How Frequently Do Millennials Transact via Mobile?

9% of respondents said they conduct transactions via mobile a few times per year

November 21, 2016 | Retail & Ecommerce

Millennials frequently use their mobile devices to pay for things, but concerns about identity fraud or security may be stopping more from transacting this way. August 2016 research found that though many millennial smartphone users in North America and the UK do transact via mobile—whether every day or a few times per week—there are others that only do so once a month or a few times per year.

Mitek, a mobile capture and identity verification provider, surveyed 3,010 smartphone users ages 18 to 34 in North America and the UK and found that some millennial internet users conducted transactions via mobile more frequently than others. For example, a quarter of respondents said they conducted mobile transactions, including purchases, at least once a day. And 29% said they did so a few times per week.

Meanwhile, one in five said they used their mobile device to pay for things once or twice a month, and 9% said they only did so a few times a year. Just 10% said they never conducted transactions via mobile.

Even though the vast majority of millennials are transacting this way, they have several concerns about doing so. Nearly half of millennial smartphone users in North America and the UK said their concerns about the security of their data were a barrier to conducting more transactions via mobile. And just as many respondents said they were worried about identity fraud.

Some 20% of respondents felt that there were too many steps in the process, and overall, many mentioned that the mobile experience was not good enough to transact via. In fact, more than a quarter felt that the mobile user experience isn’t as good as the desktop experience, and 19% felt that the mobile user experience isn’t good as the in-person experience.