Given a choice between either a wallet or a smartphone when going out, almost one-third of U.S. consumers now prefer the phone, according to a PayPal survey. The study also reflects growing frustration with businesses that lag in accepting electronic payments. "What this shows is that consumers in the five markets that we surveyed are all moving away from their reliance on their physical wallet. Consumers are now looking to ditch their wallets in favor of something digital," said Anuj Nayar, PayPal senior director of communications.

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