Banking in Australia has swiftly moved to the digital world, with 98.9 per cent of all interactions occurring via apps or online.1 Versatile and generally secure, digital wallets and money apps can help simplify money management. But what’s the difference between them?
In this guide, explore some of the key features, functionalities of digital wallets and money apps.
A digital wallet, sometimes known as an e-wallet, generally allows individuals to send, receive, and manage money and complete transactions. Think of it as a virtual version of a traditional wallet with credit cards, cash, or cheques.
Digital wallets may securely store payment information such as credit card details, bank account numbers, and even cryptocurrency.
People can use a digital wallet to make online purchases, pay bills, send money to others, and conduct contactless in-store payments via smartphones or other devices.
A digital wallet is a broad term that covers different types of electronic wallets. On the other hand, a mobile wallet is a type of digital wallet designed specifically for mobile devices like smartphones and tablets. In Australia, mobile wallet transactions surged to $93 billion, according to recent data.1
Learn more about digital wallets.
While digital wallets are versatile tools designed to securely store payment methods and perform transactions, money management and other payment apps typically have specialised functions related to financial management.
There are many different types of money management and payment apps. Here are some common examples:
Before downloading a payment app, consider the potential advantages and risks.
Potential advantages:
Potential risks:
Look for payment apps that offer security features such as multi-factor authentication, notifications, and fingerprint scanning to help make payments with peace of mind. Learn more about how to send money and request money. Plus, learn more about paying with QR codes.
We'll use cookies to improve and customise your experience if you continue to browse. Is it OK if we also use cookies to show you personalised ads? Learn more and manage your cookies