“Millennials, through diversified mobile banking options, are increasingly driving the payments industry”

Money20/20, one of the biggest US FinTech and payments conferences, was held from 25-28 October 2015 in Las Vegas. Business Insider published some reflections on the conference that strengthen the case for understanding the Millennial customer’s needs where digital banking behaviour is concerned. Earlier in the year, Pew Research published research confirming that Millennials now make up the largest generation of the U.S. labour force. Lessons from the conference suggest mobile is a fundamental channel for payments in this generation, and with global labour trends shifting towards Millennials, there is a great opportunity for the payments industry. New mobile banking options coming to market (e.g. Visa Checkout and Mobile wallet) suggest the payments industry is putting a lot of focus on the Millennial consumer group. On the South African front, FNB has seen a good uptake of its mobile SIM offering, with a large proportion of early adopters being Millennials. Between convergence of service offerings and traditional players, there are exciting times ahead in the payments space.

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