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  • Elliot Sandhurst

The Digital Shift

How Xertilox Aligns with the Decline of the Physical Wallet 

A recent study has sparked a thought-provoking conversation about the future of our wallets – not just what we carry in them, but their very existence. According to an article from Fintech Times, titled "21% of UK to Ditch Physical Wallets in Next Five Years," there's a significant shift happening. In 2024, around 21% of Brits expect to leave their physical wallets behind, favouring digital alternatives. This trend is even more pronounced among younger generations, with 34% of Gen Z and 38% of Millennials leading the digital charge.

What's driving this change?

The declining use of cash, as reported by the Bank of England, paints a clear picture of our evolving payment landscape. A decade ago, 60% of payments were cash-based; by 2020, this number had plummeted to 17%. The projection is stark: by 2032, cash might account for a mere 6% of all payments. As physical currency fades, so too does the traditional wallet. Indeed, 30% of individuals now carry smaller wallets than they did five years ago, and many no longer prioritise a coin compartment.

These shifts raise essential questions about the role of identity verification and onboarding processes. Why continue to separate these activities when the world is moving towards an integrated digital existence? Xertilox is the bridge between the current state and this digital future. It is a holistic identity verification solution that resonates with the zeitgeist of abandoning physical wallets.

Xertilox's solution reflects the market's needs by providing a secure, blockchain-based wallet ID for all verification purposes. This includes not only financial transactions but also loyalty programs, driver's licenses, and more – all the elements that are currently transitioning to the digital realm.

The emphasis on digital payments and the growing appetite for contactless transactions, QR codes, biometrics, and even cryptocurrency dealings are more than just trends; they're signposts to a digital-first future. Xertilox embodies this future, streamlining the verification process and redefining the way we think about personal identification and access to services.

As Kelly Devine from Mastercard suggests, our changing payment preferences influence our choices in accessories and personal items. Xertilox takes this observation a step further by offering a platform where users no longer need to choose – where digital integration makes onboarding and verification effortless.

The trajectory toward a wallet-less society is not just about payment methods; it's about reimagining the very concept of personal identification and access. Xertilox is at the heart of this transformation, ensuring that as we move away from physical wallets, we don't just replace them with digital counterparts, but improve upon the entire process.

As we embrace this shift, Xertilox invites you to be part of a future where your digital identity is secure, accessible, and all-encompassing.Contact us to find out more: 

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