Debit is Preferred Payment for Millennials
More Millennials prefer to spend money by utilizing debit versus credit
New research from Visa indicates that fewer Millennials are spending money they may not have by utilizing debit instead of credit.
According to Visa’s report, Millennials now use debit cards more than credit cards for the majority of their purchases. The report also showed the growth of debit card usage has outpaced that of credit cards. These numbers are likely reflective of Millennials preference of inserting a card instead of paying with cash. It is also indicative of the growing payment technologies – like ApplePay or Venmo – that allow transfers of money with a smartphone app, cutting out using a card altogether.
Millennials Drive Commerce Habits
According to PYMNTs.com, Millennials are among the most influential drivers of commerce today and, in turn, payments. This group, who is usually between 23 and 38 years old, spends approximately $2,225 per year on retail purchases, which is about $830 more than Baby Boomers.
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