More than half of Britons now leave their wallets at home when going out to the shop as reliance on digital payments ramps up.
Only 48 per cent of Britons consider carrying a physical wallet to be an essential part of their day-to-day routine, new data from cash access and ATM network Link reveals.
Four in five still own a wallet or purse, but the growing popularity and acceptance of card and digital payments and wallets such as ApplePay or Google Pay that allow people to pay with phones and watches means leaving the house without them is becoming commonplace.
While card transactions overtook cash payments in 2018, Link’s data shows payments through digital wallets for Generation Z and Millennials, adults between 18 to 44, is the go-to option for payments.
For older adults, payment via debit card is preferred, but there isn’t a notable generation gap according to Link.
It means that cash is no longer the default payment for any age group, but Link’s payments expert warns leaving home with alternative payment methods or some money in your pocket could be a mistake.
Less than half of Britons consider carrying their wallet with them an essential part of their daily routine
Adrian Roberts, deputy chief executive of Link says: ‘Growing reliance on digital comes with growing risk.Â
‘Recent experiences from around the globe have demonstrated that digital payment systems can fail and two-thirds of people have faced some form of disruption already.Â
More than half of people still say they have used cash in the last week, while 56 per cent say they carry cash when leaving home.
‘Recent experiences from around the globe have demonstrated that digital payment systems can fail and two-thirds of people have faced some form of disruption already.Â
This is broadly the same across all age groups.
The most common reasons for people using cash are that it’s easier for smaller purchases, when card payments require a minimum spend and for budgeting.
Mr Roberts added that as digital payments systems can crash, cash remains essential. He said: ‘It is therefore vitally important that the UK maintains a breadth of payment methods including continuing the excellent work already underway to protect access to cash.’
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Half of people don’t take a wallet out with them anymore