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Why coin-less card wallets are becoming the new norm

January 31, 2017 0 Comments

Card Wallets have been rapidly growing in popularity. These wallets have no coin pouch, can't hold many cards, and only fit a few notes, so why are they so popular?
Palmera Card Wallet in Brown
Google Trends graph below for the search term "Card Wallet":

 

Google trends Card Wallet

 

There are a few reasons why this may be the case:

 

1. More non-cash transactions = less need for physical notes/cash

The Telegraph UK outlined the following graph, showing that non-cash transactions were set to pass cash transactions in 2015 (and they did).

Card wallet transactions

 Australia's Financial Review backs this trend up in Australia, suggesting that by 2020 Australia could be a cashless society. 

 

2. New tech means less reliance on physical cards with more reliance on smartphones

 

Apple Pay

 

With tech like Apple Pay gaining popularity, you can now use your phone to pay directly at a large number of retailers.  While most people will still carry their credit cards as a backup, the trend is shifting towards these contactless payment methods.  

Also - smart apps such as Stocard allow your to take photos of cards such as loyalty cards, and scan them on your phone at the retailer, meaning you no longer need to hold onto multiple store cards to gain points.

 

3. Bulky wallets are uncomfortable, hard to carry, and can even be bad for your back

We all know that a bulky wallet in your pocket is uncomfortable, but it could even be bad for your health.
Stuart McGill, Ph.D., professor of spine biomechanics at the University of Waterloo. observed that sitting on a pile of cards, bills, and coins could put stress on your hip joint and lower back.

 

George wallet

 

As a daily user of a Palmera Apparel slim 4 pocket card wallet myself, I'll never go back to a bulky wallet.

 

 

By David Watts - Palmera Apparel
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