Demand for in-store mobile payments 'will grow rapidly'

More shoppers are set to embrace the convenience of paying for their shopping using their smartphone rather than cash or credit cards.

This is the view of Matt Barr at MasterCard, who said seeing people getting their iPhone or Android smartphone out of their pocket will be a common sight at checkouts and tills in the near future, National Features reports.

"Shoppers will enter a world beyond cash and a world beyond plastic," he remarked, adding paying with notes and coins "has all sorts of challenges attached to it".

Recent research by IMS Research indicates a cashless society will be upon us in the next five years, with 3.5 billion smart payments and banking cards expected to be in use worldwide by 2017.

MasterCard's PayPass Wallet services are being rolled out across Australia this year and will let shoppers pay for things they pick up in store or find while browsing the web.

The country will be one of the first in the world to use the new feature and MasterCard will be hoping to improve on the results of its latest survey, which showed only five per cent of Australians are prepared to use their phones to make a purchase.

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