logo image

Worried About Security, Millennials Shun Mobile Payments Essay

Mobile payments in the U.S. are expected to catch on in the coming years, but that doesn't mean millennials will jump on the bandwagon.

Millennials, generally regarded as those born after 1980, are increasingly concerned about mobile payments, with one in four abandoning the practice due to security concerns, according to a survey from VocaLink.

It's not all a lost cause; of the 5,000 people surveyed, 70 percent say they'd use a mobile payment service that was run by their bank, especially if it was secured via fingerprint authentication rather than chip and PIN.

"Surprisingly, the element of 'trust' and 'security' was a priority for many of the millennials we spoke to, and as a result felt strongly that their bank was the preferred provider of payments technology," VocaLink's director of marketing and customer insights, Cara O'Nions, said in a statement. "However, it is clear they still want to see further innovation from all payment providers, to respond to their need for ubiquitous and reliable instant mobile payments."

At this point, 52 percent of all mobile payment users are millennials, but 86 percent of people within that group have had problems using contactless payment services.

Millennials represent a critical demographic for mobile payment providers like Apple,

Need essay sample on "Worried About Security, Millennials Shun Mobile Payments"? We will write a custom essay sample specifically for you for only $ 13.90/page

Google, Samsung and others. They invest heavily in smartphones that allow for services like  to work, and are probably most likely to adopt mobile payments.

Earlier this week,  Android Pay will soon be available on "hundreds of thousands of new sites" where Visa Checkout and Masterpass are accepted. This should offer a much easier checkout experience on these sites, letting users pay with their preferred device authentication method, such as a fingerprint scan.

Can’t wait to take that assignment burden offyour shoulders?

Let us know what it is and we will show you how it can be done!
×
Sorry, but copying text is forbidden on this website. If you need this or any other sample, please register

Already on Businessays? Login here

No, thanks. I prefer suffering on my own
Sorry, but copying text is forbidden on this website. If you need this or any other sample register now and get a free access to all papers, carefully proofread and edited by our experts.
Sign in / Sign up
No, thanks. I prefer suffering on my own
Not quite the topic you need?
We would be happy to write it
Join and witness the magic
Service Open At All Times
|
Complete Buyer Protection
|
Plagiarism-Free Writing

Emily from Businessays

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out https://goo.gl/chNgQy

We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy