How to Increase Adoption of Digital Payments by Millennials

Future of FinTech
How to Increase Adoption of Digital Payments by Millennials | Student FinTech

Millennials are defined as the generation born between 1980 and 2000. Unlike other generations, they are mostly digital natives who take technology as a fact of life. They have little or no experience of life pre-internet or pre-touchscreen. In using financial services they are accustomed to instant digital payments. For financial technology (FinTech) firms in the digital payment space, this generation is the next frontier. Here are some ideas on how these providers can drive up millennial service adoption.

Provide Real-Time Information

Millennials value knowing what is happening in real time. As the generation that has grown up on digital platforms such as social media, smartphones and the internet they are used to instant results. FinTech service providers should ensure that they design their customer interface to deliver an analysis of individual account trends.

Being able to see the different ways their money is moving is of high value to this generation. In addition, service providers should also deploy real-time communications. Every transaction should be followed by a text or email to update them on the current status.

Create a Community Aspect 

Unlike other generations who knew what it was to like to live offline, millennials are native social media users. As a result, they value the aspect of sharing information and learning together. Digital payments firms should consider creating a social community aspect to their service offering.

When millennial users can share their views with others on a platform designed to facilitate interaction, the digital payment channel grows in value to them. FinTech firms ought to create stickiness in this way to grow brand equity in their channel with his generation.

Eliminate Omni Channel User Experience Friction 

Millennials are digital first and are used to digital interfaces being seamless on whatever device they happen to be using.

Digital payments firms should design their platform to eliminate any user friction on cell phones, desktops, and tablets. When a millennial user can hop on whatever device they have at the moment and make payments effortlessly, they are more willing to adopt it in future.

If you are a millennial, the future looks bright. But most of this depends on what you do, not what happens in the tech industry. People were fine without technology before it was invented. Our lives are much more productive in many ways due to the massive tech gadgets and applications that speed up everything. But it’s what you do with it that matters. If you use your time wisely, it will pay off. So think about what you want to do for a career and determine to be the best at it. The money will come flowing in.

Millennials are a unique generation exposed to technology. They possess different expectations when approaching digital payments and FinTech firms need to understand their outlook to serve them efficiently.