In October, multicurrency digital payment platform YouTrip announced plans to scale its business across multiple Southeast Asian markets – after raising US$50 million in its latest Series B fundraising round – following on the heels of a global brand refresh by competing platform Revolut, which recently surpassed 35 million users globally.
But how likely are Australian consumers to use multicurrency e-wallets on their next international trip – compared to traditional options like cash and credit cards? And to what extent are multicurrency cards (e.g. Instarem Amaze, Revolut, Wirex, Wise and YouTrip) becoming more popular as a foreign payments method, across different generations of Australian travellers?
Latest YouGov Surveys research shows that the percentage of consumers who plan to use multicurrency e-wallets and credit cards for making payments while on their next international trip has grown year-on-year.
Expected usage of multicurrency e-wallets rose 3% (17% this year from 14% in 2022), while credit cards saw a 2% rise (36% this year from 34% in 2022).
In contrast, expected usage of cash and pre-paid cards among Australians travelling internationally dipped by 1% each, while debit cards saw a 9% decrease in expected usage: to 32% this year from 41% in 2022.
However, cash remains the most popular payment method overall – over two in five (43%) Australian consumers planning a trip abroad are likely to use it – followed by credit cards at more than one in three (36%).
Expected overseas usage of multicurrency e-wallets saw the highest growth demographically among Gen Z travellers, spiking 16% (23% this year from 7% in 2022).
It also rose by 3% among Millennials (25% this year from 22% in 2022) and by 1% among Baby Boomers (10% this year from 9% in 2022).
However, among Gen X travellers, expected usage dipped 2% (14% this year from 16% in 2022).
This article is part of a series exploring trends in overseas payment options across key APAC markets. Read our companion articles on the popularity of various travel payment methods in Hong Kong and Singapore below.
➤ Which payment methods are Hong Kong travellers most likely to use when travelling abroad?
➤ Which payment methods are Singaporean travellers most likely to use when travelling abroad?
Methodology: YouGov Surveys: Serviced provides quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2,044 for each market. All surveys were conducted online during August 2023. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
Cover Photo by Witthaya Prasongsin