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?
How are Australians most likely to pay while on their next trip overseas?
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%).
Are multicurrency e-wallets growing in popularity across generations?
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.
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