The shift from physical wallets to digital wallets has sparked an intense discussion. Young people, older people, Leave voters, Remain voters, the UK public are galvanized on this issue. A recent exploration into this topic highlights the contrasting attitudes of people like Georgina, a Gen Z artist, and Sara Hayward, a 61-year-old artist from Worcester, alongside Alosh K Jose, a 31-year-old entrepreneur.
Giving Georgina her first smartphone during the pandemic was not only a change in her professional life. Prior to that, she was lugging around a wallet that was literally “twice the size” of her phone case. This made sense in light of the physical things she felt were necessary. Georgina likes the convenience of technology, but she doesn’t use a digital wallet. Instead, she’d rather just keep using her physical cards.
Sara Hayward’s wallet has transformed into what she now calls a “phone case with a lot of pockets.” At 61 years old, she doctors her handbag so that essentials are right on top. Inside, you might be surprised to discover her debit cards, a driver’s license, a railcard and other loyalty cards. Plus she carries £20 in emergency cash as well as change.
As the older millennial Alosh K Jose now finds himself at the intersection of these generational differences. Now at 31, he’s the director of a successful business that provides cricket sessions to schools and youth in his local community. Alosh’s wallet contains a mix of practical items: bank cards, a supermarket loyalty card, receipts for his self-employment, and even a Polaroid snapshot of cherished family moments.
Roger, a 69-year-old who has yet to use a digital wallet, shared his worries over cashless payments. Moving my cards to my smartphone puts all my eggs in one basket, and that’s the definition of a single point of failure,” he explained. He says that when we depend too much on technology, it can become dangerous.
Georgina expresses a lot of the same feelings when it comes to control and dependability. I don’t want to explain to you why I just like using a physical card – it’s about control.” So she said. She explains that while she sees her friends gladly adopt mobile payment systems for their ease and convenience, she says there’s something comforting about the tactile quality of physical cards. “Call me old-fashioned but I hate the idea of it,” she added.
Alosh went on to explain how he envisions wallets evolving. It would burden me,” he said. These days he favors a simpler method of toting his daily essentials. To him, these memories kept in his smartphone have become a new “living wallet,” storing memories of his deceased mother.
Roger’s concerns come from his experience in the IT and security space. He views risks in online payments and likes to handle his money the old-fashioned way. “This flashing it to pay for something in a store — that just sounds like a really risky thing to implement,” he said.
This conversation about digital wallets is changing every day.
Quantitative attributes
Beyond data constraints, individual preferences are strongly shaped by personal experience and generational lens. Georgina’s approach to technology is interesting, reflective of an embrace of innovation paired with skepticism. Roger is at peace with his daily routines.