Everyday use ... Marketing consultant Mari Livaditis uses her phone to pay for coffees, groceries and other items. Picture: Tricia Watkinson Source: News Limited

It’s our fastest-ever adoption of financial technology, and new research by Fair Go Finance has found that almost one-in-three people expect to use their phones for all their electronic payments by the end of next year.

Another one-third would use phones for most of their money management within 18 months, while 40 per cent are already swiping their smartphones in stores to make payments, it found.

Fair Go Finance managing director Paul Walshe said credit and debit cards would soon become unnecessary.

“It will be similar to what happened with cheques — I can’t remember the last time I wrote a cheque,” he said.

“The sooner people understand you can do it safely, the quicker the take-up will be. Their computing power is phenomenal.”

Mobile pay ... telecommunciations companies such as Optus have rolled out a Cash by Optus app that will let more than one million smartphone users to tap and go at the checkout using their phone. Picture: Supplied Source: Supplied

Many new phones have in-built near-field communication technology, others use electronic stickers for digital transactions, while passwords and fingerprint authentication help provide security that cards do not have.

People’s Choice Credit Union managing director Peter Evers said mobile growth had been “the most rapid uptake of any transaction channel form in history”, quicker than ATMs, Eftpos and online banking.

“My belief is within five years plastic is gone. You could have it if you want it but people would pay for it because plastic is more expensive to produce,” he said.

“Soon you will be able to walk up to an ATM with your phone, they will connect, and it will come up with your preferred transaction.”

On board ... Banks have also gotten on board the mobile pay way, with David Lindberg, Chief Product Officer at Westpac, demonstating how to use the tap and go app on his phone to pay for a coffee. Picture: News Corp Australia Source: News Corp Australia

Marketing consultant Mari Livaditis, 32, said she loved the convenience of paying with her phone.

“Even when I’ve got the option of using my card or cash, my phone is often already in my hand when I’m at the check-out. It’s usually easier to simply wave my phone and go than it is to rummage through my bag,” she said.

Ms Livaditis said she felt safer using her phone instead of a card. “It might take me a few hours or even days to notice my credit card is missing, but I’ll know within minutes if my phone isn’t with me.”

More importantn ... Marketing consultant Marianthi Livaditis says she is more aware of ehr phone being missing than her bank cards. Picture: Tricia Watkinson Source: News Limited

Fair Go Finance’s survey of more than 3100 consumers found that almost three quarters felt the best feature of digital money was 24-hour access, and many would switch banks for better technology services.

“People aren’t afraid to vote with their feet if their technological needs aren’t being met. Disruption in financial services will only continue with peer to peer lending and payments via social media the next frontier,” Mr Walshe said.