A clear migration from cash to credit cards has occurred. The next migration is from credit cards to mobile wallets. With some of the world’s most admired and Millennial favorite companies like Apple, Google, and Samsung all releasing mobile payment services, the future of payment is becoming clear.
If you offer goods and services to Millennial consumers, take note of their evolving desire for mobile payments. Here are twenty-eight striking statistics that highlight how Millennials want to pay.
- 52% of North Americans are aware of mobile payments, yet only 18% use them on a regular basis.
- 23% of Millennials use contactless payments at least once a week.
- 64% of U.S. Millennials do not own a credit card.
- More than a fifth of all Millennials have never written a physical check to pay a bill.
- More than one-third of Millennials consider credit cards to be “old school,” and they are more likely to be annoyed by the process of using traditional credit cards online than their parents’ generation.
- Nearly 50% of Millennials want to use mobile payments to speed up financial transactions.
- 45% of Millennials want to use mobile payments to split bills with their peers.
- 52% of Millennials want mobile payments to help them track their spending.
- Millennials are most likely to use online credit to pay for clothing and accessories (45%), electronics (33%), and travel (27%).
- 44% of Millennials would prefer to pay using their mobile phone than with cash, particularly for smaller purchases.
- Over 50% of Millennials said they would be comfortable connecting their payment information to a mobile app provided by a retailer or service provider they buy from frequently.
- Nearly 50% of Millennials said they’d connect their mobile payment information to a “wearable” device, like a smart watch.
- 56% of Millennials have adopted alternative payment services such as Venmo or PayPal.
- 32% of Millennials are likely to use mWallet services.
- In 2018, it is predicted that transactions via mobile payment technologies will reach 9.9 billion.
- 53% of Millennials said they would prefer to pay for a purchase using their smartphone as a mobile wallet instead of credit cards.
- 47% of Millennial consumers have already transferred money to someone electronically.
- 20% of Millennials would prefer not to interact with cashiers at all in retail environments.
- By 2022, a 40-50% reduction in the number of U.S. “cashier” jobs is likely.
- Millennials spend more money online in a given year than any other age group.
- The total value of mobile payment transactions are forecasted to grow 210% in 2016—from $8.71 billion to $27.05 billion.
- In 2015, U.S. mobile commerce sales grew 38.7% from 2014, equaling 30% of all U.S. e-commerce.
- By 2020, mobile commerce will make up 45% of total e-commerce, equaling $284 billion in sales.
- 58% of mobile shoppers are Millennials.
- 41% of Millennials have made a purchase via their smartphone.
- 50% of Millennials use their smartphone to research purchases — searching and show-rooming while in a store.
- By the end of 2016, 85 of the top 100 retailers are planning to adopt beacon technology to offer targeted offers, loyalty rewards, and mobile payments.
- In 2016, beacons will have a direct influence on over $44 billion in U.S. retail sales.
Question: Which statistic stands out the most to you?
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