The first generation to grow up with computers in their homes, Millennials are well known for being tech-savvy. They frequent social media sites like Facebook to be able to connect with friends. While some may argue that millennials share too much online, this couldn’t be further from the truth. It turns out they value their privacy. This is especially true when it comes to protecting their identity and making secure payments.
Millennials & Payments
It’s the era of the smartphone. It’s no surprise — but a majority of the companies despite knowing this, still lack payment methods that are keeping up with the times.
The Concerns Of Millennials
LexisNexis Risk Solutions recently released “Millennial Study: Privacy vs. Customer Experience”. The report shows the preferences and behaviors of digital consumers in seven different global markets, including the United States.
Debit Cards
The study found that US Millennials would use debit cards more often than their global counterparts. They would also use their phones for more mobile banking, but not for making purchases. This is because 66% of U.S. Millennials worry about identity theft and data breaches.
Privacy
Millennials put a premium on efficiency, but they value the amount of information they have to provide rather than how long it’ll take to get what they want. Only 67% of Millennials are willing to provide two pieces of personal information, like a birthdate or a password. If required to provide their Social Security Number, they will likely take their business elsewhere. That is because less than a third of Millenials trust businesses with this information.
Kimberly Little Sutherland, senior director, Fraud Management, LexisNexis Risk Solutions, commented: “The general discomfort Millennials are expressing with information sharing, beyond a couple of the most basic data points, shines a light on the need to educate this major and growing portion of the consumer population. Likewise, it begs the question of retailers and financial institutions, are your business processes optimized for the Millennial customer?”
Mobile Payments
Despite these figures, a recent survey by Salesforce showed that 50% of millennials want to be able to make a mobile payment for goods and services. Therefore, your company should invest in a pay by phone host that provides convenience without compromising security.
A Payment Solution For Millennials
IVR Technology Group provides the mobile payment solution your customers want. Compass Pay is our mobile payment solution which adheres to PCI Level 1 Compliance. When a customer makes a payment, we protect and encrypt their information. This keeps it confidential and secure. Best of all, our IVR Payment solution can be integrated to work via text or by a phone call.