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Study Finds Consumers Ready to Leave Behind Wallets

[Thursday, June 27th, 2013]

No one wants to carry wallets anymore, it seems. A recent study found that 83% of respondents indicated that they wished they never had to carry a wallet. The two places people hate toting a wallet the most? The beach and the gym.

PayPal asked people in the United States, Canada, Australia, England and Germany their feelings on wallets, credit cards, cash and smartphones. One thousand people answered the survey and sentiments varied from country to country—but most agreed they are ready to move forward to a cashless society. Even credit cards are seen as a burden; an increasing number of people prefer to upload their credit card information into a mobile wallet app and use their phone to pay for purchases when possible.

Top places cited as least popular wallet-dragging locations, in addition to the beach and the gym, were concerts, bars, sports events, Laundromats, grocery stores and restaurants—basically, anywhere people go besides school and work.

Ninety percent of German respondents said they hate carrying a wallet. Eighty-seven percent of Canadians, 86% or Americans, 80% of Australians and 76% of British respondents felt the same. Even though Britons had the lowest percentage of people who said they prefer to leave their wallet at home, they were the most eager to begin using smartphones in place of wallets. Thirty-two percent of them said bring on the smartphones.

Caught without cash

The problem with leaving your wallet behind when you go out with friends, of course, is that you might not be able to pay up when it’s time to tally up the bill. Then your friends are left to cover your share; a move that won’t win you any popularity contests. Canadians were the most likely to say they have been caught without any cash; 75% reported having this happen to them. Sixty-eight percent of Americans said they’d accidentally found themselves without funds when out and about, and 30% said it happens all the time. Fifty-seven percent of Australians and 54% of Americans have been on the other end and had to cover a friend’s tab when that person forgot to bring a wallet on an outing.

The end of wallets will not mean the end of credit cards; they may simply become virtual. Credit card account information that lives on a smartphone could replace plastic cards over the next several years. The question at that point will become, when will people tire of carrying phones?

This PayPal survey was conducted between April 26th and May 13, 2013 and included responses from 1,000 adults ages 21 and up, from five different countries.

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Chase Student Card: Now Apply Online
[April 8th, 2020]

Chase has just made its Freedom® Student credit card accessible for online application, which is quite opportunely considering the current state of affairs with the COVID-19 pandemic. Let it be recalled that the card is the first Chase credit card designed specifically for students. It was introduced in 2019, but the only way to apply […]

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Where to Go for Chase 5% Cash Back in 2020
[December 26th, 2019]

2019 flew by, and now only a week remains until 2020. Most issuers of cashback credit cards have already announced their bonus categories for all 4 quarters of the next year. Chase is no exception. However, the bank disclosed only the first quarter categories leaving the remaining three under a veil of secrecy with the mark “coming soon”.

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The Average Credit Score in the U.S. Reaches Its Peak
[September 13th, 2019]

FICO, or Fair Isaac Corporation, is a data analytics company best known for its credit scoring model. As the FICO’s official website says, the FICO® Score is currently used by 90 of the top 100 largest U.S. lending institutions.

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