Less than half in the UK carry a physical wallet  

New research from ATM network Link has shown that fewer than half of UK adults leave home with a wallet or a purse.

The research makes recommendations focused on making sure we have a resilient and effective payments system in a world where digital is increasingly dominant. It also gives hints and tips to people to make sure they are personally ready should digital payments fail.

The data showed that almost two thirds of UK adults have already experienced payments disruption with system outages are a leading cause.

Whilst millions of people carry no cash or rely on just one payment method, only 48 per cent of people consider carrying a physical wallet to be an essential part of their routine.

While more than 80 per cent say they still own a wallet or purse, the growing popularity and acceptance of digital wallets such as Apple Pay or Google Pay means it is becoming more common and easier for people to leave the house without cash.

The research found that digital wallets were the default payment method for Generation Z and millennials. For older adults, debit cards remain king, but the gap is narrowing.

Adrian Roberts, Deputy CEO at Link said “Our latest research shows us that for many people digital payments have become the default and many people no longer carry cash or keep it at home. Reliance on digital payments can bring great convenience but they can also bring risk. Consumers have told us that they’re not yet confident in the reliability of digital payments so it is important that we protect cash as a payment system while important work takes place to improve resilience and inclusivity. This report helps us to understand how payments habits have changed and what simple steps consumers can take to protect themselves from being inconvenienced by system outages.”