Millennials Demand Mobile Payments!
Mobile payments seems to have remained “on the horizon” for several years.
Products like Google-Wallet and NFC were supposed to have revolutionized payments by now, but have either faded into obscurity or are just now starting to make any serious inroads.
So the question one has to ask is – does anyone really want mobile payments?
The answer is a resounding YES, it is the Millennial generation that is likely to finally drive adoption of new payment technology.
Millennials are the generation born between roughly 1982 and 2002, in other words people that range from 12 to 32 years old today. And already, almost one half of them say they would prefer to pay by phone rather than by cash.
Generally the children of ‘baby-boomers’, Millennials in general have tended to be more risk averse, both in lifestyle as well as financial choices.
However, they are leaders in terms of adoption of technology, and especially in reliance on mobile as their prime device to interact with the outside world. In the US, overall smartphone ownerships today stands at about 71%, while for Millennials is it over 85%!
As more and more Millennials move into their prime earning and spending years, they are likely to be increasingly influential in what new products and technologies are adopted in the market. And one of the technologies that Millennials want is mobile payments.
The following infographic highlights some of the key statistics about Millennials and mobile payments. It is based on information from Accenture and JWT, and has been put together by payments company @pay.
