Older Millennials Are More Likely to Use Mobile Payments

January 11, 2017

Mobile payments are still a new development for most consumers. They are clearly marked on most retail payment terminals, and most banking apps offer the ability to make transfers and deposits with just a few taps. However, most people still slide their card, reluctantly slip it into the chip reader or hop on a computer to move money around. Why are customers so slow to use a technology that seems so easy and convenient? Deloitte’s 2016 Mobile Consumer Survey offers some interesting statistics about mobile payments, and it seems to suggest age plays a roll along with lifestyle.

A poll of 2,000 internet users between the ages of 18 and 75 in the United States participated, and the group most likely to take advantage of using a mobile phone for payment is the older end of the millennials spectrum. This group, ages 24 to 35, said they made purchases this way at least once a week. Older millennials are twice as likely to use mobile payments as their 18 to 23-year-old counterparts, and three times more inclined than the generation just before them. Though it should be noted that this older group, ages 35 to 44, is a growing market and actually saw a 6% increase in utilization. It is also interesting to note that there was a significant 3% drop in usage among younger millennials.

Overall, the survey shows that mobile phone payments are used to transfer money or make payments in coffee shops and fast food establishments approximately 40% of the time and to a much lesser degree at restaurants, clothing stores, and grocery stores.

Millennials are a huge segment of the buying public, and they have the ability to move the smartphone purchasing option forward, so it may become the new normal in the near future.

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Categories: Credit Cards, Emerging Trends, Industry News, Mobile Payments

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