From cash to credit cards, 8 things you no longer need to keep in your wallet

Cash, the one thing wallets are made for, has also turned digital today.

Gone are the days when a majority of people had to keep a host of documents and other things in their wallets — such as cash, debit and credit cards, driving license, identity card, among others — because it was simply impossible to do without them. However, while keeping all such things in one’s wallet added to one’s convenience while on the go, it also used to be risky and resulted in identity theft or loss of money in case of one’s wallet falling into the wrong hands.

Thankfully, as we go digital, we are entirely freed from maintaining documents physically. There are many essential cards and papers we don’t need to carry in our wallets anymore due to the facility of soft copies or storing them digitally.

Here are some of things and documents which you no longer need to keep in your wallet:

1. Cash

There was a time when we couldn’t think of stepping outside without stuffing our wallets with cash. Today, however, there is a myriad of digital payment platforms that eliminates the requirement of carrying cash. “From the neighbourhood Kirana store to the restaurants to the retail giants, everyone accepts digital payments through Paytm, GPay, PhonePe and other similar apps,” says Anil Pinapala, CEO and Founder, Vivifi India Finance Pvt Ltd.

Thus, cash, the one thing wallets are made for, has also turned digital today. With facilities such as UPI, net banking, and mobile wallets, carrying cash is gradually becoming a thing of the past. All you need today is a smartphone to conduct all the monetary transactions.

2. Debit and Credit Cards

The usage of debit cards increased significantly following demonetization on the back of convenience and ease of use. While debit cards offer many benefits, their physical form still makes them prone to getting lost or stolen. We can instead use any UPI app or digital wallet to make payments in a completely contactless and safe manner.

Similar is the case with credit cards. “In today’s digital world, smartphones have replaced credit cards. We can use apps that help us securely link our credit card accounts to them, enabling us to make payments anywhere, using smartphones,” says Anuj Kacker, Co-founder, MoneyTap.

3. Driver’s License and Vehicle Registration

Many of us have lost our Driver’s License and Vehicle Registration at least once. “With mobile apps such as RTA m-Wallet, we no longer need to carry the physical Driver’s License and Vehicle Registration and can store the details in the digital form. This is not only safer, but also enables easier access to your documents,” informs Pinapala.

4. Cheque

For ages, we have used cheques for two reasons: withdrawing and depositing money. However, today we don’t have to write a cheque as we have so many apps available that allow us to transfer money to anyone within a few seconds.

5. Business Cards or Visiting Cards

Up until recently, collecting business cards or visiting cards in the wallet was a common trend. But, in today’s digital age, we can now just share our contact information or connect on LinkedIn in instantaneously.

6. Contact info, account numbers, etc.

All these details that we used to write on a paper and either document them in a file or carry them in our wallet are no longer required. We can click a picture of this information or just save them on our mobile phones, and the work is done.

7. Loyalty card

These cards usually have a barcode on the back that a cashier can scan and offer customers discounts. “But now that retail stores or any brand maintain a customer loyalty account online, the need for physically carrying loyalty cards has got eliminated,” says Kacker.

8. Bills and Receipts

Old bills and receipts do nothing but make our wallets heavier. Even if a bill/receipt needs to be saved for some purpose, we can rather take a picture of it and save it on our phone. “This way, you wouldn’t have to rummage through months’ old bills and can find the one you need easily,” observes Pinapala.