New research from American Express shows that more than half (52%) of U.S. consumers aged 18-24 are likely to try new technology-enabled payment tools – e.g. NFC-enabled mobile payments – compared with 23% of 55-65 year olds.
Furthermore, 58% of 18-24 year olds find mobile apps “somewhat or very convenient” for online purchases, compared with only 26% of those between 55-65.
According to AmEx, this data suggests that the fate of NFC payments and other emerging payment methods clearly lies in the hands of millennials.
However, both age groups share the view that security is paramount when it comes to payments, with 83% ranking it higher than loyalty programs, benefits, fees/costs to use, user friendliness and convenience.
“Millennials will be key to the success of online and mobile payments, but above all else, the research shows that consumers want their payment tools to be safe and secure,” said Dan Schulman, AmEx’s President of Enterprise Growth.
A majority (62%) of survey respondents said they trusted financial institutions – not Internet or social media companies – to deliver secure new payment applications. A further 77% said they were not confident that social media companies would protect their financial information, while 75% said they were confident that financial service companies could deliver adequate protection.
More than one-third (35%) of consumers expressed interest in trying digital wallets, person-to-person platforms or NFC.