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Wallets and purses could be on way out as 1 in 5 say they do not expect to carry one in five years

Wallets and purses could disappear as 1 in 5 Britons say they won’t be carrying one for the next five years

  • One in five Britons is expected not to carry a physical wallet for the next five years
  • According to a survey, 51 percent of those polled said they won’t be relevant
  • Shoppers are now turning to mobile phone or card contactless payments

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It’s one of those things you never leave home without.

But the days of worrying about remembering your wallet may soon be over as digital payments become more popular, new research suggests.

One in five Britons expects not to carry a physical wallet or handbag for the next five years, according to a survey by Mastercard.

And 51 percent of those surveyed admitted that they will become less relevant.

One In Five Britons Expects Not To Carry A Physical Wallet Or Handbag For The Next Five Years, According To A Survey By Mastercard

One in five Britons expects not to carry a physical wallet or handbag for the next five years, according to a survey by Mastercard

Instead, customers are increasingly turning to contactless cards that can be stored on mobile phones or even smartwatches to pay for goods.

A third of 18 to 34 year olds already prefer payments via a digital wallet, compared to only 5 percent of the over 55s.

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 demise of physical wallets has been accelerated by the declining use of cash.

Banking organization UK Finance estimates that in 2031 only 6 percent of transactions will be paid in cash, compared to 60 percent a decade ago.

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Jacky

The author of what'snew2day.com is dedicated to keeping you up-to-date on the latest news and information.

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