Wallets Are Vanishing From British pockets as Digital Payments Surge
London – A new study reveals a dramatic shift in payment habits: less than half of British people now regularly carry a wallet or purse,despite 80% still owning one,according to research from Link,the UK’s cash machine network. The decline coincides with the increasing popularity and acceptance of digital wallets like Apple Pay and Google Pay, notably among younger generations.
The trend signals a broader move away from cash, though it isn’t a complete disappearance. While 7% of Britons report carrying no cash at all, over half used physical currency in the past week, often for small purchases where minimum card payment requirements exist – such as a Sherbet Fountain at the corner shop.
Millennials and Gen Z are leading the charge, favoring smartphone or smartwatch payments as their default method. This poses challenges for those reliant on customary methods, including street performers, beggars, and individuals without bank accounts.
However, the transition isn’t without hiccups. 60% of people have experienced digital payment failures, leading 20% to abandon transactions altogether. recent power outages in Spain and Portugal in the spring underscored the continued importance of cash, as those with Euros in their cartera/carteira (Spanish and Portuguese for wallet) were still able to make purchases.
Despite the rise of digital alternatives, the study suggests the traditional wallet isn’t facing immediate extinction. “Maybe don’t take that wallet you got for Christmas to the charity shop just yet,” the report concludes.
