A new report published by Ipsos MORI, a market research company, and VocaLink, a global payments partner to financial institutions and governments, indicates that European millennials are struggling to adopt mobile payment technology.
While more than half of the ~4,000 millennials from Germany, Italy, UK, and the Netherlands that took part in the study exhibit deep interest and a strong desire to leverage mobile devices for making payments, the lack of features and benefits today’s technology offers is preventing them from changing their habits. In addition, poor awareness and understanding of the technology currently available contributes to the slow adoption.
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Particularly interesting, the study found that millennials in the UK and Netherlands would be more inclined to use new mobile payment services if they were offered by their bank, followed by PayPal. In Germany and Italy, more people, by a small margin, would prefer to use PayPal for mobile payments, as opposed to their bank.
While the research confirms there’s a long road ahead for mobile payment technology, the data suggests that there is, in fact, an appetite for more innovative mobile services and that banks should continue investing in digital, in order to meet customer expectations.