- Digital wallet users urged to update card details today
Australians who rely on digital wallets to pay for everyday goods and services are urged to update their debit card details by midnight.
More than a third of cashless consumers now make in-person transactions using smartphone digital wallets through apps from Apple, Samsung and Google, linked to a debit card.
But a bug affecting 60,000 accounts means your cards, linked to your bank account, will need to be added back to digital wallets so customers can make payments on January 1, 2025.
The Australian Banking Association and Australian Payments Plus or AP+ urgently advise customers to remove the card linked to their digital wallet and reinstall it if they have received a notice from their bank.
This affects cards linked to a digital wallet that have been used within the last three months.
Lynn Kraus, CEO of AP+, said customers simply needed to remove and re-add their card on their mobile device.
“I urge anyone who has received a message from their bank to update the debit card in their mobile wallet to do so today,” he said.
“Removing and re-adding your debit card is a quick fix that will ensure the EFTPOS payments process works normally from January 1, 2025.”
Australians who rely on digital wallets to pay for everyday goods and services are urged to update their card details by midnight.
Australian Banking Association chief executive Anna Bligh said only a small number of consumers were affected.
“While banks have proactively reached out to the small group of affected customers, some have yet to take necessary action,” he said.
“It’s a simple process that will only take a few minutes and will ensure your debit card can continue making payments into the new year.”
AP+ issued a statement on December 18 warning that around 60,000 cards would not be automatically updated in the digital wallet.
Since then, card issuers, including banks, have contacted customers to tell them how to add their debit card back.
The Reserve Bank estimates that 35 per cent of debit and credit card transactions are made through a digital wallet, up from 10 per cent in early 2020 during the start of the Covid pandemic.
“Debit card payments are more likely to be made using a mobile wallet than credit card payments,” according to the RBA’s annual payments report.
Currently, only 13 percent of transactions are made with cash, compared to 76 percent with cards; This figure includes those who pay with plastic or a digital wallet linked to a debit or credit card.
The Australian Banking Association and Australian Payments Plus or AP+ urgently advise customers to remove the card linked to their digital wallet and reinstall it if they have received a notice from their bank.