Mobile payment systems are starting to become more common

A number of Aussies are already familiar with the concept of mobile payments and it seems that the technology is not far from becoming mainstream.

It is clear that Australia is fast becoming a cashless society, with $36 billion already owed on credit cards across the country and a lot of people are using their smartphones to complete transactions.

According to managing director of Global Prepaid Exchange Kevin Harrington, mobile payments will take on even greater significance in 2018 – which is when he feels cheques will cease to exist.

He stated that the convenience of paying for small items such as coffee by simply flashing a mobile device against a point-of-sale scanner is very appealing.

Mr Harrington also suggested the system provides superb marketing opportunities for retailers, making it "win-win" for store owners and shoppers alike.

"It works for companies like Starbucks because it knows who its customers are and they can market it to us, give us special offers and so on," he remarked.

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