Young people are ditching their wallets

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The Future. Gen Zers are leaving their wallets at home in favor of having everything accessible on their smartphones. As cars increasingly put the functionality of their keys on an app, and smart-home tech allows locks to be controlled digitally, cities may need to roll out public charging stations and have widespread, free Wi-Fi as a public utility.

Swiss Army smartphone
If you’re still carrying a wallet, we hate to say it, but you’re now old.

  • Research firm Pymnts Intelligence found that 80% of Gen Zers are using mobile wallets, and half of them want to use their phones for more than payments.
  • That’s because phones can now store a variety of credit and debit cards, insurance cards, tickets, and, in some states, driver’s licenses.
  • If a store doesn’t accept Tap to Pay tech, some young customers are choosing to not shop there… but that’s becoming less of an issue as most merchants adopted contactless payment systems during COVID.

Apple is clearly aware that the iPhone is becoming the pocket bank for customers — the iOS 17.4 update lets Apple Cash, Apple Card, and Savings with Apple Card balances and transactions to automatically import into top budgeting apps.

Talk about making things easy.

David Vendrell

Born and raised a stone’s-throw away from the Everglades, David left the Florida swamp for the California desert. Over-caffeinated, he stares at his computer too long either writing the TFP newsletter or screenplays. He is repped by Anonymous Content.


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