How Millennials Are Shaping Payments

Millennials, generally defined as people who were born between the early 1980s and late 1990s, make up approximately 25 percent of the American population and are widely considered the most affluent, with a combined net worth predicted to reach at least $19 trillion by 2020. Because of the effect their considerable economic power has on the payments industry, forward-looking companies who want to reap enormous financial rewards need to keep pace with technology.

Millennials and Mobile Payments

If there’s one thing you need to know to market effectively to millennials, it’s this: millennials love all things digital. People born during the 1980s and 1990s use the latest gadgets, such as smartphones and tablets, and understand them intimately. Some millennials feel more comfortable using smartphones for financial transactions than traditional banking institutions.

Roughly 9 in 10 millennials own a smartphone, and around 30 percent make purchases every week using it. This tech-savvy group is quick to adopt the latest payment trends, especially if they have to do with e-commerce or social media.  Is your software poised to compete?

How Software Providers and Their Customers Can Keep Up with Millennials

Here are five goals that software developers and retail businesses can set to appeal successfully to the spending habits of millennials:

• Invest heavily in e-commerce.
• Provide multiple payment options (think google pay, apple pay and all things mobile payments).
• Unify online experiences and physical store interactions for a true omni-commerce experience.
• Create business websites and mobile apps that are intuitive and powerful.
• Follow top PCI DSS information security requirements (millennials want to know their info is secure).

Whether sipping on a morning cappuccino at a cafe or looking for great deals on airfare, millennials want multiple ways to pay: debit cards, mobile apps and recurring subscriptions. Businesses want to appeal to millennials so make sure your software is set for them to succeed.

At Paragon Payment Solutions, our payments technology allows your business to state up-to-date with the latest in all things payments. From P2PE transactions to a mobile SDK for a multichannel approach, your customers are able to reach the profitable millennial market like never before. Discover how easy the process can be with our extensive developer resources.