Born between 1980 and 2000, millennials have grown up at a time of technological advancement, globalization and economic disruption.
More than half of millennial British people are regularly using their mobile phones to manage their financial affairs, according to a Visa survey.
Data from Visa`s latest Digital Payment Survey of Europe confirms that Millennials interact with mobile and banking apps more readily than older age groups.
Born between 1980 and 2000, millennials have grown up at a time of technological advancement, globalization and economic disruption, as Visa explained in their press release.
“They were the first generation that have been raised almost entirely in the Internet and digital media age”, as the company explained.
As they added, millennials have always had Internet, and from an early age, smartphone use has been the norm for them. As a result, it is only natural that they embrace technological developments and tend to adopt the newly launched services.
The survey drew the following conclusions about millennials` use of digital payments:
- Over half of European millennials (54%) use mobile digital payments, compared with just 44% of the general public.
- Millennials are more likely to use digital payments for everyday essentials than other generations, too – paying bills (47% vs. average of 40%); transferring money to friends and family (56% vs average of 45%), and interacting with their banks (68% vs. 62%).
- Four in five millennials would be interested in seeing new forms of digital payments offered in future, compared with 67% for the general population.
Also, Visa found in another reseach that millennials prefer biometric authentication, with 81% of them saying that they would like to use some form of the solution in the future instead of PINs and passwords.
Judging by the results, traditional banks need to collaborate with financial technology companies, so that they adapt to their clients` needs.