26 Oct Payment acceptance, a generation game. 4 ways millennials are changing the way we pay.
Millennials are one of the largest generations in history, and are reshaping the way we buy and sell. They are busy and rarely stand still, they are open to new experiences and take on new things and hobbies without the reluctance and scepticism of previous generations. Having grown up through the recession, millennials are typically price conscious and watch spending during the week, but like to treat themselves at the weekend. They love buying online and will check and compare deals on their smartphones before purchasing.
So how are millennials choosing to pay and what impact are they having on the payments landscape?
Contactless Payments; baby boomers are catching up
Millennials tend to lead the way when it comes to early adoption of new technology and this was definitely the case when contactless launched in Ireland. When we surveyed the Irish population last year, 59% of millennials were using contactless whilst only 43 % of baby boomers had tried using it. However things have changed and contactless has officially become ‘mainstream’. This year, usage of contactless has increased and levelled out across all generations. 72% of millennials, 72% of Gen X’ers and 72% of baby boomers said that they use contactless regularly when surveyed. Millennials are the first to adopt, baby boomers are quick to follow.
Millennials know what they want
Millennials know what they want are aren’t afraid to go elsewhere to get it. According to our research 61% of millennials have avoided a shop that didn’t accept card payments.
Mobile Payments; Millennials early adopters once again
It comes as no surprise that, just like with contactless payments, millennials are leading the way in adoption of mobile payments. What is surprising is how few millennials have used it. Only 22% have used mobile payments, which although a low number, is not as low as 9% of Gen X’ers and only 3% of baby boomers.
All is not lost for mobile, of the 22% of millennials who have used mobile payments, 50% prefer it to debit/credit card payments. We expect adoption of mobile payments to grow amongst millennials and once it does we expect the other generations to follow closely behind.
Selling to millennials means selling online…
Millennials are busy and are used to instant access. With reviews and price comparisons at their fingertips, millennials are turning to brands that can offer convenience at the lowest cost. When surveyed, one third of millennial respondents said that they would go to a competitor store if online shopping was not an option.
In order to capture your share of the millennial market, you will need to offer simple, quick and convenient ways to pay whether it is online, in-store or on the go. To find out more about accepting card payments in-store, online or on the go fill in the form below to get a quote from our sales team.