Currency News

24 Feb 2017

Generation-X champions mobile payments

Mobile payments have expanded a lot in the last few years but, since 2015, adoption has been slower with only modest growth. According to Deloitte’s 2016 Mobile Consumer Survey that was published older American millennials are more likely to use mobile payments than their younger counterparts.

The group that includes people of ages between 24-35 years old admits that they use their mobile phone to pay for something online at least once a week. This fact puts the specific group in the first place more than any other age group. It’s impressive that, in comparison with the younger group of ages between 18-24, older millennials are twice as possible to make a mobile payment. The group that includes people of ages between 35-44 has 3 times less chances of picking up a smartphone and execute payment.

Another interesting fact is that the younger millennials (18-24) not only don’t use the modern way of paying but apparently they’ve seem to abandon it since there was a 3% drop in the number of users comparing to 2015. The Deloitte survey shows that people of, what was called at some time, Generation X lead the way in that sector. 40% of them already use their smartphone device to transfer money and 39% of them will pay in a restaurant, in a cafeteria or the grocery store this way.

On the contrary, younger millennials show a tendency in using cash for their transactions, a fact that kills the myth of Generation-Y having integrated all modern tech in their lives. Experts like Ken Kruszka, CEO of Snapcheck, wrote in an article that probably someone must approach that age group of users and listen to their needs because it seems that they are waiting for the right sweet spot of form and convenience.

A survey of ACI Worldwide and Aite Group showed that around 80% of smartphone users believe that data in their mobile wallet is generally secure. This fact shows that the average smartphone user is confident to use the phone to make a payment. The Deloitte Survey showed also that users are ready to share usage data with companies but they want to be in control which kind of information they share.

Most people are motivated to make a mobile payment because they like or expect to have a discount or a reward. Some users want to avoid fees of the banks. Fact is that mobile payments are the future and people are willing to use them whether via smartphone or a laptop in their living room.