Last week, I posted about "losing our wallets" and the enormous opportunity in front
of us to use technology to bring a new and better experience to
consumers with regards to shopping and paying for things. But we
wanted to go a step further. We wanted to know what
people really thought about the prospect of ditching their
wallets altogether. Today we released the proof that the majority
of consumers worldwide really would like to do just that.
We conducted a global study in five large markets: the United States,
United Kingdom, Australia, Canada and Germany. The results
are in and strengthen the notion that carrying around your
financial information, credit cards, and cash in a wallet is simply
just a pain. At PayPal, we want to remove friction from the
financial equation. So we asked 5000 consumers around the world
where and when that happens.
Some of the anecdotal data was entertaining, such as… apparently
no one wants sand in their wallets. In every market, the beach is
the number one place people don't want their wallets.
Maybe you'd expect that in Australia, but in Germany or Northern
Overall, the data that came back showed that what people want
most of all is to lose their wallets. In every country we surveyed,
at least 3 of 4 respondents said they wished they didn't have to
carry their wallets around with them. A vast majority (83%)
of respondents across five countries said they wished they didn't
have to carry a wallet. Additionally, nearly one in three Americans
(29%) would choose a smartphone over a wallet if they could only
bring one item when going out.
While American consumers are keen to move to a digital payment
future, the businesses that serve them may be lagging behind. More
than two-thirds of Americans (68%) reported they have been unable
to pay for something because they didn't have cash with them; for
nearly one in three Americans (30%), this has happened
So, what people are saying is that they lose their spare change,
they wish they weren't tied to their wallets, and they often aren't
able to buy something because they don't have cash. Conclusion? We
have a real opportunity to make people's lives easier … an
opportunity to make shopping experiences more seamless, connected,
friction-free and intuitive.
As we expand offline and into more and more stores, like Radio Shack, Toys "R" Us, American Eagle Outfitters and Jamba Juice and our other
retail partners, we can help free more and more consumers from the
shackles of the wallet. Jamba Juice, in fact, has been testing our
Order Ahead program - where consumers can order and pay for their
smoothies before they even get to the store.
The consumer sentiment this new survey shows is more proof that
we're truly on the cusp of a transformational moment with regards
to how consumers will make every day financial transactions. People
are ready for the day when the notion of carrying around a bulky
wallet to pay for things will seem as antiquated as Gordon Gekko's
enormous mobile phone in the movie Wall Street seems to us
Think of PayPal as the network that connects everyone,
consumers, merchants, developers alike, and enables their
money to flow seamlessly.
PayPal assists in all things related to payments. For us,
it's the beginning of a great adventure to help usher this
transformation into consumers' lives, and to use the power of
technology to bring them an experience that is not only secure,
simple and extremely useful but, yes, a lot more fun.
Tell us in the comments below if you're ready to ditch your