Mobile Payment Systems Surge, Influenced by Millennials

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New types of mobile payment systems are cropping up in business everywhere, thanks to consumers like myself who are part of the most talked-about generation since the baby boomers – the millennials.

We’ve been referred to as lazy, lousy, and entitled. Some of us have even exuded these traits in heavily criticized fashion. There’s no denying, however, that millennials are changing the landscape of retail as we know it.

Over 68% of the population (and growing) owns a smartphone, and consumers are becoming more comfortable using mobile options as their payment method of choice. Vantiv and iModerate recently surveyed over 1000 millennials to understand how companies can leverage new types of mobile payment systems technology to create a more convenient and efficient shopping experience for this fast-moving generation.

What do millennials want in types of mobile payment systems?

The results of the survey illustrated that millennial consumers are gravitating toward using these types of mobile payment systems at retail opportunities, but there are a few things on their list of demands:

  • Better comparison apps. Those surveyed indicated a desire for mobile sites that allow them to easily identify items at a brick-and-mortar location in order to read reviews about the item, compare the item to others like it, know where the product is available and know the price options available.
  • Tailored product information. Retargeting ads and pop-ups based on search history are only a few of the ways in which retail marketers are able to personalize a consumer’s experience. Millennials want more interaction with products so that they remain engaged in the purchasing process.
  • Mobile compatibility. It’s 2016, and it’s surprisingly often that I come across a site that is not compatible on my smartphone (atop my list of peeves are videos that don’t scale to the size of my Samsung – can someone get on that?). Millennials want the mobile experience to be the same as the desktop experience.
  • Applicable discounts. Geolocation and pushing digital incentives are the new form of persistent negotiation. Millennials are more likely to spend money when they’re presented with an offer to buy.
  • Faster checkout times. We’ve assured you that EMV chip card migration takes patience, but Millennials don’t have patience (or so I’ve heard). Millennials are looking to reduce time at the register by using mobile payment systems to scan mobile wallets.
  • Delivery perks. Drones may be all the rage for burritos and jerky, but millennials have simpler desires of same-day, cheap shipping that makes the online retail process less cumbersome.

What can businesses do today to help attract robust Millennial consumers?

For starters, business owners can upgrade their processing to include new types of mobile payment systems. Then, they need to ensure that their mobile processes are optimized so that the consumer feels like there’s no difference between being on their phone or being at your physical business location. Mobile solutions can also make way for more efficiency when it comes to check-out, delivery, and consumer rewards.

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