According to American Express, one of America’s leading credit card companies, over half (52 percent) of consumers aged 18-24 are likely to try new technology-enabled payment tools as they become available compared with 23 percent of those ages 55-65, suggesting that the fate of emerging payments clearly lies in the hands of millennials. However, all consumers agree that security is most important, with 83 percent of consumers ranking it higher than loyalty programs, benefits, fees/costs to use, user friendliness and convenience.
While these findings may not apply in totallity to Kenya, there are several similarities. The American market may go with PayPal Wallet , we have MPESA and have adopted it at a rate unlike anywhere else in the world. Credit and debit cards have not taken root as much, but continue to gain traction especially in place of cash transactions that would be too cumbersome to do via MPESA e.g. paying for groceries at the till.
Anyway, have a look at the infographic and tell us; what kind of payment style describes you?
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