Why do people use wallets any more?
When you rush out the door in the morning, I guess that you have some basic checklist to go through: grab your phone, wallet, keys, etc. A recent survey posted on Reuters found that most people would rather lose their wallet than their cellphone. Having said that, the ‘old’ wallet was one of those essential things to carry with you along with your phone and keys before the ‘modern’ wallet and payment options of today came about.
What people really want is a wallet that keeps things secure and easy to access, large enough to hold their important stuff but not bulky or heavy, in essence, the perfect wallet.
But why not just use your phone? Wallets are insecure – goodbye cash if your wallet gets stolen! And the pain of having to cancel and replace cards and licences…. But using your phone… digital transactions must authenticate with your fingerprint or face. These are biometrics that have at most a 0.01% chance of incorrectly verifying a random person. So if your phone is stolen, it can’t be used for transactions. Thus digitizing reduces the long-term damage to your livelihood.
But we at Oh My Gift think that even if a wallet is seen as ‘retro’, there is something about a good quality, leather wallet that makes you just want to… well, own one! Just as no one has ever put their wallet in their pocket and thought, “oooh yeah, so comfy”, phones aren’t exactly unbulky either!