Aussies to ditch physical wallets for mobiles by 2021

Mobile wallets will have replaced their leather counterparts in Australia by 2021.

Aussies to ditch physical wallets for mobiles by 2021 -

In a survey of 1024 Aussies carried out for the bank by Lonergan Research, 73% of respondents expect to have ditched their physical wallet for their handset within seven and a half years. Cash and card payments are predicted to disappear even sooner, within six and half years.

It's not just payments and banking that consumers will expect from a mobile wallet: 55% of respondents expect to accessing loyalty schemes from their phones in the future, 45% think they will redeem coupons, 44% store receipts, and 43% get around on public transport.

Many of those quizzed will be happy to see the back of their wallets. Asked for their frustrations with the old-school technology, 94% cite forgetting to take it out, 88% forgetting to put specific items in it, and 77% having to carry around a bulky piece of material.

There's good news for CommBank: when respondents are asked who they trust to provide their mobile wallet 44% say banks, compared to 16% who back the government, 14% who place their faith in tech firms such as Google, and 10% who choose retailers.

Angus Sullivan, executive GM, cards, payments, analytics and retail strategy, CommBank, says: "While there may always be a need for different payment methods, such as cash for emergencies and cards for travel, it's clear the mobile wallet is set to become a part of many Australians' everyday lives."

Source: Finextra