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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are predicted to disappear even sooner, in 6 and half years.
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 Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term 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.
Image courtesy of Wikimedia
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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term are predicted to disappear even sooner, in 6 and half years.
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 Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term 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.
Image courtesy of Wikimedia