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Digital Wallets: Mobile Payment Methods Take Place Of Wallets

Posted: 03/26/2012 10:51 am Updated: 03/26/2012 5:16 pm

The wallet may very well be heading toward extinction.

Though this news may be unwelcome to people like Seinfeld's George Costanza -- whose "exploding wallet" hoarded everything from foreign currencies to expired coupons -- millennials are hot for new technologies that take the place of cash and plastic.

In fact, more than half of 18 to 24-year-olds are inclined to test out new high tech payment tools, according to a new survey by American Express.

New "contactless payment" methods are paving the way for smartphones to eventually replace wallets. We can now use smartphones to buy our morning lattes and take cash payments from our friends. Google entered the mobile payment space last year with its aptly named Google Wallet, which aims to make the traditional wallet obsolete.

But are digital payment methods for everyone?

The folks at American Express shared a great infographic with us, which breaks us down into three categories based on our preferred spending methods and analyzes our likelihood to adapt mobile payment methods.

What does your wallet say about you and how you'll be paying for stuff in the very near future?

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Filed by Emily Cohn  |