Millennials, those born between 1980 and 1999 are strong supporters of new technology. Millennials were raised in a digital world which had a huge influence on them later in life. Out of all age generations they are the first to accept new technologies. Since being raised in that world they have come to really embrace mobile payments.
Mobile payments offer a huge benefit: convenience. A mobile payment can be conducted on a mobile device anywhere which makes the traditional way of standing in line obsolete and just seem silly.
Soon the idea of carrying a wallet or using cash for transactions will be seen as out of date as mobile payments continue to become widely accepted. In a world that delivers instant gratification through technology, mobile payments to millennials just makes sense.
We’ve done the research and the stats are there; millennials love mobile payments. This infographic digs into the power that millennials hold in growing mobile payments.
44% of millennials said they would rather use their mobile phone than cash to pay for smaller items
50% of millennials want mobile payments to speed up transactions
55% of millennials use mobile payments so they don’t have to stand in line
56% of Millennials report that they are among the first to try a new technology
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