Millennials mobile usage frequency & security concerns are shaping the way we do business now and will continue to shape how the hotel industry does business in the future. Mobile phones and payment terminals have become best friends. Carry cash? Nah. Just whip out your cell to make mobile payments with Apple Pay or Samsung Pay. Wait on bank lines? Nah. Just login to your bank account with your mobile device and….voila! NFC payments made in a few minutes.
Millennial Mobile Usage Statistics
Using mobile devices to conduct transactions has become second nature to millennials. It’s convenient, easy and quick. Mitek, a mobile capture and identity verification provider, conducted a survey of 3,010 smartphone users. They found that one fourth of those surveyed between the ages of 18 and 34 used mobile for their transactions and purchases at least once a day. While 29% said they used mobile a few times per week. One in five said they used their mobile device to pay for things once or twice per month.
But 42% of millennials believe the benefits of using mobile for transactions are being weighed down by rising fraud and security concerns. With more companies adding steps to verify identity, 20% said there were just too many verification steps involved with their mobile devices. As a consequence, 19% said their mobile experience was not as good as their desktop experience.
Millennials are more likely to put their trust in technology-based companies for their transactions, like PayPal and Square, rather than traditional banks who require multi-step identity verification. The point to keep in mind is that criminals aren’t selective whom they target but rather in how easy it is to get into accounts. So we all need to remain diligent in account security.
Though privacy issues are not as strong in millennials as they were for previous generations, the security concerns are still very real. With more than 46% of the population as millennials are expected to be in the work force by 2020, companies will need to find better solutions for mobile payments.