Businesses and consumers alike are interested in faster,
safer, and more convenient payment methods. Are you ready to go digital?
Demographics across the world are shifting. Millennials are
now the most diverse and prominent generation in the US population.
As a generation heavily influenced by technology, their
buying habits and expectations are all formed via the immediacy that
smartphones, Internet, and modern conveniences engender.
Businesses and consumers alike are interested in faster,
safer, and more convenient payment methods, as cash is becoming obsolete and
credit cards are being phased out. Mobile and social payment options could be
the future of millennial-driven purchasing, creating the sort of instant
gratification that millennials expect.
Here are a few trending digital payment methods that
Millennials will prefer to use in the coming year.
1. Mobile In-Store Payments & Apps
The development and usage of mobile POS options will
increase exponentially as the demand and usage of mobile devices grows. A few
facts about mobile device usage:
Nearly 90 percent of millennials today own and are in close
contact with their smartphones throughout the day.
Consumers are currently making over $4 billion worth of
purchases from their mobile phones. Researchers predict that the numbers will
reach $34 billion in just a few years.
In a recent study, 56 percent of consumers said they would
use their mobile devices as a payment method if it was an easy option.
Currently, options such as SMS and NFC payment methods are
possible, but they are not prevalent or convenient enough to satisfy the
growing demand of millennials for an easier, faster, and safer way to pay via
mobile. Opening up smartphones as a POS method of payment will create
innumerable opportunities for the entire payments industry; turning a mobile
device into a smartphone credit card reader would effectively enable anyone
with a smartphone to complete transactions whenever they wanted.
In-store payment apps are also on the rise, with PayPal
Beacon and Apple’s iBeacon paving the way. Many consumers are turning towards
these methods as a safer option, quicker than waiting in line, and easier to
access, as each transaction has its own unique code. They allow users to simply
pay for items found in the physical store via apps on their mobile phones.
2. Digital Currencies
Digital currencies will surface and solidify their place in
the economic ecosystem of financing.
With the entire world shifting towards more
technologically-driven payment methods, digital currencies, such as Bitcoins,
could be the future of financing and may change the entire economic structure
of the world. Even if they don’t completely take over, digital currencies will
become more popular among the millennials who enjoy innovation, freedom, and
convenience - all commodities that virtual money offers.
The popularity of digital currencies stems from the
instantaneous and border-less nature of the transactions. Essentially, this
payment method can be used anywhere, and it isn’t being regulated by government
influences and rules, yet.
3. eWallets & Mobile Payment Applications
What You Should Know About Amazon's New Data Centers in
South KoreaThese apps allow users to transfer money, purchase products, pay
bills and complete virtually any other type of financial transaction, all with
the tap of a finger. By creating an account and storing your payment details in
it, purchasing goods and services with the mobile device is quick and easy –
both virtues that millennials appreciate. Again, mSwipe is an excellent example
of this convenient technology being put to use, along with Venmo, Google
Wallet, and Apple Pay.
OnlyCoin is running on a slightly different mobile
technology in which all of the user’s financial information is stored on a
device the same size and dimensions as a credit card that is connected to a
mobile app. It allows users to pay with any of his/her payment methods,
including credit cards, with only the need to carry one card.
4. Social Media Payment Options
Social media networks will expand their reach to include
payment solutions such as transferring money from one user to the next
(peer-to-peer) or paying directly within the network.
An overwhelming number of millennials will turn to social
media when looking to purchase. Five out of six millennials who were surveyed
said they connect to companies through a social media network, and 95 percent
of these consumers take their friends’ recommendations as the most reliable
accreditation. What this tells the smart marketer is that their consumers are
networking, and companies had better get social fast.
Social payments are being split into two categories: on-site
purchases and peer-to-peer money transfer services. SnapChat released SnapCash,
a quick money transfer channel that lets users exchange cash from one account
holder to another instantly. This would be different than mobile payment apps,
like those listed above because the money would be transferred directly from
one bank account to the other rather than being stored in a separate wallet or
app account. Pinterest, on the other hand, is utilizing “Action buttons” within
their platform to allow users to add items to their Amazon Wish List or to
complete a purchase directly from within the Pinterest site.
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