Digital Payments Are Key to the Spending Habits of the Millennial Generation

by PaymentsJournal 0

 The generation known as Millennials are seen as having their own spending preferences, and views on money. That having experiences is preferable to owning things. And so on. The article even goes so far as to characterize the generation as having contracting attention spans. Dramatic presumptions aside, the behavior exhibited by Millennials is not inherent only to them, but more likely has the greatest level of members exhibiting the behavior. That aside, catering to the millennial generation and ‘digital natives’regardless of age is a lucrative market.

 

The challenge is to not only create a great customer experience, but to start a digital dialogue with the millennial audience — wherever they may be. With speed and immediacy being the most in-demand features, QSRs must be extremely prompt when confirming or setting expectations with a customer who just confirmed an order and is en route to collect it.

 

Mercator Advisory Group asserts that the payment method or preference the consumer assigns to its ongoing engagement with a business is a contested battleground. As the move to frictionless transactions, where the payment process is approving the amount and acknowledging the mutually agreed method, business have some say in how they are going to be paid, and once selected, it will typically be retained. We are tracking how merchants are guiding consumers to the preferred payment in the order ahead via app economy.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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