Millennials Are Ditching Cash for Mobile Payments
Over a third of Millennials (23-38) carry less than $10 in cash with them daily according to recent data from our Mobile Technology Monitor™. In fact, Millennials (23-28) were more likely to spend money via a mobile payment system than they were to use cash, with 43% of total purchases bought by a mobile transaction.
The study found that 68% of Millennials (23-38) that use mobile payments do so every week. This age group is rapidly transitioning from cash transactions to digital ones.
When asked what mobile payment platforms they have used, Apple Pay led the way with 44% followed by Google Pay at 34% and Samsung Pay at 22%, for retail-based purchases. Popular platforms for peer-to-peer payments include Venmo at 25%, Square Cash at 17% and Zelle at 10%.
Additional results of the study can be found in our recent report.