Note from the CEO: All things digital and mobile are a fact of everyday life now. Even more so with the Millennial generation. Here is a great read on how they spend, socialize, communicate and transact business. But, one thing that may impede that overall use? Security concerns. Yes, just like older generations, people need to feel safe and secure in all aspects of their everyday lives.
“Millennials are a generation of digital natives who have never known a world without the internet. They are the largest generation since the baby boomers, carrying a mobile phone with them wherever they go … to work, to dinner and even to bed. Because of their digital-first expectations and behaviors, they are a closely followed segment for organizations looking to succeed in the future….
Millennials overwhelmingly manage their money online, either through a PC/Mac or via mobile, with most consumers in this segment preferring to manage their personal finances
using their mobile devices. In fact, Millennials are more likely to check account balance, transfer money, and/or receive account alerts using their mobile devices than with a computer…..
According to Vocalink, while 82% of Millennials surveyed had either heard of, or think they have heard of, Apple Pay, only 8% of iPhone users said they currently used this method of payment. The same was true of Samsung Pay, with awareness/adoption rates of 71%/8%. Interestingly, PayPal was only used by 9% of Millennials as a mobile payment option.
So why is adoption so low? The research found that while over half of millennials (52%) are current users of mobile payments in one form or another, 86% of contactless mobile payment users have experienced either technical problems or acceptance issues. For Millennials who have tried mobile payments and stopped, 47% discontinued use because of concerns over losing financial data or because they feared the network itself wasn’t secure.”