Mobile payments by millennials

Abstract

Trust is at the core of any payment method and it plays a crucial role in the adoption of new payment systems. Individuals need to trust in one another in order to validate any monetary system developed. With the evolution of the payment methods, shifting from paper-based to electronic-based, build consumers’ trust has become a vital element for the success of businesses in the payment systems. The younger generation always tend to try something new and promote to use it in case it would give any benefits. The rapid growth of mobile technology among the world’s population has led many companies to attempt to exploit mobile devices as an additional tool in the business of sales. All these events led to develop mobile payments that became quickly very popular among the millennials generation and later on used intensively by people from other ages. In this sense the aim of this paper is to go over the most used worldwide mobile payments at the moment and investigate their impact. JEL: M310, M370, M150.