16 August 2017
visit www.avoka.com

Aussies to ditch physical wallets for mobiles by 2021 - CBA

21 March 2014  |  10935 views  |  2 Woman with shopping bag

Mobile wallets will have replaced their leather counterparts in Australia by 2021, research commissioned by CommBank suggests.

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."

Comments: (2)

Jim Wells
Jim Wells - Wellspring Consulting International - Fort Lauderdale | 21 March, 2014, 17:21

I'm trying to figure out how a sampling of 1,024 consumers is statistically significant to represent the consumer sentiment in a country of close to 23 million people. For the prognostication of the research to be even half-way believable, it would need to address the willingness of the country to move drivers licenses, ID cards and other usual components of leather wallets onto mobile handsets as well.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Elton Cane
Elton Cane - writer & tech geek - Brisbane | 25 March, 2014, 10:22

I'd like to have a look at the actual wording of the question, to see what 'putting trust in banks for mobile wallets' actually means. It makes sense that people would trust their banks rather than government to manage a mobile wrapper for payment instruments. But as Jim says, that doesn't necessarily mean people would trust their banks to look after digital representations of primary government issued forms of ID and licensing.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Zapp confident of signing more banks but no word on retail partners

Zapp confident of signing more banks but no word on retail partners

20 March 2014  |  7199 views  |  2 comments | 9 tweets | 7 linkedin
Americans and Europeans wary of in-store mobile payments - survey

Americans and Europeans wary of in-store mobile payments - survey

11 March 2014  |  10092 views  |  1 comments | 27 tweets | 15 linkedin
Africa drives soaring worldwide mobile money adoption - GSMA

Africa drives soaring worldwide mobile money adoption - GSMA

25 February 2014  |  4919 views  |  0 comments | 11 tweets | 7 linkedin
Visa and MasterCard to cut ties binding banks and telcos via Host Card Emulation

Visa and MasterCard to cut ties binding banks and telcos via Host Card Emulation

19 February 2014  |  19460 views  |  12 comments | 45 tweets | 52 linkedin
CommBank posts bumper profits as tech investment pays off

CommBank posts bumper profits as tech investment pays off

12 February 2014  |  6512 views  |  1 comments | 6 tweets | 7 linkedin
Apple preparing to move into payments - WSJ

Apple preparing to move into payments - WSJ

27 January 2014  |  12048 views  |  3 comments | 29 tweets | 28 linkedin
CommBank and Westpac to put Australia at forefront of Mobile NFC wave

CommBank and Westpac to put Australia at forefront of Mobile NFC wave

12 December 2013  |  6040 views  |  0 comments | 5 tweets | 7 linkedin
CommBank introduces mobile check-out service for online shopping

CommBank introduces mobile check-out service for online shopping

01 November 2013  |  7400 views  |  0 comments | 4 tweets | 4 linkedin
CommBank rolls out contactless stickers

CommBank rolls out contactless stickers

17 October 2013  |  6876 views  |  1 comments | 11 tweets | 8 linkedin
CommBank makes big mobile push

CommBank makes big mobile push

12 July 2011  |  9820 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comdownload the paper now

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10120 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9462 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9250 views comments | 8 tweets | 15 linkedin
HSBC automates documentary trade processing with IBMHSBC automates documentary trade processin...
8317 views comments | 6 tweets | 21 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
7783 views comments | 1 tweets | 2 linkedin

Featured job

Find your next job