4 components influencing future of payments

Imagine this: The year is 2020. You’ve just got your morning cup of coffee from your favorite coffee shop. Now, it’s time to pay. You reach for your…what? With a diverse payments landscape, including plastic, cash and digital, consumers have numerous options. In another four years, who knows what new technology could be introduced to the mix. Already, there’s the possibility of virtual reality payments.

When those of us in financial services consider the future of payments, it is important to address the following four components. Each of these components has a significant impact on how consumers will pay in the coming months and years.

1. Generation of the consumer – Currently in the U.S., we have six generations of consumers. Each has their own preferences for how they want to pay. Millennials often prefer mobile payments, while older generations tend to opt for more traditional payment forms like credit cards or cash.

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