Why India is shifting from Wallet to Money Clip | Statistics

India is at a stage where online booking is just a few taps away with your smartphone, shopping is e-buying, & digital banking is a need more than a luxury. These developments may not be directly related but are underlying causes to why India is shifting from wallet to money clip. How? Let’s see.

Digitalization

Digitalization in India_why to buy Money Clip

roughly 40% of the internet users in India are from rural areas. And if the percentage isn’t enough to convince you – approximately more than 112 million people using the internet are a part of the rural population.

Once upon a time you had to keep your travel ticket safe in your wallet, you couldn’t enter the movie theater without a piece of light paper with your seat numbers and movie details. Now it’s all stored in your phone. Lesser the real documents lesser the space needed to store it. One would argue that digitalization is just an urban scenario. Hardly anything compared to the majority rural population India consists of. But is it really so? The rural population undoubtedly dominates the population percentage in India and when it comes to using the internet, the rural population hasn’t stayed far behind. As of 2015, roughly 40% of the internet users in India are from rural areas. And if the percentage isn’t enough to convince you – approximately more than 112 million people using the internet are a part of the rural population. Today, India ranks 3rd in the list of countries with most number of internet users – proof enough to understand how many people have adopted the digital world.

READ  The latest Fad - Luxury Corporate Gifting

Cards over Liquid money
Credit card_Debit_Card_India_Money_Clip_Online

A survey carried out in 2013 points out that more and more people in India prefer carrying fewer cards to avoid extra charges as compared to carrying a number of different cards. 

2014 changed the face of banking in India. More than 80% of the population in India owns an ATM card. India has become one of the top 20 nations with highest Credit-Debit card penetration. A survey carried out in 2013 points out that more and more people in India prefer carrying fewer cards to avoid extra charges as compared to carrying a number of different cards. One of the top reasons why people prefer carrying a card is ‘to safe feel by not carrying liquid money’.


Thefts

Thefts in India

“research says that only 1 in 5 lost wallets is returned to its owner. Every year an average of 1000 wallet thefts are reported in India.”

While carrying cards and minimum liquid money is a smart option, carrying it in a money clip is a smarter option. The percentage of wallet thefts even today is embarrassingly high – research says that only 1 in 5 lost wallets is returned to its owner. Every year an average of 1000 wallet thefts are reported in India. 8 out of 10 people don’t like keeping their wallet empty and tend to keep more cash in it. Wallet equals to more liquid money. Whereas money clip is specially designed for cards and requisite amount of liquid money.

Now if its only cards and minimum money that you are carrying then Money Clip sure has become more of a convenience than a luxury. At least the statistics say so. What will you go for next – Wallet or Money Clip?

READ  Celebrity Handbags | Which Celebrity Has Your Dream Bag?

Related: Where to buy Money Clip from?

Leave a Reply