Skip to main content

Millennials And The Adoption Of Third-Party Payment Apps

Millennials may not understand the difference between a bank and a credit union, but when it comes to third-party payment apps, they know their stuff.
Individuals ages 18-to-34 are a technology-first, convenience-driven generation. Being able to access anything at any time is important for millennials. That’s why they prefer mobile for everything? including banking.
According to a FICO report, 80% of millennials do most of their banking activities online and through mobile apps. Through bank and credit union apps anyone can check account balances, deposit checks, pay bills, and transfer money between accounts, all from their phone.
Millennials still aren’t satisfied.
Third-party payment apps like Venmo and Square Cashallow users to make real-time mobile payments without fees, making them instantly popular with young adults.
Pay Pal-owned Venmo is particularly popular, as displayed by its dramatic 126% payment volume increase over the span of one year. Not only has Venmo made it possible to immediately transfer money from one account to another (though not withdraw), it has created a social media aspect to a payment method.
As 22-year-old DePauw University graduate Sheinnera Gerongay says, “It’s more social. You can put a funny tag on your payment whereas a bank app is more serious.”
I’m not the biggest believer in Venmo but sometimes boredom takes over and I find myself scrolling through my Venmo feed to see which of my friends transferred money to whom and the entertaining sayings attached to the transactions.
Aside from that, Venmo is convenient and available. Says Nathalia Melo, a graduate student at the University of Alabama-Birmingham, “It’s an easy fix when I forget my card or I pay for someone, instead of an ‘I owe you’ and then the person never pays you back.”
Personally, I don’t love Venmo or other apps of its kind. I use them because it’s easy and because everyone else does. As skeptical as I am of the security and social nature of the app, I prefer Venmo over using cash. I hardly ever carry cash with me anymore and I can’t pay a friend back for late-night Wendy’s runs with my debit card.

Why Is This Important For Credit Unions?


Comments

Popular posts from this blog

Update: First Responder Credit Unions Academy (FRCUA) Udates

In an ongoing effort to keep your FRCUA education current, modules are continually updated to reflect current NCUA and other regulatory agency requirements. As an example, BSA 26 now includes  Artificial Intelligence and BSA,  Elder Financial Exploitation,  Pig Butchering & BSA, and Executive Order –  Free and Fair Banking.

Mortgage Rates Tick Down

MCLEAN, Va.--Mortgage rates moved slightly lower this week, with the 30-year fixed-rate mortgage averaging 6.56%, Freddie Mac reported. “Mortgage rates are at a 10-month low,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.” The 30-year FRM averaged 6.56% as of Aug. 28, down from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.35%. The 15-year FRM averaged 5.69%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.51%, Freddie Mac said. ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

SIGN UP FOR YOUR CUSTOM HEALTH INSURANCE SOLUTION TODAY

 https://bizu65.allstatehealth.com/?password=demo ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board

Many CUs Likely to Face New Operating Challenges "Michael Moebs"

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...

Wendelville Fire Chief Andrew Pilecki re-elected to FASNY board

Andrew Pilecki, the current fire chief of Wendelville Volunteer Fire Company, has been re-elected to the board of directors of the Firefighters Association of the State of New York. Pilecki has been a member of the fire service for more than four decades, including the past 22 years as a responder with the Wendelville company. Previously he was an active member of Columbia Hook and Ladder Co. He’s also a former assistant director of emergency management for the City of North Tonawanda. FASNY directors serve five-year terms of office. During his first term, Pilecki was instrumental in supporting the association’s pandemic response, championed fire company recruitment and retention efforts, and worked to amplify the needs of Western New York’s volunteer fire service at the state level, according to FASNY. “I’m honored to be re-elected and to continue advocating for the men and women who volunteer their time, risk their safety and serve their communities across the state,” Pilecki said. “...