The use of mobile payments is expected to grow approximately 210% in 2016, reaching a transaction total of $27 billion. But who is driving this surge in mobile payments?
Elavon North America President Guy Harris identified some interesting differences of spending habits of baby boomers versus millennials.
“There are a number things going on from a generational perspective as well. So, I think it’s interesting to look at millennials and their attractiveness towards technology versus boomers. If you think about where the spend takes place, the spend takes place typically with the boomers because that’s where the money is. Millennials will be the people that spend the most money in 10 years’ time,” Harris told the FOX Business Network’s Maria Bartiromo.
Harris says millennials are leading the way in adopting the mobile payment technology.
In addition to understanding why millenials are leading the way it’s important to understand the future of online and mobile payments, the biggest players in the industry, and how they could change the face of everyday banking to fully grasp the potential of mobile payment.