Monday, 08 October 2018 12:01

Mobile payment survey predicts cash will be around for a long time

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Mobile payment survey predicts cash will be around for a long time Pixabay

A survey of mobile payments by research service Venture Insights indicates that it will take much more than two decades for Australia to become a cashless society.

The survey, conducted in September and covering 1005 people in the metro areas of Sydney, Melbourne and Brisbane, found that about a third used their smartphones at least once weekly to pay for a product or a service.

More than half (52%) who used smartphones to pay used the app supplied by their bank, with Apple Pay (25%), Android Pay (17%) and Samsung Pay (6%) following.

The survey found the use of Apple Pay, Android Pay and Samsung Pay to be highest in the 25-34 age group, with 56.5% using at least one of these services.

People with higher incomes tended to use their bank payment apps less and vice versa.

Those who had never used their smartphones to pay for anything comprised 42.5% of the sample.

The survey said that while data for other countries varied, there was a consensus that small, wealthy countries like Singapore and Sweden would become cashless societies ahead of others.

"Accounting for generational shift, Venture Insights projects that overall cash payments will reduce to 22% within a decade, and to around 16% by 2034," the company said.

"Even our aggressive forecast (assuming the same rate of decline as between 2007-2016 which included the introduction of tap'n'go payments and mobile payments) predicts cash usages of 19% in 2025 and 9% in 2034, suggesting it will be well over two decades before Australia becomes a true cashless society."

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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