Wallets and purses could be on way out as 1 in 5 say they do not expect to carry one in five years
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Wallets and purses could be disappearing, with 1 in 5 Britons saying they don’t expect to carry one in the next five years.
- Not one in five Britons is expected to carry a physical wallet in the next five years
- According to a survey, 51 percent of respondents said it will be irrelevant
- Shoppers are now turning to contactless payments using mobile phones or card
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It’s one of the things you never leave home without.
But the days of worrying about whether you’ve remembered your wallet soon could be over as digital payments become more popular, new research suggests.
One in five Britons do not expect to carry a physical wallet or purse in the next five years, according to a Mastercard survey.
And 51 percent of those surveyed admitted that they will become less relevant.
One in five Britons do not expect to carry a physical wallet or purse in the next five years, according to a Mastercard survey.
Instead, shoppers are increasingly turning to contactless cards that can be stored in mobile phones or even smartwatches to pay for goods.
A third of 18-34 year olds already prefer payments through a digital wallet, compared to just 5 percent of those 55 and older.
About half of the 2,000 people surveyed said they only carried a wallet to hold non-payment cards, such as driver’s licenses and loyalty cards.
The disappearance of physical wallets has been accelerated by the decrease in the use of cash.
Banking body UK Finance has estimated that just 6% of transactions will be paid in cash by 2031, up from 60% a decade ago.