A technical update to debit cards stored in mobile wallets is underway, but thousands of customers will need to remove and re-add their debit cards to their wallets by midnight.
The Australian Banking Association (ABA) and Australian Payments Plus are urging anyone who has received a message from their bank about updating their debit card to act quickly.
ABA CEO Anna Bligh said removing and re-adding your card to your digital wallet is simple.
“It’s 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,” she said.
The update will ensure eftpos debit transactions made using mobile wallets will operate as normal from 1 January 2025.
For those using a physical debit card, no update is required.
Australian Payments Plus estimates that over 19 million cards will be updated automatically, and that only a ‘minority of customers’ need to act.
Its CEO, Lynn Kraus, apologised to anyone impacted.
“We are acting now out of an abundance of caution as it is an extremely busy time of year for payments, and for those who won’t be able to complete a payment, it will matter,” she said.
The update only applies specifically to consumers who have added a debit card to their mobile wallet before July 2023, and have turned on the option to send transactions via eftpos or use an eftpos-only debit card.
Kraus acknowledged that messages received from banks could appear suspicious and encourages people to check in with their banks directly if unsure.
“I urge anyone who has received a message from their bank to update the debit card on their mobile wallet to do it today.”