Report predicts mobile wallets to take over by 2021

A new report helmed by Australian multinational bank Commonwealth-Bank shows Australians are most likely to do away with traditional bill-fold wallets in exchange for mobile wallets by 2021.

Lonergan Research conducted the survey on behalf of Commonwealth in front of 1024 Aussies. An impressive 73% of the participants stated they expect to have completely transitioned to mobile wallets within the next 7 years. Card and cash based payments are predicted to disappear even sooner, in 6 and half years.

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Participants not only felt they will do away with cash  and card payments by that time, with 55% of those asked expecting to access loyalty schemes and programs directly from their handheld devices.  45% believe they will redeem coupons through their smart devices, 44% think they will receive store receipts to their phones and 43% believe their phones will be the primary method of paying for public transport.

“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,” said Angus Sullivan, executive GM, cards, payments, analytics and retail strategy, CommBank.

When asked on main frustrations regarding the leather bound wallets currently in their back pockets, 94% stated their main gripe was forgetting to take it out, 88% stated forgetting to put specific items in it like receipts and reward cards, and 77% stated the main frustration was lugging around the uncomfortable piece of material.

When asked who they prefer to back their mobile wallets 44% answered banks. 16% favored the government to support their mobile payment options while 14% chose tech firms such as Google and PayPal with only 10% favoring retailers.

With mobile devices becoming more intuitive to mobile payments and wallets and wearable-tech also becoming in-tune with Ecommerce features, the notion of mobile wallets replacing our bill-folds is not farfetched.

SOURCE

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