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Wallets and purses could be on the way out as 1 in 5 Britons say they do not expect to carry one in the next five years

  • One in five Britons are not expected to carry a physical wallet in next five years 
  • According to a survey, 51 per cent of those surveyed said they will be irrelevant 
  • Shoppers are now turning to contactless payments using mobile phones or card 

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It is one of the things you never leave the house without.

But the days of worrying about whether you have remembered your wallet could soon be over as digital payments become more popular, new research suggests.

One in five Britons do not expect to carry a physical wallet or purse in the next five years, a survey by Mastercard found. 

And 51 per cent of those surveyed admitted they will become less relevant.

One in five Britons do not expect to carry a physical wallet or purse in the next five years, a survey by Mastercard found

One in five Britons do not expect to carry a physical wallet or purse in the next five years, a survey by Mastercard found

Instead, shoppers are increasingly turning to contactless cards that can be stored on mobile phones or even smartwatches to pay for goods.

A third of 18 to 34-year-olds already prefer payments via a digital wallet, compared to just 5 per cent of those over 55.

Around half of the 2,000 people surveyed said they only carried a wallet to store non-payment cards such as driving licences and loyalty cards.

The demise of physical wallets has been accelerated by the declining use of cash.

Banking body UK Finance has estimated only 6 per cent of transactions will be paid for in cash by 2031, down from 60 per cent a decade ago.

Source: Daily Mail UK

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