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Carrying a physical bank card to get cash out of an ATM is old news, digital wallets are in.
Research from the Australian Banking Association (ABA) shows cash is no longer king, with an unprecedented number of people using their digital wallets.
The 2024 Bank On It report shows digital wallet use has increased 18-fold over the past five years, but for the first time has overtaken ATM cash withdrawals.
Digital wallet use accounted for $126 billion in payments in the past year, compared to $105 billion in ATM withdrawals.
“Australians are going digital in all aspects of their lives and banking is no exception,” ABA chief executive Anna Bligh said on Thursday.
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