Older Millennials Show Greater Interest In Using Smartphone Cameras For Authentication

Jan 11, 2017

It’s a common knowledge that millennials love their smartphone cameras and that businesses try to benefit from the growing interest in smartphone cameras. Companies such as Amazon, MasterCard, and Alibaba are focused on figuring out whether smartphone cameras can be applied in the online payment authentication field.

A recent report from Osterman Research commissioned by authentication provider MiTek shows that millennials preferring their phone camera for purchase authentication make up only 4%. 46% claim they would use their phone camera for this purpose.

Similar statistics was found with regard to using selfies for personality identification. 6% currently use this method, and 39% said they would use it. Similar numbers were reported regarding using selfies for new account enrollment. 5% claim they choose the mentioned method and 31% would like to do so.

It was interesting to see the results of the research concerning a different group of millennials. The oldest group of millennials, which includes those aged 29 to 34, use the camera on their phone more often than the younger segment aged 18 to 22 and 23 to 28.

It became clear from the research that older millennials think the camera on their phone has the most important function of all features. As Kalle Marsal, CMO of MiTek notes, the payments industry can benefit from this to a great extent.

With this in mind, it is highly important for merchants involved in an online business to turn to a reliable payment processing company like emerchantbroker.com for safe and secure payment transaction processing. EMB is voted the top high risk payment processor in the United States and boasts an A+ rating with the Better Business Bureau (BBB). EMB is one of Inc 500’s Fastest Growing Companies of 2016 and is rated A by Card Payment Options.

Marsal further adds that they had expected younger groups to have more interest in phone cameras. The reason of the results may be because older millennials already have their families and use their phone camera as their main camera. The important thing is to know that the generation has different approaches in this concern. With age, millennials discretionary income grows, and the quality of mobile experience becomes more significant to them.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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