A Roy Morgan survey of 8,000 bank customers who intended to buy an iPhone in the next 12 months found 29.4 per cent of Australians make payments using their mobile phone – something the pollster says could “potentially lead to loss in bank fee revenue”.
“There is much discussion currently as to whether banks will suffer any material loss of revenue from interchange fees and the potential threat that these non-bank payment providers represent,” Roy Morgan industry communications director Norman Morris said.
“It is likely that both parties will be trying to retain and maximise revenue and as a result it is likely that, ultimately, any increase will be passed on to consumers and merchants.
“The extent to which this will be possible may be limited by the Reserve Bank of Australia which currently has a cap on the level of interchange fees and any negative customer reaction,” Mr Morris said.
Roy Morgan’s survey also found the average household income of iPhone “intenders” is $130,000 per annum, well above the Australian average of $97,000 per annum, and as a result these people are able to spend more.
“It is reasonable to expect that the new iPhone will increase mobile payments, particularly considering the fact that the early adopters of this device are already comfortable in making mobile payments and have above average spending potential,” Mr Morris said.
