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Smarter Payments

The Millennial Effect

How Digital Natives Are Driving the Shift to Electronic B2B Payments


MANY DEFINITIONS, ONE LARGE GENERATION

Born between the early 1980s and 20001

83.1 million in the US as of 2015—the single largest generation at more than a quarter of the nation’s population2

2015 US population total of 320.9 million2

83.1 million

TECH SAVVY FROM THE CRADLE

50% use nontraditional payment companies like PayPal and Venmo3

– Motivated by user friendliness and a better experience

More likely to utilize digital tools for personal banking4

First generation to grow up with the internet and  mobile devices

Millennials GenXers Boomers  
67% 55% 33% Used a bank’s mobile app
78% 75% 67% Used a bank’s website or online portal
26% 19% 8% Used a mobile app to transfer money
21% 12% 5% Used a mobile app to pay friends or family

THE FUTURE OF PAYMENTS IS DIGITAL

With millennials leading the digital trend, consumer adoption of mobile payments has gone up.

24%

of US consumers made mobile payments in 2015—two times as many as in 20113

 

38%

more payments were processed through Chase QuickPay—J.P. Morgan’s proprietary peer-to-peer payment offering—in 2016 versus 2015

As more millennials become decision-makers in the workplace, there’s also a big opportunity for a larger shift to electronic B2B payments.

 

 

of B2B payments were still paper checks as of 20155

 

 

of the US workforce will be millennials by 20301

BENEFITS OF ADOPTING ELECTRONIC B2B PAYMENTS

 

 

of organizations say a primary driver for converting to electronic payments is to reduce costs5

OTHER PERKS

Get the key findings

Sources

  1.  US Bureau of Labor Statistics
  2.  US Census Bureau
  3.  2014 FICO Millennial Insight Report
  4. 2015 Chase Digital Adoption Survey
  5.  2015 Association for Financial Professionals Payments Cost Benchmarking Survey
Smarter Payments

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