Digital Payment Will Soon Be The Only Way To Make Payments

The way we pay is changing dramatically. People are beginning to use their smartphones for every kind of formal and informal transaction — to shop at stores (www.chip.ng), buy songs online, and even split their rent...

Nearly half of consumers prefer using digital apps to make payments. Roughly 47% of consumers stated that they preferred digital means for performing transactions, while cash came in slightly lower, at 45%. This difference will likely become more profound as consumers increasingly move away from using cash. In fact, half of survey respondents reported that they carry cash less than half of the time, and when they do, they often don't use it — 46% of consumers reported using cash fewer than eight days a month. 

And these habits don't vary much by demographic segment. Although millennials are embracing the use of digital payments more than any other age group — 49% of millennials prefer digital payments to cash — they aren't the only ones; 44% of Gen X respondents and 32% of baby boomers prefer digital payments to cash.

The shift toward digital payments will become more pronounced with the introduction of secure and instant payments.

Peer-to-peer (P2P) payments are poised to explode, but payment providers must first address consumer concerns. Security and fees were considered top barriers to adopting or frequently making P2P payments among survey takers. It will be crucial for payment companies to address these issues, especially considering the size of the market they're competing for — BI Intelligence estimates that total P2P mobile payments volume will grow nine-fold over the next five years, reaching $336 billion by 2021.

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