“Your physical wallet is on borrowed time,” reports USA Today.
Will wallets be obsolete in a few years? Forty-five percent of surveyed smartphone owners think so. These days, consumers use smartphones for financial transactions in brick and mortar stores, for ID purposes, to indicate the purchase of concert tickets, to swipe into metro systems, and more.
“We’re nearing the point where the pendulum is shifting to the preference for digital forms of payment (and) identity,” says an expert in the field.
DMVs across the country are now issuing digital licenses, featuring Harry Potter like moving images. Another slick facet of these digital IDs is that when carded (as you purchase an alcoholic beverage, for example), you can choose to show your name and your date of birth, while hiding your address and other personal details.
The New York’s Metropolitan Transportation Authority (NY MTA) is also migrating to digital, and intends to overhaul its current system by 2023. At the moment, the NY MTA prints 80 million MetroCards annually. In a few years, it hopes to cease printing cards altogether, instead relying on a smartphone based system.
Storing important information, like a driver’s license or a metro card, in a smartphone offers immense convenience and time savings, pumping a few extra minutes back into your day. And, replacing lost or stolen electronic data is considerably easier than requesting and waiting for a series of new physical cards.
However, despite these advantages, 58% of consumers hesitate to rely on a phone in place of a wallet due to phones’ limited battery life. Another glaring concern is phone security. Is a smartphone a hacker’s paradise?
Get more on this story from The Wall Street Journal.