I don’t think it would surprise anyone to know that millennials are taking to mobile payments like the proverbial ducks to water. But coming up fast is the Generation Z crowd (18 to 24 year olds) who seems even keener to use their mobile wallets.
Generation Z in fact is more than twice as likely to use a mobile wallet for a purchase than the general population – and four times the rate for baby boomers – according to market research firm Gfk. Millennials for their part use mobile payments in 7% of paid transactions (versus 3% of the general population); and 53% of the same group have used mobile payments in the last four months (that’s compared to 14% for baby boomers).
Gen Z are also pretty confident about the security of mobile payments; and are saying they are planning to use mobile wallets more in future.
What we see in this is a number of opportunities for carriers and retailers to make things as easy and secure as possible for consumers to get on the mobile payment bandwagon – including making sure mobile coverage is spot on, all the time at any location. We can help with that.
This is after all only the beginning of much bigger things to come. So it’s always best to be prepared.