Fast-growing countries are ready for a wallet-free life just as Canada is, claims PayPal’s latest survey conducted in 15 countries between April 29 and May 20, 2014. The company made its name by changing the way people think about and use money. With its latest survey, PayPal tried to find out how global attitudes to time, technology, and money have changed.
The survey has three major findings: (1) 70% of the world thinks technology should make payments simpler, connected, and faster with more choices and opportunities; (2) the majority of people waste up to four hours per day on mundane tasks; and (3) fast growing economies embrace mobile.
A similar study was conducted by PayPal last year as well, and the trend seems to point toward going mobile in the payments industry. Last year, Canadians showed interest in leaving their physical wallet back home; this year, the study revealed that this trend is a global: for example, in Singapore 73%, China 72%, and Australia 51% of those surveyed want technology to help them avoid long lines and waiting for someone to take payment or having to get cash to complete a purchase.
The second discovery shouldn’t surprise you: I’m sure you have spent countless minutes in traffic or in useless conversations or waiting in queues. As it turns out, only Germany has a significant percentage of the population who profess to be highly efficient and waste no time.
For the rest of the world, getting to and from work and dealing with daily routines seem to be the biggest time-sucks, with every country averaging more than an hour on each. Italians, however, have the worst commutes, wasting more than two hours each day (123 minutes on average) followed closely by Israelis (117 minutes). Russians waste nearly three hours on errands each day (166 minutes), followed by Brazilians (125 minutes), Americans (118 minutes), the Chinese (115 minutes), and the Turks (112 minutes). In the US, being stuck in traffic and pointless meetings, calls and emails come in as a close, combined second for what we waste time on (22 percent each).
As a final thought, the statistics are pro-mobile payments, so it seems. In the world’s fastest-growing economies, the populations have already embraced mobile payments: see China, where 90% of the respondents are already paying with their phone, followed by Russia (85%) and Brazil (70%).