Are you one of the millions of Aussies who rely on digital wallets to make everyday purchases? If so, you need to take action ASAP!
A software glitch affecting 60,000 active accounts means you’ll need to update your debit card details before midnight to keep making payments tomorrow.
The Problem: A Small but Important Fix
According to the Australian Banking Association and Australian Payments Plus (AP+), a small number of debit cards linked to digital wallets won’t automatically update, causing issues with EFTPOS payments. But don’t worry, the fix is quick and easy!
What You Need to Do
If you’ve received a notice from your bank, simply delete and re-add your debit card on your mobile device. That’s it! This will ensure your EFTPOS payments process smoothly from January 1, 2025.
Who’s Affected?
This issue only affects debit cards linked to digital wallets that have been used in the past three months. Specifically, if you added your debit card to your digital wallet before July 2023 and use an EFTPOS-only debit card, you’ll need to take action.
Don’t Panic, It’s an Easy Fix!
AP+ chief executive Lynn Kraus reassured customers that the process is quick and simple. “Removing and re-adding your debit card is a straightforward process that will only take a matter of minutes and will ensure your debit card can continue to make payments into the new year.”
The Bigger Picture: Australia’s Shift to Digital Payments
Did you know that over 35% of debit and credit card transactions are now made via digital wallets? That’s up from just 10% in early 2020! The Reserve Bank estimates that only 13% of transactions are now done in cash, with cards and digital wallets becoming the preferred payment method.
So, if you haven’t already, take a minute to update your debit card details and ensure a smooth transition into the new year.