Home News & events Press Releases 2015 Compass Plus survey finds only 8% of millennials plan to use mobile payments as a primary payment method in 10 years

 

Compass Plus logoCompass Plus survey finds only 8% of millennials plan to use mobile payments as a primary payment method in 10 years

 A survey conducted by Compass Plus, an international provider of electronic payments and retail banking software to processors and financial institutions, has revealed that despite the increasing availability of alternative payment methods, millennials do not plan to replace traditional methods in the next 10 years.

As part of the survey, 200 consumers in Nottingham were asked to describe their current payment habits and how they think these may change in the future. The results show that only 8.2% of millennials see mobile payments becoming their primary payment method over the next decade, compared with 80.6% stating cards and 11.2% choosing cash. Of the millennial respondents, only two thirds were aware of mobile payments.

The survey also found that nearly three quarters of under 29 year olds would rather leave their house without their purse or wallet than their mobile phone. Yet over 80% of the millennial respondents chose either a debit, credit or contactless card as the payment method they will use the most in 10 years’ time.

“The survey has clearly demonstrated that mobile is an essential tool for the younger demographic, not to be left at home. Despite this, there are clearly barriers preventing the adoption of mobile payments, which is concerning for an audience that we expect to lead the way in mobile adoption,” said Maria Nottingham, Executive Vice President at Compass Plus Great Britain. “Mobile payments offerings should not be restrictive; they must offer real value and differentiation if they are to compete with other channels, not just a card replicating novelty. As we see increased flexibility and versatility in mobile applications,  we will see increased adoption, particularly in card-not-present situations.”

 

Millennials

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