A survey by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has revealed that more millennials than ever before are seeing mobile as the future of payments.
The results of the survey show that 27% of millennials see themselves using their mobile phone as their primary payment method in 10 years’ time, as opposed to just 6% when the survey was carried out in 2016.
It is therefore not surprising that when asked whether they would rather leave the house with either just their mobile phone or their wallet, 77% of millennials opted for their phone – compared to just 30% of those aged 46 and over.
Those under 30 were overwhelmingly the largest age group to predict that they will be paying primarily by phone in 2028, with just 10% of over 30s indicating the same. However, paying by mobile came second overall, behind using multiple methods (54%). This is despite 17% of respondents considering mobile as the least secure way to pay and no respondents over the age of 46 believing it to be the safest payment method.
“Our survey found that millennials would rather leave their wallet at home than their phone, so it’s no surprise that they predict it will be the most popular single channel for making payments in 10 years’ time,” said Maria Nottingham, Executive Vice President at Compass Plus. “However, with over half of respondents stating that they will be still be using multiple methods to pay in the future, mobile still has plenty of consumers to win over if it is to become the go-to way to pay.”
Compass Plus has been undertaking research into consumer and industry expectations of the payments market since 2011, and this year’s survey took in the views of 200 consumers across the UK, who were asked to describe their current payment habits and how they think these may change in the future.