Marqeta Study: Australians Lead the Way in Digital Payment Use, as Mobile Wallet Use Spikes 67 Percent Post-COVID
May 25 2022 - 11:00PM
Business Wire
- 83% of Australians surveyed said they’d used a mobile wallet in
the last 12 months
- 69% of Australians surveyed said they felt comfortable enough
using a mobile wallet to leave their physical wallet at home.
- 67% of Australians surveyed said they could imagine a future
where they never used cash.
Australian consumers are at the forefront of mobile wallet use
and adoption of digital banking tools, abandoning cash and physical
payment experiences in larger numbers than the US or UK, according
to a new survey from Marqeta (NASDAQ: MQ), the global modern card
issuing platform. The company’s 2022 State of Consumer Money
Movement report released today – surveying 4,076 consumers across
three continents, including more than 1,000 in Australia - examined
how consumers across the United States of America, United Kingdom
and Australia want to pay, bank and shop. It shows that the changes
in payment preferences bought on by the pandemic have become second
nature to consumers globally, with Australian consumers coming out
far ahead in comfort with new digital payment methods.
Reflecting a longtime shared investment by networks and
retailers in contactless payments, 83% of Australians surveyed said
they’d used a mobile wallet in the last year, coming in well ahead
of UK (77%) and US (71%) survey respondents. Slightly more than
two-thirds (67%) of Australians surveyed said the start of the
pandemic had increased their mobile wallet use, with 95% saying
their mobile wallet use had stayed the same, or increased, in the
two years since. 69% of Australians surveyed said they felt
comfortable enough using a mobile wallet to leave their physical
wallet at home, a figure 23% higher than the amount of Americans
who said the same. Australians surveyed gave mobile wallets higher
marks for convenience than other survey respondents (90%) and more
Australians said they could make mobile payments everywhere they
wanted to (86%).
Mobile wallet use among people surveyed was now almost twice as
frequent as cash across Australia: 65% of Australians surveyed said
they’d used a mobile wallet in the last week, while just 34% said
they’d used cash. Cash use is diminishing at a more rapid rate
among Australians surveyed: 43% said they used cash less than they
did a year ago (compared to 28% in the US) while 36% of Australians
said they were using ATMs less than the same time last year.
Australians surveyed were twice as likely as Americans to say they
never used cash (31% versus 15%) and two-out-of-three Australian
consumers said that they could imagine a time when they don’t use
cash at all.
“Given its size and market, Australia has always been a great
place to launch new technology, and major banks in Australia were
investing in the technology for secure contactless payments well
before mobile wallets started to get traction. It has put Australia
at the forefront of a change across the world that has been
accelerated dramatically post-pandemic,” said Duncan Currie,
Country Manager for Australia and New Zealand, Marqeta. “With our
survey showing that two-thirds of Australians are using their
mobile wallets more post-COVID, it shows just how ubiquitous they
are becoming and the pressure on companies to build digital and
mobile-first payment experiences that match how consumers today
want to interact with the economy.”
Not surprisingly, given high mobile wallet adoption and low cash
use, Australian survey respondents had a considerably lower
appetite for in-person banking experiences. 84% of Australians
surveyed said that they bank with a major financial institution
with a physical branch network, but were six times more likely to
say they regularly used their bank app (70%) versus regularly
visiting their bank branch (12%), while 43% of Australians surveyed
said if all physical banks were to shut tomorrow, it would have
little impact on them. Australians showed a high level of customer
satisfaction with their banks, and were 56% more likely than UK or
US respondents to say that they’d never changed their primary
banking provider. Other notable findings from the Marqeta survey
included:
- 93% of Australians surveyed said that they’d resumed shopping
in person, yet 58% said the COVID-19 pandemic had changed their
shopping behaviors forever.
- 30% of Australians surveyed said they owned cryptocurrency,
with more 93% saying they held it like an asset.
- Australians surveyed had consistently lower usage rates for on
demand delivery: 29% said they regularly order food or meals
delivered to their home, 22% groceries, 12% alcohol, 12%
convenience store items, 7% prescriptions. These frequencies were
lower on every count than US or UK respondents.
“The pandemic had the effect of moving the future up a little
faster in banking and payments than some were thinking, with an
increasing number of Marqeta customers’ cardholders even opting for
digital cards entirely and forgoing plastic completely. With a low
unbanked population and good infrastructure to support contactless
payments, the foundation is there in Australia to support
cutting-edge payment solutions. But companies will still need to
build from flexible and modern technology to move quickly to meet
this rising demand,” Currie continued.
Download the full report here:
marqeta.com/au/2022-state-of-consumer-money-movement/
About the research
The survey was performed on behalf of Marqeta by Propeller
Insights, from Feb 22 to March 1 2022. Marqeta surveyed 4,076
consumers (2,011 in the United States, 1,029 in Australia, 1,036 in
the UK) between the ages of 18 and 65.
About Marqeta
Marqeta’s modern card issuing platform empowers its customers to
create customized and innovative payment cards. Marqeta’s platform,
powered by open APIs, gives its customers the ability to build more
configurable and flexible payment experiences, accelerating product
development and democratizing access to card issuing technology.
Its modern architecture provides instant access to highly scalable,
cloud-based payment infrastructure that enables customers to launch
and manage their own card programs, issue cards and authorize and
settle transactions. Marqeta is headquartered in Oakland,
California and is enabled in 39 countries globally. For more
information, visit www.marqeta.com, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements expressed or implied in this press release include, but
are not limited to, quotations and statements relating to changing
consumer preferences; increasing consumer adoption of certain
digital payment methods, products, and solutions; and which
payment, banking, and financial services products and solutions may
succeed. Actual results may differ materially from the expectations
contained in these statements due to risks and uncertainties,
including, but not limited to, the following: the uncertainty and
unpredictability of consumer preferences regarding digital payment
and banking preferences; the effect of and uncertainties related to
the global COVID-19 pandemic on U.S. and global economies and
demand for Marqeta’s services and products; the uncertainties and
direct and indirect effects of the significant military action
against Ukraine launched by Russia, including threats of attacks
against U.S. financial institutions as retaliation against
financial institutions for sanctions imposed against Russia; the
risk that Marqeta is unable to further attract and grow its
customer base; the risk that consumers will not perceive the
benefits of Marqeta’s products and services, including digital
payment and banking products and services; the risk that Marqeta's
products and services do not operate as intended, including digital
payment and banking products and services; the risk that Marqeta’s
products and solutions will not achieve the expected market
acceptance, including digital payment and banking products and
services; and the risk that competition could reduce expected
demand for Marqeta’s products and services, including digital
payment and banking products and services. Detailed information
about these risks and other factors that could potentially affect
Marqeta’s business, financial condition and results of operations
are included in the “Risk Factors” disclosed in Marqeta's Quarterly
Report on Form 10-Q for the quarterly period ended March 31, 2022,
as such risk factors may be updated from time to time in Marqeta’s
periodic filings with the SEC, available at www.sec.gov and
Marqeta’s website at http://investors.marqeta.com. The
forward-looking statements in this press release are based on
information available to Marqeta as of the date hereof. Marqeta
disclaims any obligation to update any forward-looking statements,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220525006031/en/
Media: James Robinson 530-913-0844 jrobinson@marqeta.com
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