Once upon a time, in the days before wi-fi, there was a dreaded experience that would turn you into a social pariah quicker than failing to update your online feelings.

You know that sinking feeling that grips your gut when you reach into bag/pocket and that little slim package holding your “entire life” is not there? Before people had heart failure over their missing phone, we used to have the same experience over a misplaced wallet.

But today? Forget your wallet? Not a loss at all if you have your mobile phone with you.

A survey of smartphone users aged over 18 years about their consumer habits has found more than half (53 per cent) of payments undertaken in Australia are made electronically.

Australians love new technology and cashless transactions are no exception, with 79 per cent of smartphone users believing cyber payments will soon be the norm.

According to Westpac’s Cash Free Report Australians anticipate we will be cash free, or at least up to 90 per cent of transactions will be electronic, by 2022.

And an increasing number of consumers are using their mobile phone – rather than a plastic credit card or cash – to “tap and pay”.

Adelaide IT expert Richard Pascoe told InDaily that using smartphones to pay without cash was fine as long as security kept pace with cashless technology.

“[Cashless transaction app technology] is growing exponentially,” Pascoe said.

“I just hope the security keeps up with the growth. That’s my biggest concern.”

The study also found one third, or 33 per cent, of Australian smartphone users believe monitoring spending had been made easier with smartphone apps, and 21 per cent believe tracking their finances had also been streamlined by mobile technology.

“In the last 12 months there has been a 200 per cent increase in Westpac customers using their mobile to tap and pay,” Westpac head of consumer deposits Elliot Smith said.

“Cashless technology is the way of the future.”

The rise of the consumer app – from takeaway food to services – impatience and a low tolerance for queuing have seen the number of cold, hard cash transactions shrink.

“Long wait times for food and drinks after ordering are one of the biggest frustrations for Australians (61 per cent) as we become increasingly time poor and expect items on demand,” Smith said.

“As we become a cashless society, four in five (81 per cent) Australian smartphone users agree the ability to pre-order an item using an app before picking it up will become the norm.”