Research from Mastercard in partnership with fashion communication graduates of arts and design college Central Saint Martins looked into the changing use of physical wallets. Market research company Opinium conducted the research on 2,000 UK adults.
In brief:
While over one in five Brits do not expect to hold a physical wallet in five years, this number rises to 34 per cent among Gen Z; with a further rise to 38 per cent of Millennials.
Half of people (49 per cent) only carry a wallet or purse because it’s helpful to have their other cards. Many people only keep wallets and purses to hold loyalty cards and driver’s licenses.
Ninety-three per cent of consumers said they are considering using alternative means of payment in the next year. New forms included contactless, QR codes, biometric payments, and cryptocurrency transactions.
What does this mean?
Kelly Devine, president of UK and Ireland at Mastercard, commented: “We don’t often consider the impact that changing payment preferences have on the accessories we choose to buy and use. In contrast to a decade ago, many who still carry wallets are now seeing them more as a site of personal archive rather than a vessel for physical cash and cards. As technology continues to evolve, wallets shrink, and people increasingly embrace digital methods of payment, our focus remains on delivering choice, convenience, and speed for people around the country.”
