PayPal Finds The Wallet as We Know it is Dying

According to the findings of a new study commissioned by PayPal and chronicled by MobilePaymentsToday, the traditional wallet is fast falling out of favor with consumers.

The global study shows that an overwhelming majority of respondents (83 percent) don’t want the hassle of carrying around an old-fashioned wallet.

A digital alternative for payments is preferable, they said.

Germans were the most anxious to ditch their wallets, with 90 percent saying they want another option. The U.S. was next with 86 percent of Americans willing to get rid of their wallets.

“The consumer sentiment this new survey shows is more proof that we’re truly on the cusp of a transformational moment with regards to how consumers will make everyday financial transactions,” says PayPal President David Marcus. “People are ready for the day when the notion of carrying around a bulky wallet to pay for things will seem as antiquated as Gordon Gekko’s enormous mobile phone in the movie Wall Street seems to us today.”

To learn more about the study and its findings, click here.