The very definition of the wallet, which has been an ubiquitous carrying accessory for thousands of years, is about to be radically redefined. Originally derived from the late 14th century term for “knapsack,” the word “wallet” has evolved alongside societal changes in payment methods. Cash is on the ropes. Cash is disappearing faster than anyone expected, and nowhere more so than in the United Kingdom. This, in turn, makes it less desirable for people to carry cash.
Shakespeare notably referenced the word “wallet” in his play “Troilus and Cressida,” where Ulysses remarks, “Time hath, my lord, a wallet at his back.” This historical context serves to underscore the deep human experience with the wallet, which is as old and diverse as humanity itself. Today’s use of this term didn’t even come around until 1834. This was a precursor to the move towards a more negative role in daily life, particularly in American English.
Despite recent reports from the UK indicating that just 7% of Britons say they never have cash on them, more than half of the UK population has utilized cash within the past week. This illustrates that despite the growing popularity of digital payments as a primary payment method, cash is still very much in play among consumers. 60% of people have already experienced a failure with a digital payment system, causing 20% of them to give up on a purchase entirely.
Whatever else may be happening, the move away physical wallets is already apparent, with fewer than 40% of British people doing so on a regular basis. Yet, astonishingly, 8 out of 10 do not claim to have a wallet or purse. For smaller purchases, you still need a wallet. Some local corner shops won’t let you pay card for less than a fiver, so it’d be much easier to buy one Sherbet Fountain with cash.
In Spain and Portugal, the cultural significance of wallets is reflected in their respective terms: “cartera” and “carteira.” Both countries have faced recent crises, including countrywide blackouts in the spring and an anti-tourism uprising. These events have made the landscape of digital transactions and cash usage all the more complex.
As we see the evolution of payment habits, we have to consider whether we are witnessing a burial of the wallet, or cash itself. As technology does its magic, we’ll only become more dependent on digital payments. A lot of Americans still appreciate the ability to pay cash for low dollar purchases. This is reflected in the OG wallet holder demographics.