According to Google, Millennials are digitally native and
the most connected generation yet. They’re also the most affluent in history,
willing to pay for premium experiences and services wherever possible. These
things have created a perfect storm for emerging digital payments platforms
like PayPal, Apple Pay and Android Pay which now account for more than half of
all mobile payments worldwide.
Millennials spend a large chunk of their disposable income
on digital goods and services; they’re also more likely to keep their money in
digital bank accounts instead of physical ones. As such, it’s no surprise why
this generation is gravitating towards online banking as opposed to traditional
methods. Here, Canadian entrepreneur and Fintech professional Ferhan Patel,
shares an overview of why Millennials prefer online banking over cash payment
methods:
