Millennials Going Cashless
Posted On July 11, 2012
Millennials expect technology to do just about everything for them. They even expect it to take the place of cash in the near future, according to a Visa survey. 80% of Millennials already shop online. Another 63% uses the Internet for financial transactions. 19% use their cell phones for that purpose, too.
8 in 10 Millennials now say they expect all shopping and transactions to take place online or through technology. 73% believe that should be possible using a smart phone or other mobile device. According to the survey, only 23% of Millennials’ purchases now involve cash, a figure that will continue to decrease if Millennials have their way.
“The ubiquity of the Internet and mobile technology are helping to make electronic payment an intrinsic part of a Millennial’s purchasing behavior. [There is] a long future for mobile phone and other device-based payments as more people, especially Millennials, adopt electronic payments around the world,” says a Visa e-commerce executive.