MILLENNIALS are rejecting credit and debit cards for wearables and mobile phone wallets, research claims
A poll by banking software provider Crealogix Group, found 44 per cent of under-35s have never used a credit card while 11 per cent said they shun debit cards.
In contrast, almost half said they use mobile phone wallets and 43 per cent use wearables such as smart watches as a payment method.
The research also found that digital currencies are more popular amongst younger generations with one in four under-35s using digital currencies versus just 4.5 per cent of over-45s.
When asked about Open Banking, 50 per cent of millennials stated that they would like to have all their bills, accounts, investments – including digital currency – and other financial information on one mobile app.
This increases to 60 per cent for under-24s.
In comparison, 71 per cent of over-55s did not believe there is any element of Open Banking they will use.
“There are complex and widespread changes taking place in the financial services sector, driven by the wider digital transformation in our society as a whole,” Jo Howes, commercial director at Crealogix UK, said.
“The Open Banking initiative has potential to provide a more personalised service and the ability to cover an individual’s every need in a single secure app.”
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