Due to distrust in financial institutions, new technology and recent high-profile data breaches (Home Depot, Target etc.), Millennials are looking to take their finances into their own hands. According to a new JWT study, 51% of Millennials don’t think it makes sense to still rely on cash, debit and credit cards to pay for goods and services and 46% see traditional forms of payment as outdated, especially when it is putting their privacy at risk.
As banks, tech giants and new entrants vie to dominate the digital space,brands are already beginning to leverage this trend by creating easier and more seamless payment options. 85% of Millennials used a mobile app to pay in the past year and 10% “tapped” to pay with a mobile phone. For example peer-to-peer payments such as Venmo, fast food brands like Starbucks and taxi services like Uber have let users both order, pay and send money reducing wait time and hassle.
Click here to view the full report, which also highlights crytpocurrencies, Bitcoin, other forms of social currency and how brands are using mobile wallets for payment.