Millennials see mobile as the future of payments, Compass Plus survey finds

Tuesday 28 August 2018 10:03 CET | News

More millennials than ever before are seeing mobile as the future of payments, according to a survey by Compass Plus.

The survey uncovers the fact 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. 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 30% of those aged 46 and over.

Moreover, people under 30 were 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.

The company has been undertaking the research into consumer and industry expectations of the payments market since 2011, and the 2018’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.

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Keywords: Compass Plus, mobile payments, UK, payment method
Countries: World

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