Is it time to say goodbye to that old hunk of leather in your pocket or purse? Traditional wallets are being replaced with the one thing most people use every single day: their smartphone.
Unfortunately, this isn’t as “convenient” as it seems.
While you can still use physical cards or cash in most places, mobile and online payments are becoming the future of finance. A phone can be used to pay for groceries, transportation, even medicine.
But the change doesn’t include everyone.
This new wave of electronic payments leaves low income people, as well as those who prefer or are paid in cash, behind. The more popular mobile payments become, the harder it will be for some of us to keep up.
A smartphone-based economy isn’t accessible to people who can't afford, or choose not to own, a smartphone or bank account. Some restaurants and even grocery stores have gone “cashless.”
Soon, apps will even be necessary for driver’s licenses and important documents like vaccination cards and medical records!
While the world moves toward more “convenient” ways to do business, low-income people are in jeopardy of being even further marginalized.
Luckily, we can still hold on to that old hunk of leather for a while longer.