Young Brits adopting mobile wallets
The research reveals that 48% of 18-25 year olds believe that physical money will be obsolete within 20 years, while more than a third (38%) say that we will no longer need it in 15 years’ time. Less than three in ten (28%) say that they don’t think cash will ever stop being used or produced.
The research, which surveyed 1,000 18-25 year olds across the UK, known as Gen Z, revealed that young people prefer alternative methods of payments to cash, even for small purchases. Eight in ten (79%) say that they make purchases under £20 at least once a day, but when asked how they feel when faced with a ‘cash only’ sign at a bar or a shop nearly two thirds (62%) say that they felt frustrated. One in seven (14%) said that they would be frustrated enough to leave and go elsewhere.
In terms of mobile wallet preference, PayPal seems to remain one of the most frequently used online payment services among 18-25-year old’s (52%), while newer entrants to the market like Apple Pay (18%) and Google Wallet (9%) are starting to gain more market share.
While 36% say that they currently don’t use a mobile wallet only 14% say that they have no interest in having one, suggesting there is room for considerable growth in this market for services that appeal to the younger generation.