Millennials, or ‘digital natives’, make up the generation of consumers on which many industries have focused their efforts for the past five to 10 years. According to the U.S. Census Bureau (http://dtn.fm/6pKt4), millennials are generally 18 to 35 years old and, with over 75 million members, represent the largest generation group. As a generation, they have a huge impact on the technology of our world, as they are the first generation to have always known the Internet.
The millennial generation plays a critical role in leading the adoption of consumer technologies. This is one of the key reasons that professionals from a number of industries watch millennials to better recognize social and consumer behavior changes that are to come. Most recently, mobile payment technology has taken center stage, with many wondering whether or not this new type of payment method is here to stay.
According to Business Insider (http://dtn.fm/ppR7u), approximately 45% of 1,000 millennials surveyed have made a mobile payment of some sort, compared to just over 25% of adults aged 35 and older. The article continues to explain that mobile payments are expected to grow at a compound annual growth rate (CAGR) of 80% to over $500 billion from now until 2020. But, with ease of use and many retailers across the country adopting these new payment methods, why are the numbers not higher? The answer appears to center on concerns about security.
According to results from marketing campaigns focused on the security surrounding mobile payments, over 70% of the people who have not adopted mobile payments stated that security was the primary reason they have not used this payment method. According to The Financial Brand (http://dtn.fm/aNT4l), research found that 47% of mobile payment users stopped using the system due to concerns over losing financial data because they were worried the network itself was not safe. In addition, over 50% of users who tried the systems once or twice were more likely to stop because of security concerns.
With this in mind, many companies are making efforts to ensure their solutions are more secure than ever. Net Element, Inc. (NASDAQ: NETE), a global technology-driven group specializing in mobile payments and value-added transactional services, offers a number of point-of-sale solutions, including its mobile point-of-sale solution, Unified Payments. Unified Payments mobile point-of-sale provides businesses with seamless and secure mobile payment acceptance without making huge investments in complicated software and hardware.
The company also offers its online payment solution, PayOnline. PayOnline provides businesses with a variety of value-added solutions that simplify complicated enterprise online transaction processing challenges. These include accepting payments, risk prevention, and secure payments, thanks to its point-to-point encryption and tokenization solutions. NETE works toward making payment processes more convenient through mobile solutions that are not only easy to use but secure for both consumers and businesses.
For more information, visit www.NetElement.com
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