Australian banks could take a major revenue hit with more than 1.5 million Australians expected to purchase an iPhone with the new Apple Pay capabilities over the next year, according to a new survey by the Roy Morgan research group.
The survey is based on over 8000 interviews conducted in the six months to June. It says those intending to purchase an iPhone are already familiar with making payments by mobile phone, with nearly one third (29.4pc) doing so in an average four-week period.
This means the new Apple Pay feature – which would enable iPhone users to pay for goods with a wave or tap of their smartphone on a new terminal at the checkout – has the potential to impact adversely on fee revenue, Morgan says.
In particular the report found that 14.1 per cent of ING Direct bank customers intend to purchase a new iPhone over the next 12 months.
Of the four major banks, the ANZ has the highest proportion of intenders at 9.7 per cent, followed Westpac (8.8pc), NAB (8.1pc) and CBA (7.9pc).
