ANZ chief predicts mobile will kill off cards in less than a decade

As ANZ rolls out Android Pay to its customers, the Australian bank's chief executive Shayne Elliott has predicted that mobile payments could displace plastic cards in well under a decade.

ANZ is onboard for the launch of Android Pay in Australia and already lets customers make payments through Apple Pay as well as its own contactless mobile payments service.

Speaking to local journalists, Elliott said: "I could see it [mobile payments] absolutely displacing plastic and I'm not talking in 10 years, we're talking in a much shorter period of time than that."

With contactless card transactions already popular in Australia, Elliott says: "The step from pulling out your card from your wallet and tapping it, and your phone, which is probably already in your hand, and tapping it on, is a really small step."

Although it is not revealing numbers, ANZ says that takeup of Apple Pay has been strong in the few months since it arrived and Elliott says that the bank could move to make adoption easier by giving customers 'virtual cards' for digital wallets.

"That is a very, very realistic aspiration that's not that far away."