Smartphones give more power to shoppers, study shows

The booming popularity of smartphones is having a big impact on the way Aussies are buying goods.

A new report released by Deloitte has suggested that the emergence of mobile payment systems has seen the balance of power shift from the retailer to the customer.

Now, Aussies can essentially use their handsets as credit or debit cards and searching for the cheapest prices has never been easier thanks to fast mobile internet connections.

However, Professor Ian Harper – partner in Deloitte Access Economics – believes that some people still need to be convinced about the security of mobile transactions. Indeed, service providers must continue to work hard to win the trust of the Aussie on the street.

"This includes trust in the payments solutions, trust in the stewardship of the organisation that operates the actual payments solution and trust in the regulatory environment that the solution operates within," Mr Harper remarked.

Despite this new technology, many Aussies are still taking a cautious approach to spending, as fears over the state of the global economy continue to grow.

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