73% Australians expect mobile wallets to replace physical counterparts by 2021: CommBank survey

Around 73% of Australians expect mobile wallets to replace their physical counterparts and cash and card payments by 2021, according to a new survey by CommonwealthBank.

Around 73% of Australians expect mobile wallets to replace their physical counterparts and cash and card payments by 2021, according to a new survey by CommonwealthBank.

The survey was conducted among 1,024 Australians aged 18 years and older by Lonergan Research.

About 50% of survey respondents agreed that majority of payments will be made through a mobile wallet. However, 77% felt there will always be need for cash.

Commonwealth Bank group executive enterprise services and chief information officer, Michael Harte, said consumers are clearly showing their preference for the convenience and simplicity of transacting on mobile anywhere, anytime and on any device, and they expect this trend to continue.

In addition to payments and mobile banking, consumers expect to use mobile wallets for loyalty schemes, redeeming coupons, storing receipts and getting around on public transport.

Commonwealth Bank cards, payments, analytics and retail strategy general manager, Angus Sullivan, said innovations like Tap & Pay smartphone payments are driving the mobile wallet revolution.

"Mobile banking and payments are clearly going to be the primary functions of mobile wallets, at least in the short-term. However, it’s clear in many day-to-day instances consumers expect their smartphone to not only replace cash and cards, but also their bus ticket or loyalty and membership cards," Sullivan added.