifestyles, but they don’t always consider where that can lead them,” Bankwest EGM for Customer Solutions and Insights Pieter Vorster said.

“The silver lining, especially for young Australians, is quick adopters are also open to innovations to assist them, if money management tools are simple and easy to use. That’s where the supportive role of financial institutions is so significant, particularly through encouraging customers to use tools within their banking apps, which are popular with Gen Y. “

Generation X and baby boomers are less enthusiastic adopters of new payment technologies, with only 23.2% and 11.5% respectively using digital payment platforms on smart devices for everyday purchases.

Overall, 27.5% of respondents use digital cards on smart devices for everyday purchases, 42.6% use it for more than 50% of everyday purchases and 47.3% have increased their usage over the past 12 months.

Image credit: ©

Please follow us and share on Twitter and Facebook. You can also subscribe for FREE to our weekly newsletter and quarterly magazine.

Information Technology Professionals Association (ITPA) is a not-for-profit organisation focused on continual professional development for its 18,700 members. To learn more about becoming an ITPA member, and the range of training opportunities, mentoring programs, events and online forums available, go to

Related Articles

Looking for work in the 21st century

Trying to find a job that aligns with the expectations of both the employee and the employer can...

IT lessons for education from the COVID-19 crisis

From Zoombombing to learning management systems to unreliable internet access, the education...

3 in 4 companies lack an adequate cyber response plan

Research from IBM suggests that 74% of businesses globally still have only ad hoc or...

  • All content Copyright © 2020 Westwick-Farrow Pty Ltd