The battle for technology supremacy between Australian banks is accelerating, with the industry preparing for an era in which cash matters less and transactions occur in real time anywhere. Read more: http://www.brisbanetimes.com.au/it-pro/business-it/phones-ring-in-banks-future-20120813-244qz.html#ixzz23Xel1zNy

THE battle for technology supremacy between Australian banks is accelerating, with the industry preparing for an era in which cash matters less and transactions occur in real time anywhere.

Banks are launching smartphone apps aimed at connected customers and retailers, trying to get an advantage over rivals.

St George Bank joined Commonwealth Bank by launching a Pay to Mobile application last month that lets consumers send money to a person by using their mobile phone number. ''It's not replacing other online or mobile banking payments,'' said Travis Tyler, head of e-channels at St George. ''What we're seeing is that Pay to Mobile is replacing cash.''

Mobile banking usage at St George Bank, along with its Westpac-owned stablemates BankSA and Bank of Melbourne, is growing at 10 per cent a month, with customers logging in 4 million times a month via their phones.