• Michael Weeding

Will the Wallet Really Die?

In a recent presentation I was told that in the near future as a result of mobile payments we will no longer need to carry a wallet in our back pocket and whenever we go out we will just need to carry our mobile phone.

While this is a great concept if you dig further into your wallet your come across items such as your driver’s license and Medicare card (if you live in Australia), all items that are necessary to carry around day to day and items issued by government departments. The bad news for wallet haters is that governments are traditionallyslow to adopt new technology so the reality that these services can be supported by mobile technology in the near future is not as promising as that of mobile payments.

Some of the reasons for this according to a study conducted by Market Connections Inc highlighted some key points:

  • While mobile technologies are beneficial they are overlooked

  • Budget Limitations

  • They are not engaging Gen Ys in the workforce due to the lack of competitive salaries.

To think we can leave the wallet behind and no longer have this piece of leather digging into your backside every time you sit down is very exciting, but the reality is that in the near future if you get pulled over by the police for speeding, they are still going to ask you for your drivers licence not your mobile phone. Thanks to government I think this will be one reason we will be carrying a wallet for some time into the future.

#Mobilepayments #NFC

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