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January 26 2017

Millennials Boost Mobile Payment Use in The US For 2016

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Gray Owl Network, a market research company that provides users with a powerful alternative to traditional search platforms, has recently published an infographic that explores mobile payment use by millennials in 2016.

The infographic shows that most consumers (75%) and nearly all millennials (91%) are using their phones to shop online. Even when shopping in a store, 69% of millennials check prices on their mobile devices. Furthermore, 56% of millennials used their mobile devices to make online purchases within the last 30 days during the study period, which shows that millennials use their phone for payments regularly. Payments aside, 71% of millennials are using their phones to receive card fraud alerts, which is unsurprising due to the popularity of SMS text-based communication among millennials.

Looking ahead to the future of millennials and mobile payments, we see that millennials are interested in new forms of mobile convenience. According to the infographic, 50% of millennials said that they may purchase a smartphone-enabled watch in the next 12 months, which is good news for new entrants into the smart-watch industry like Apple and Huawei. We are not yet certain of the impact of wearables on the mobile payments industry, but we know that millennials are interested in the devices.

 
To learn more, check out the infographic below:

  1. InsurTech NY: General Magic on How AI Text Agents Are Cutting Insurance Quote Time

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  2. NOTO: Why AI Fraud Prevention Needs Human Interaction to Beat the ‘Tick in the Box’ Mentality

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  3. MPE 2026: Mastercard and Deutsche Bank on Reducing Complexity for Merchants

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  4. InsurTech NY: QuickFacts on Broker Data

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  5. Houston Fraley on Why Security Is the Foundation of Trust in FinTech

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