Digital payment technologies are a reality. Have you ever imagined that the world would become 100% digital?
Well, it’s high time you did!
Today’s reality is that business and social activities are becoming digital, but what about how we pay for things? Is that becoming digital too?
How to define digital payments? Digital payments are not one instrument but rather an umbrella term applied to a range of different instruments used in different ways.
Well, the answer is a hell YES!. Technology has transformed the way customers purchase. The reason being the increasing number of e-commerce businesses, as well as, the increasing penetration of mobile devices in the U.S.
All predictions indicate that online sales will keep growing in the next 5 years faster than offline sales. This is a worldwide trend and confirmed in countries such as China, USA, and UK that are leaders in retail online sales. More about digital payments in our blog
These factors imply changes in the user experience demanded by customers. They now want an intuitive and seamless experience which also needs to be fast, safe and convenient in all ways possible. Therefore, digital payment credentials must work in that way.
These changes are mostly promoted by the Millennials in comparison with Baby Boomers.
In the previous chart you can appreciate that not only Millennials prefer using a smartphone as a digital payment option, but also Baby Boomers do.
Smart Phones and tablets are very popular among Millennials for mobile baking like checking their account balance. Moreover, digital payment methods such as peer to peer payments through apps, like Apple Pay and Android Pay are becoming more popular every day.
However, the willingness of each generation to use wearables, digital currencies such as Bitcoins, e-wallets or other digital payment options are clearly different. Needless to say, Millennials are transforming the way we purchase.
All in all, digital payment methods are rapidly evolving in order to meet the instant gratification Millennials expect.s do.
Stay tuned to learn about trending digital payment methods! Hope you have enjoyed it 🙂 Any feedback is welcome!