A naukri.com initiative
Global Fintech Series
4w
115
Image Credit: Global Fintech Series
Mobile First, Security Always: Millennials Reshape Payment Landscape, PXP Survey Reveals
- Millennials are embracing digital wallets, especially those with multi-currency features for international use, while prioritizing security above all else, according to a new study by PXP.
- The study shows that 64% of millennials value digital wallets, especially for international travel, with 40% considering security their top priority when selecting payment methods.
- Mobile wallets like Apple Pay are gaining popularity among younger millennials, with 20% using them daily, while traditional payment methods still remain popular for everyday spending.
- Debit cards are preferred for everyday shopping, with 40% of millennials using them primarily in grocery stores, while credit cards are favored for high-ticket online purchases.
- Cash is still used for certain transactions, with 20% of millennials opting for it when dining out, primarily for splitting bills in group settings.
- Online shopping dominates, with 80% of millennials doing most of their shopping online.
- For travel and accommodation, 38% of millennials use debit cards for hotel bookings, while 26% prefer credit cards for rewards, insurance, or cashback benefits.
- Millennials seek payment options that align with their mobile-first lifestyles without compromising security, expecting both innovation and trust in payment systems.
- Insights from the study indicate that millennials are attracted to retailers offering exclusive discounts for specific payment methods, prefer brands with personalized shopping experiences, and are drawn to payment methods that offer rewards or cashback.
- Hidden fees are the biggest frustration for 36% of millennials when making payments.
- PXP's introduction of PXP Unity aims to support businesses in meeting changing consumer demands by providing security, flexibility, and a seamless payment experience across channels.
- Businesses can implement strategies like mobile wallet incentives, bill-splitting features, loyalty-integrated payment systems, and BNPL options to cater to millennial preferences and enhance the payment journey.
- Meeting millennial payment expectations is crucial for business growth, and PXP Unity helps merchants deliver secure and flexible payment options.
- By tailoring approaches to attract millennial customers, businesses across different industries can expect higher engagement, increased loyalty, and improved conversion rates from this digitally-savvy generation.
Read Full Article
6 Likes
For uninterrupted reading, download the app