NEW YORK—In a survey asking just over 2,500 Americans about digital payments, some 80% of Gen Z respondents said they were using mobile wallets, and among them, half were eager to use their phones in place of wallets, period.
“Younger people are increasingly using their phones for purposes that older adults would use a traditional wallet for, like carrying documents such as a driver’s license, boarding passes and event tickets,” according to the New York Times report. “Some of these digital items can be added into the Apple and Google wallet apps, while others, like insurance cards, can be downloaded through third-party apps. The shift in behavior is a reflection of how far mobile wallets have come.”
The data was collected as part of a Pymnts Intelligence study.
“To a growing number of youths, a wallet stuffed with cash and cards is as unfashionable as the Millennial tuck, no-show socks and skinny jeans,” the Times report added.
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