The survey, conducted in September and covering 1005 people in the metro areas of Sydney, Melbourne and Brisbane, found that about a third used their smartphones at least once weekly to pay for a product or a service.
More than half (52%) who used smartphones to pay used the app supplied by their bank, with Apple Pay (25%), Android Pay (17%) and Samsung Pay (6%) following.
The survey found the use of Apple Pay, Android Pay and Samsung Pay to be highest in the 25-34 age group, with 56.5% using at least one of these services.
Those who had never used their smartphones to pay for anything comprised 42.5% of the sample.
The survey said that while data for other countries varied, there was a consensus that small, wealthy countries like Singapore and Sweden would become cashless societies ahead of others.
"Accounting for generational shift, Venture Insights projects that overall cash payments will reduce to 22% within a decade, and to around 16% by 2034," the company said.
"Even our aggressive forecast (assuming the same rate of decline as between 2007-2016 which included the introduction of tap'n'go payments and mobile payments) predicts cash usages of 19% in 2025 and 9% in 2034, suggesting it will be well over two decades before Australia becomes a true cashless society."