CORK, Ireland—Are Millennials not interested in mobile payments?
As unlikely as that seems, a new study from Trustev indicates some issues may be slightly holding back Millennials’ adoption of mobile payments.
According to the report, 91% of Millennials have at least one debit card, and routinely used them; 80% percent, meanwhile, have a standard credit card.
When it comes to online payments, the older Millennials—between 25 and 34—were more likely to turn to a standard credit card, and 67% of the younger Millennials were following suit, the study found.
“What's more, alternative payment systems weren't unknown to the Millennial crowd, just often unused,” said Bill Hardekopf, CEO of LowCards.com, Birmingham, Ala. “Sixty-six percent of Millennials reported having at least one payment app installed—be it Venmo, PayPal, or something else, but these apps weren't often used.”
The study also found that found Bitcoin is not gaining traction with Millennials—while 63% of respondents have heard of it, just 12% have actually used it.