Sunday March 12, 2017

Millennials Fuel Increasing Usage of Mobile Payment Systems

It sounds like using your smartphone to make purchases is taking off. Sadly, my Note 3 doesn’t support Android Pay (the only mobile payment method I care to use), so I haven’t been able to impress anyone at the registers yet. For those of you who have foregone physical credit cards and adopted a mobile wallet, are you actually getting through checkout quicker?

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آ…mobile payment services are seeing a rise in usage. Scott Blum, VP at Total Merchant Services, gives credit to the millennials for this. Making up one quarter of the U.S. population, Blum predicts that this generation will lead the way as credit cards become obsolete, replaced by the mobile wallet.As typically occurs with new technology, there are those who would prefer to use the old methods. According to the 2016 North American Consumer Digital Payments Survey conducted by Accenture, "آ…consumers are still relying largely on traditional payments methods despite the availability of reliable digital payments providers." The same report noted that 56% of consumers are aware that they can make payments using their smartphone.