The humble wallet could be a thing of the past if most people had their way.
A survey in five countries, including Australia, by PayPal has found that 83% of respondents wished they didn’t have to carry a wallet. Almost one-quarter of Australians would choose a smartphone over a wallet if they could take only one item with them when going out.
According to the President of PayPal, David Marcus, this points to the “enormous opportunity to use technology to bring a new and better experience” for consumers.
Mr Marcus said the survey showed that people want to lose their wallets.
“In every country we surveyed, at least 75% of the respondents said they didn’t want to carry their wallets around t
He said that businesses are often lagging consumers in the move to a digital payment future, with 30% of Australians saying they frequently hadn’t purchased something as the shop required cash and they didn’t have sufficient cash with them.
“It was the same in the five markets we surveyed: Australia, Canada, Germany, the UK and the USA,” Mr Marcus said. “The notion that carrying around your financial information, credit cards, cash in notes and coins in a wallet is simply a pain.”
Mr Marcus said the future involves “unshackling” shoppers from their wallet.
“We’re truly on the cusp of a transformational moment with how consumers make every day financial transactions. People are getting ready for the day when carrying around a bulky wallet to pay for a few things will seem antiquated.
Through features like Check In and Order Ahead, PayPal already provides its 5 million active Australian customers with simpler payment experiences. In the US, the Jamba Juice company is trialling the Order Ahead program where consumers can order and pay for their smoothies before they even get to the store.
Mr Marcus said the payment future is not an end in itself. “It’s about using technology to solve real shopping pain points.”
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