Report: 86% of Millennials Use Phone to Transact
Oct. 8, 2015
Millennials are quickly adopting their smartphones to make payments and, as the generation that invented the selfie, consider the phone’s camera an integral part of transacting, according to a new report from Zogby Analytics commissioned by Mitek. Of the more than 1,000 18-to-34 year olds polled, 86 percent said they make purchases and conduct transactions with their mobile phones and more than 10 percent do so daily. Half reported making transactions and purchases via mobile Websites or apps “at least a few times a week,” and 72 percent do so at least monthly. Only 11 percent have never made a mobile purchase, according to the survey results.
“Before the survey we all knew millennials have been and will continue to disrupt commerce by demanding more mobile optimization, Sarah Clarke, vice president of product at mobile capture pioneer Mitek, told CardNotPresent.com. “But this survey really highlights how much that has accelerated, even in the last year.”
Clark said only 50 percent reported making any mobile transactions last year. Paired with their affinity for their devices’ cameras, Clark said the opportunity to use mobile capture technology for payment transactions and enrollment is enormous. The report found 83 percent of Millennials think using the camera will be part of all mobile transactions in the next five years.
“We found that Millennials love the convenience of taking a picture for data capture and they want to be doing more of it,” said Mitek’s President and CEO James B. DeBello. “In fact, 68 percent said that they would rather always use mobile capture instead of manually typing information on their smartphone. Businesses need to take notice and add mobile capture to their apps, because just being mobile isn’t enough anymore.”