online payment trends

58% Believe the Future will be Cashless, Is your Business Ready?

A new report, which analyzed customer connectivity patterns, found that 46% of Generation Z uses their social media handles as a phone number. The report suggests that phone numbers are on the brink of extinction.
The new Bank of America Trends in Consumer Technology Report shows how mobile-first our mentality has become, with mobile technology now an important part of the way we work and live.

“We never know how’ app-tive’ we are. Our smartphone has become an extension of ourselves and so embedded in our daily lives to the point where it fades into the background. “Understanding how your customers connect is important if you are a small business owner to reach them more effectively. This is particularly important for multiple channels and platforms in today’s digital environment.

2018 Consumer Mobility Trends: Key Takeaways

Do the digital and physical worlds differ? For 42 per cent of respondents messaging is just as meaningful or more meaningful than in-person communication.

This was true for 55 per cent of millennials, 44 per cent of Gen Z, 38 per cent of Gen X, and 24 per cent of baby boomers when the data were broken down into generations.

online payment trends

As people interact, they take into consideration several different factors before making a phone call, sending a text, or speaking in person. This is focused on the conversation’s relevance (47%), relationship status (38%), and conversation urgency (36%).

Mobile devices are also a key component of how People handle their lives today outside communications. And they are turning more and more to smartphones to make this happen.

The survey found that Gen Zers had access to their phones more than 50 times a day. It covers everything from entertainment, shopping, music, payment, and other applications to navigation.

Mobile Finance

There is no question about the effect of mobile technology on how we interact in our personal and working lives. However, as more people go cashless, mobile finance will be the next big user development in mobile technology.

Many Americans or 58 per cent said, as a matter of fact, that a fully cashless society would take place in their lifetime. Others said it’s going to happen in 20 or 5 years, with 11% claiming it’s going to happen next year.

While it is possible to discuss the timeline, there is no doubt that most people see cash as something that will not be around in the future, at least not in the way it is today.

It brings more Americans into mobile banking devices, with 78% of Gen Zers, 77% of millennials, 67% of Gen X, and 59 baby boomers claiming they’re using them.

online payment trends

How do Americans see the Technology Future?

Over the next decade, 60 per cent of respondents said that disconnecting completely from technology will be more difficult. Another 35% claimed that all information would be accessed through biometrics, and 30% assumed that all payments would be digital.

Overall customers expect that emerging technologies will play an even greater role in their lives in this period of time.

The above points are some of the most important for businesses in their upcoming businesses. You should know how all the tech trends can affect your business and which ones should be incorporated in your business.

Howkya is a platform where you can find tech experts and mentors who will guide you through your business needs. Technology experts can select the best ones for your business and help you in keeping up with the market trends. You can even conduct market research for your business which helps you provide the best customer service.

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