Readying for the Millennial Disruption in Payments

The way we buy has changed immensely in recent years. Long gone are the days where purchasing only happens in-store with cash or credit. Now, shopping not only happens in brick and mortar stores but increasingly in the seemingly limitless online marketplace, complete with virtual shopping experiences, customer reviews and price comparisons. Then, when it’s time to actually buy, shoppers are presented with an increasing variety of payment options to choose from.

While much of this change is thanks to new technology, the growing influence of Millennials is also a factor. With collective purchasing power of over $2.45 trillion worldwide and growing, merchants cannot afford to ignore the experiences and preferences of this demographic. To do so risks limiting future growth.

The Mobile, Digitally Fluent Generation

Add to this some of the major financial events of the last decade including the economic downturn in 2008, data breaches and a growing distrust in traditional financial institutions and Millennials have shown that they are especially willing to try payment methods that are more personalized, convenient, secure and cheaper when compared to cash and credit cards.

Banks at “the Highest Risk of Disruption”

With 85% of Millennial’s age 18–24 owning smartphones, tech companies are actively taking advantage of this mobile usage rate to refine their digital wallet. From eWallets to virtual currencies, payments are experiencing tremendous innovation and the influence and preferences of this digitally fluent generation has been and will continue to be huge.

What All This Change Means

Global Business Development | User Acquisition | Digital Advertising | Mobile Marketing | Strategic Partnerships💡 🚀 💵 #hosting #ecommerce #strategy

Global Business Development | User Acquisition | Digital Advertising | Mobile Marketing | Strategic Partnerships💡 🚀 💵 #hosting #ecommerce #strategy