In 2015, the US Census Bureau reported that millennials were the nation’s largest living generation. Nowadays, they are considered as the most important market segments in the modern world of business.
Millenials Vs Modern Business World
The Millennial Generation or Generation Y follows Generation X or Gen X. Millenials’ birth dates are ranging from the early 1980s to the early 2000s, according to the majority of demographers.
As for Gen X, this is the generation born after the Western Post-World War II baby boom. The majority of specialists in the field give different birth dates to Gen X, ranging from the early 1960s to the early 1980s.
Based on a report by comScore, 1 in 5 of millennials no longer turns to desktop computers to go online. They prefer mobile-friendly features for making payments. What is more, 74% of the Internet users who are 55 and older use mobile devices.
Merchants accepting card-not-present payment transactions need to protect their businesses and customers from fraud in a proper way. To prevent fraud existing in the mobile channel, merchants should choose a reliable processor like EMB.
EMB, the # 1 high risk processor in the US, can get you a secure high risk merchant account without any challenges.
Merchants Going Mobile With Millennials
In the modern world of mobile ecommerce, security and convenience concerning user authentication and verification are of utmost importance. This is important especially for merchants and payment processors.
The modern world is going mobile with incredibly rapid advances. Mobile advertising is expected to grow 38 percent in 2016, counting for $71 billion.
M-commerce counts for 29% of ecommerce transactions in the United States. This is according to Criteo. As Aité Group states, current CNP fraud makes up 45% of total card fraud in the US.
Based on a recent millennial survey, 54% of them chose security over convenience with regard to mobile devices. Moreover, 52% of millennials claimed they chose where to spend their money or which companies to prefer based on what the company allowed them to accomplish via a mobile device. Millennials are for taking additional measures to validate their ID in the mobile channel.
Offering mobile options and capabilities is a must toady. Modern consumers expect this from merchants. It is critical for merchants and payment processors to upgrade features used for identity verification. This way, they can go hand in hand with the modern mobile generation and new platforms.