E-wallets are all the rage thanks to their unbelievable convenience and ease of use. And Australians are digging them too! Digital wallets let you store and manage finances conveniently in one place, making online shopping and other transactions an absolute breeze. So, without further ado, let's dive in and take a closer look at some of the best e-wallets that the land down under has to offer!
But first, let's take a look at specific features that distinguish e-wallets in Australia from their global competitors.
E-Wallets in Australia: Unique Features
E-Wallets Regulated by ASIC
Australia aims to create a safe and reliable environment for digital payments. That is why e-wallets in The Great Southern Land are subject to regulation by the Australian Securities and Investments Commission (ASIC) to ensure that they meet certain standards for security and consumer protection. This means that digital wallet providers in this country must comply with a set of standards and regulations.
ASIC makes sure that e-wallet providers use robust encryption and other security measures to protect user data from hacking and cyber-attacks. Additionally, ASIC requires to have systems in place for detecting fraud and implementing strong identity verification procedures to prevent unauthorized access to user accounts.
Consumer protection is another important area of focus for ASIC. It includes requirements for clear and transparent disclosure of fees, as well as supervision of dispute resolutions.
According to Reuters report, the Reserve Bank of Australia will mandate that digital wallet providers offer merchants the least costly option for routing by the end of 2024. This move is expected to be made possible by the government's proposed new regulatory powers as it aims to alleviate the factors contributing to payment costs for merchants, especially for small enterprises.
High Level of Adoption
Australia's high level of digital adoption and widespread use of contactless payments made e-wallets very attractive to consumers. During the pandemic, e-wallets which are often equipped with contactless payment capabilities became a safe and hygienic go-to option for in-person transactions.
Merchants and businesses in Australia have also embraced e-wallets, as they offer a range of benefits over traditional payment methods. Digital wallets provide a secure and efficient way for them to process payments and help businesses reduce the risk of fraud and chargebacks.
Many Australian digital wallets offer unique features that cater to specific niches in the market. For example, the Beem It e-wallet is popular among millennials and younger users, thanks to its cool graphics and features that allow you to split bills, trips to coffee shops and even your Netflix subscription fee.
Other e-wallets in Australia highlight unique features and benefits, such as earning loyalty points or rewards for using the app or being able to link multiple bank accounts or cards to the wallet for convenience.
High Competition Among Digital Wallets
Increasing competition in the Australian e-wallet market, with both local and international providers vying for market share, eventually benefits the consumers. The high competition drives innovation, leads to lower prices and fees, and encourages digital wallet providers to prioritize customer service and user experience.
As e-wallet technology continues to evolve and the battle for market shares intensifies, consumers can expect even more benefits and features from Australian digital wallet providers.
Our thorough research makes it easy for you to choose the perfect e-wallet in just minutes. Discover the top e-wallet options in Australia and their key features below.
When Australians are asked about top e-wallets, most mention Apple Pay.
It is, in fact, the most popular digital wallet app in Australia and it enables iPhone, iPad and Apple Watch users to make contactless payments. However, Apple Pay is exclusive to its own brand devices, so Android owners cannot use it. Apple Pay was first introduced in Australia in 2015, and it has since gained popularity among consumers and merchants alike.
Apple Pay Accepted Everywhere
Apple Pay is accepted by a wide range of merchants in Australia, including supermarkets, cafes, taxis and even vending machines. In addition to major brands, like Zara, Etsy and Uber Eats, many small businesses also accept Apple Pay. It is a primary payment method on numerous popular websites and applications, with new ones constantly being added. So, if you're using this e-wallet in Australia, you can be confident that you'll be able to do so without any hassle. Learn more about apps, websites and retailers that use Apple Pay on its official website.
Once the card info is added to Apple Pay on the Apple device, users can make payments with just a touch or a glance by employing biometric authentication (Touch ID or Face ID). Apple Pay also offers other security functionalities such as fingerprint authentication and tokenization to protect user data.
When a customer adds a card to Apple Pay, its number is not stored directly on the device or on Apple servers. Instead, a unique Device Account Number is generated, which is used to process transactions. Therefore, users' private information is never shared with merchants and not accessible to hackers.
Apple Pay also offers enticing extra features, such as loyalty cards and rewards programs with participating merchants, so you can get cashback or earn points on purchases. You can also conveniently store and use gift cards within the Apple Wallet app, to keep track of your balances and keep them handy.
Google Pay is another widely used digital wallet that offers very similar services to Apple Pay. But compared to its fruity competitor, Android owners can use Google Pay as well. Just add your credit and debit card to Google Pay app and use it to make contactless payments.
Google Pay allows you to sync multiple accounts with the app for a more comprehensive view of your financial situation. By viewing all your funds in one convenient place, it is easy to obtain a clearer perspective on your available reserves, expenditures, and recent transactions.
Skip the ticket booth with Google Pay! This e-wallet can be used to purchase tickets for public transit like trains, buses, and ferries in Sydney, Melbourne, and Brisbane. To use this convenient feature, connect your Google Pay wallet with your myki transportation card account to top up and check your balance. Google Wallet is connected to Google (duh...), so it will also update you on any delays or changes to your departure times for a more convenient commute.
Always Arrive on Time
With Google Wallet, you can have all the necessary tickets for sports events, movies, theaters, etc. conveniently in one place. Moreover, this digital wallet has a special feature that brings out your ticket to the forefront on the day of the event, guaranteeing that you won't forget it about it or miss the beginning.
in terms of security, Google Pay provides additional measures such as 2-step verification, Find My Device, and remote data wiping capabilities. Additionally, tap-to-pay functionality utilizes encrypted payment codes to safeguard your actual card number.
Zip is a leading digital wallet service in Australia that has rapidly gained recognition among consumers who want a convenient and flexible payment option. With Zip, users can easily make purchases both online and in-store but can choose to pay over a period of time with interest-free installments.
One of the key benefits of using Zip is its simplicity of use. To get started with Zip, all you need to do is create an account, link your preferred payment method, and you're ready to start buying and paying for stuff. Zip is widely accepted by many popular retailers in Australia, so you won’t have any issues if using it in this country.
A major advantage of using Zip is the convenient option to pay for purchases over time with interest-free installments. This can be particularly useful for larger purchases, such as electronics or appliances, allowing users to spread out their big payments over weeks or even months. However, it's important to note that Zip charges late fees if payments are not made on time, so it's important to stay on top of your game to avoid additional costs.
You can earn cashback rewards for your purchases when you shop through the Zip app. Simply browse through the available promotions and select the ones that are relevant to you. This e-wallet features top brands like Nike, Apple and even Nespresso, so you have lots of reasons to get Zip. See their latest Cashback deals on the Zip official page. Follow the redemption instructions provided within the app to claim your rewards.
Zip offers a wide range of benefits, such as price protection and purchase protection, which can help ensure that users get the best deals when making purchases. Zip also provides users with real-time spending notifications and detailed transaction history, helping customers keep track of their spending and manage their daily finances effectively.
Samsung Pay is a digital wallet available exclusively to Samsung smartphone users and it enables contactless payments. It is widely accepted by participating merchants across Australia.
NFC and MST
One of the key benefits of Samsung Pay is its versatility. The app offers secure payment options using both NFC and MST technology. Samsung Pay supports both contactless payments and magnetic stripe payments, which means that users can use it even if the merchant's terminal does not support NFC.
In addition to its core payment features, Samsung Pay also offers a range of other benefits. Samsung Pay offers rewards points for making purchases with the app, which can be redeemed for a variety of bonuses, such as gift cards or Samsung products.
Just like other major digital wallets listed above, Samsung Pay can be used to purchase public transit tickets in Melbourne and Sydney on trains, buses, and ferries. Samsung Pay can also be used to store and use membership cards, such as loyalty cards or gym memberships, right within the app.
Recently, Samsung Pay in Australia added support for American Express cards and Citi credit cards, expanding its compatibility with even more financial institutions. It also introduced a new feature called Samsung Pay Cash, which allows users to create a virtual prepaid card that can be used for online purchases or transferred to friends and family.
Samsung Pay offers additional security features, such as tokenization and fingerprint authentication to protect users' private financial information. In fact, every transaction requires your fingerprint or PIN to authenticate.
PayPal is a very well-known digital wallet and it has been around for years (created when Elon was not yet busy with Space X and Twitter). It is one of the first apps designed to send and receive money, pay bills, and make purchases online. Its powerful security features and user-friendly interface has made it one of the top e-wallets all over the world, not just in Australia.
PayPal users in Australia can instantly transfer funds from their PayPal account to their bank in just a few seconds, rather than waiting several days for the transaction to complete. However, this does come with additional charges. The fee is currently 1% of the transfer amount, with a minimum fee of AUD 0.25 and a maximum fee of AUD 10.00. Though, if you're willing to wait a few days for the transfer to complete, you can use PayPal's standard transfer service for free.
Pay Pal Rewards
One of the most well-known features of this e-wallet is Pay Pal Rewards. Some credit and debit cards offer bonuses for using PayPal, such as cashback or points for purchases. Pay Pal has a competitive cashback program which also works for online purchases.
PayPal has introduced a new feature that allows users to make payments by scanning a QR code at participating merchants, making it quick and easy to complete transactions. This cool feature eliminates the possibility of making a mistake and transferring funds to the wrong person or business.
Also, PayPal's One Touch feature allows users to stay logged in and complete purchases with just one touch, making it more convenient to use the app for frequent transactions.
PayPal offers buyer protection for eligible purchases, which means that if a purchase doesn't arrive or is significantly different from the seller's description, PayPal will help to resolve the issue. This valuable feature ensures customer satisfaction and reinforces PayPal as a secure and reliable digital wallet.
Donate with Pay Pal
PayPal can be used to make donations to charities in Australia, making it easy to support the causes you care about. PayPal has partnered with numerous organizations, from large international charities to local community initiatives, so you can donate to a sweeping range of causes, including education, health, environment, animal welfare, human rights, and many more.
Business Loans by Working Capital
One noteworthy feature of PayPal is its Working Capital program which focuses on delivering financing solutions to businesses. It basically provides your company with a loan that takes into account your PayPal sales history. You'll repay it as a percentage of your PayPal sales, without the need to fill out lengthy forms. You'll know the fixed fee upfront, and if approved, the funds can be transferred to your PayPal account in just a few minutes. Learn more about this on the official Pay Pal for Business page.
Up is an Australian digital bank that offers a variety of banking services, including a digital wallet. The app allows users to add their credit and debit cards and offers features such as instant notifications and transaction categorization.
It was launched in 2018 by Ferocia, an Australian fintech company, and is licensed by Bendigo and Adelaide Bank. Up has gained popularity in Australia for its user-friendly interface, unique features, and focus on customer experience.
Up allows users to manage their finances and make payments using their mobile devices. The app supports both Apple Pay and Google Pay, which enables users to make payments via their smartphones.
Additionally, Up provides users with detailed insights into their spending patterns and allows them to set financial goals to achieve their desired outcomes.
One of the unique features of Up is its "Savers" program, which lets you create separate digital accounts to organize your savings. You can even name your Savers, set a goal for each one, and assign an emoji to it to track progress toward big and small financial objectives.
It is even possible to automate your savings with Up. You can schedule automatic transfers to or from your Savers, whether it's daily, weekly, or monthly. Up takes the hassle out of saving and offers the simplest way to achieve your financial goals. More on the Savers feature on Up's official webpage.
Third-Party Apps Integration
Another special feature that sets Up apart from other e-wallets is its integration with popular third-party apps such as Uber, Airbnb, and Spotify. This integration allows you to view spending on these apps and receive tailored insights and recommendations.
No Extra Fees
Up offers a great exchange rate and does not charge any additional fees when making purchases overseas, whether in person or online. Up also does not charge ATM fees for Australians traveling abroad.
Up offers financial solutions for you and your plus one. Collaborate to tackle bills, save towards common objectives, split expenses, and monitor expenditures together.
Up even offers digital cards designed for two! By adding your 2Up card to Apple, Google or other supported digital wallets, you can start making purchases together instantly. You can even pay yourself and your Plus One a regular allowance to automate your shared account.
Up uses advanced security measures, such as facial recognition and biometric login, to ensure that user data is secure. Instant notifications for transactions and purchases offer real-time updates on financial activity, so no unauthorized transaction will go unnoticed.
Beem It has a strong user base in Australia, as its unique features and focus on security have helped it gain a following among Australian consumers. Beem It is a privately owned company that is supported by eftpos, a highly reliable and trusted debit payments company in Australia. This partnership assures that Beem It is a secure, trustworthy, and reputable e-wallet service. However, it is only available to Australian residents.
Use Address Book to Send Money
One of the unique features of Beem It is that it enables users to send and receive money without needing to know the recipient's bank account details. Instead, users can create a username or select a contact from their phone's address book.
This feature made Beem It very popular among millennials and youth, as it makes the process of sending and receiving money quick and super easy. But there is more!
Beem It Groups
Beem It offers a Groups feature that allows users to split expenses and manage payments with friends, family, and colleagues. Split bills, such as rent, utilities, dinners and outings among multiple people using this cool feature.
Just create a Group within the app and add members by their Beem It usernames or phone numbers. The app automatically calculates each member's share of the expense and notifies them of the payment request. Learn more about splitting expenses with Beem It here.
Beem It is highly secure. The app uses two-factor authentication, biometric login, and encryption to protect users' personal and financial information. Transactions are processed and reflected in the app in real-time making it easy to keep track of expenses.
To Sum Up
Digital wallets have become a popular way for Australians to manage their daily finances. With so many options available, users can choose an e-wallet that best fits their unique needs and preferences.
While some digital providers in Australia focus on security features to get ahead of the competition, others are focusing on exploring unique ways to make managing money simple & hassle-free for their clients. Either way, after reading this post you can easily pick an e-wallet that works for you.