Younger Consumers More Confident Than Baby Boomers in Mobile Payments, Says GfK Study

Younger U.S. consumers have shown more confidence in the security of mobile payments than the baby boom generation, a GfK report said. The generation known as millennials (defined in the report as generations Y and Z, ages 18-34) is twice as likely as older adults to view such payments as faster, easier or more efficient than other types of transactions, GfK said Thursday. At 67 percent, members of Generation Y (ages 24-34) reported being worried about the security of personal information when making mobile payments, the report said. Personal information, technology quality and other factors are likely holding mobile payment from full potential, it said. About 80 percent of mobile payers use their smartphones to make payments, 58 percent use tablets and 38 percent use both methods, it said.