The question "Will you be paying with cash?" may soon become a thing of the past.
You read that right. More and more millennials are stepping away from cash and opting for mobile payments instead. As mobile payments become more prominent, cash use is expected to decline even further. The Innovation Group at J. Walter Thompson Intelligence has released "The Future of Money" report, revealing the global changes that are ahead of us in banking. Advances in the tech industry allowing for mobile payments are being embraced by millennials.
The report showed that sixty-three percent of millennial consumers rarely use cash. Seventy-five percent of millennials said they want more diverse financial products, that could be more suitable for their needs. Older consumers aren't as happy with the changes in technology. Millennials are twice as likely as baby boomers to use mobile payment options.
What Does This Mean for the Future of Banking?
Banks will have to adapt. It is anticipated that millennials will outnumber baby boomers by 2019. If banks do not come up with efficient mobile payment options that meet their customer's needs, they will be left in the dust. Technology is continuing to expand and it's a race to keep up.
Millennials are demanding more for their payment options. They want their bank brands to have good ethics, services, and most importantly, technology. Banks need to adapt to these demands, or they risk becoming obsolete.
Netclearance offers a mobile payments option that meets every millennial's needs. They offer a technologically-advanced option that is continuing to grow with the times. As cash becomes less relevant and smartphones become more relevant, you can expect mobile payments to be a big part of the future. As a result, Netclearance has created a mobile payments solution that works for every age group.