Comments
Mobile Payments & Digital Currencies Gain Popularity
Newest First  |  Oldest First  |  Threaded View
Nathan Golia
50%
50%
Nathan Golia,
User Rank: Author
10/31/2014 | 3:20:01 PM
Re: a big jump
I agree. The only real reason to carry cash is for small purchases where the merchant looks at you sideways for not using cash (or straight up won't accept your payment). User-friendliness for certain digital payment platforms is still an issue (wrestling with Square readers is a regular source of delays at craft fairs) but wireless/contactless enablement could go a long way.
Becca L
50%
50%
Becca L,
User Rank: Author
10/30/2014 | 5:24:39 PM
Re: a big jump
Most people don't really understand what's involved in "security," just tell them it's secure, trust us. Add a couple pictures of shields. If enough breaches stay out of the headlines and hype continues to build up around mobile payments I won't be surprised to see the entire consumer approach is changed by this time next year.
Becca L
50%
50%
Becca L,
User Rank: Author
10/30/2014 | 5:22:47 PM
Re: a big jump
As part of the generation eager to adopt mobile payments, I cannot wait until my wallet is completely redundant. ID, payment, and hopefully digital keys - all in one. More room in my purse for all the other things I can't seem to leave the house without...
Jonathan_Camhi
50%
50%
Jonathan_Camhi,
User Rank: Author
10/30/2014 | 3:43:34 PM
Re: a big jump
Apple is definitely banking on that crowd as they will be quick to get the new iPhone that is ApplePay enabled. So I suspect mobile payments will only become more popular for this demographic over the next few months as more iPhone 6's roll out.
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/30/2014 | 1:15:25 PM
Re: a big jump
Yes, that mental barrier of feeling "secure" paying with a phone is the last hurdle to probably widespread mobile payments adoption.
Kelly22
50%
50%
Kelly22,
User Rank: Author
10/30/2014 | 11:39:32 AM
Re: a big jump
True, it does make sense that digital payments are highest among these two groups. I'm not surprised to see that security/privacy concerns are preventing people from paying with digital, either. As security measures improve, I'm sure we'll see more growth in the space. 
Byurcan
50%
50%
Byurcan,
User Rank: Author
10/30/2014 | 8:42:28 AM
Re: a big jump
Yes, millennials are a group that's done everythign their whole adult like with a smartphone. And obviously the wealthier consumer tends to have the best/latest gadgets.
Greg MacSweeney
50%
50%
Greg MacSweeney,
User Rank: Author
10/30/2014 | 7:57:41 AM
a big jump
It's not surprising that these demographics are the first to adopt mobile payments. After all, we have our phones in our hands almost all day, every day...so mobile payments is the next obvious step.


Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.