Fewer than half of Britons carry wallets as digital payments surge

"Fewer than half of Britons now carry a wallet as the decline of cash accelerates and smartphones and watches take over as the default way to pay, according to new research. The study, published by cash machine network Link, found that while more than 80 per cent of people still own a wallet or purse, the rapid growth of digital wallets such as Apple Pay and Google Pay means leaving the house without cash is becoming commonplace."

"The research highlights a sharp generational divide. Digital wallets are now the default payment method for Generation Z and millennials, while older adults still rely most on debit cards. For those aged 35-44, nearly a third (29 per cent) now regularly leave home carrying only a digital wallet. High earners are also far more likely to rely solely on smartphones or watches for payments compared with lower-income households."

"On average, Britons carry just £20 in cash when they go out, and keep about £10 at home. Usage is highest among the over-65s, three-quarters of whom typically have cash in their pocket, compared with less than half of 18-34 year olds. Despite the shift to digital, the report warns of the risks of over-reliance. Six in ten people said they had experienced digital payment failures, with one in five abandoning purchases as a result. Adrian Roberts, deputy chief executive of Link, said: "The old saying ' cash is king ' may still hold true for some, but today, it's convenience that wears the crown. We're more digitally reliant than ever but we're also more exposed to technology outages than ever before.""

Fewer than half of Britons now carry a wallet as cash use declines and smartphones and watches become common payment methods. More than 80% still own a wallet or purse, yet digital wallets such as Apple Pay and Google Pay make leaving home without cash commonplace. Digital wallets are the default for Generation Z and millennials, while older adults mainly use debit cards. Nearly 29% of 35–44-year-olds regularly carry only a digital wallet. High earners adopt smartphone or wearable payments more than lower-income households. More than half used coins or notes in the past week for budgeting, small purchases or card-minimum shops.

Read at Business Matters