Millennial’s Payment Mantra — Fast. Easy. Integrative.

Millennial’s Payment Mantra — Fast. Easy. Integrative.
29 Dec 2016
mobile payment

Remember when people stood in line for hours to pay their bills? Now, all they need is one button and a couple of seconds. Clearly, the payment system has undergone a metamorphosis. From bartering goods and services to using virtual currency and mobile wallets, the transformation has been nothing short of magic. In fact, it demands an in-depth analysis into the catalyst driving the digital payment landscape these days — mobile wallets.

Mobile wallets — or m-wallets as they are commonly known — are increasingly becoming a part of our digitally connected world. Primarily used for mobile recharges and bill payments, they are funded through credit/debit cards or via netbanking. With India’s growing working population, Ernst and Young predicts that mobile wallets are going to witness a 60x growth in payment transactions by 2020.

How Mobile Wallets work:

card and service
Card/service is linked
service
Service is chosen
amount
Amount is deducted
sevice rendered
Service is rendered
order online

This brings us to the next pertinent question, who are the primary users of mobile wallets? Not surprisingly, it’s the tech-savvy, experimentative, and multi-tasking millennials. These youngsters are constantly on the lookout for tools and gadgets that can help make their lives easier, simpler, and more productive. This is precisely why m-wallets are striking a perfect chord with the millennials.

Research also suggests that millennials prefer mobile wallets that not only provide payment functionalities, but also offer non-payment advantages. Some of these include alerts and notifications to spending limits, integrated discount coupons and loyalty cards, and secure transactions. This is where Wibmo’s expertise comes into play. Being India’s first shared mobile payment ecosystem, Wibmo’s mobile wallet provides users diversified features such as e-Commerce security and one-step payment services so that users can shop, transfer money, and pay bills seamlessly.

So why are the millennials betting big on mobile wallets?

manage spending

Greater need to manage spending

According to the CCG Catalyst study, 50.4% millennials like checking their balances daily. In addition, when it comes to payment preferences, they prefer cashless transactions to cash.

digital technology

Rising use of digital technology

Millennials have grown up using digital devices, particularly the mobile. This phenomenon stems out from their desire to integrate mobile applications into every aspect of their lives. With 77% millennials owing smartphones and 72% of them using the mobile payment feature, we can vouch for the fact that mobile payments usage is directly related to smartphone ownership.

multiple functionality

Multiple functionalities

Millennials prefer using applications that provide diversified services. Mobile wallets provide multiple convenience features such as quick access to coupons, ID cards, event tickets, loyalty coupons etc. — services millennials use actively. According to an Urban Airship study, 67% millennials want loyalty cards and 62% desire coupons in their mobile wallets — a clear testimony to what the millennial fancies.

limited patience

Limited patience

This one’s quite obvious. For the millennials, everything has to materialize right now. Tools offering convenience, such as Wibmo’s one-step technology-enabled m-wallets, cater to their needs perfectly. Users don’t need to wait for an OTP. All they need to do is checkout at merchant stores, click on pay, and approve transactions from their registered device.

With m-wallets fast-changing the digital payment landscape, we pride ourselves in enhanced data security and privacy. And for good reason. We offer solutions that are engaging, flexible, and creative — the very same characteristics can be used to define the millennials as well. We think it’s safe to say that mobile wallets and millennials are a perfect match made in heaven. Don’t you agree?

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