Are your payment solutions optimised for millennial customers?

It surprises me how few businesses that generate revenue from recurring payments are offering e-wallet payment solutions. We all know that millennials’ shopping journey involves multiple devices so it’s key to optimise your website, and payment process, for web, mobile and tablet.  

Millennials' use of mobile means eWallets payment solutions should definitely be included.  Offering payment options such as Paypal or Apple Pay for small recurring purchases or paid trials are important to include alongside established payment options such as credit cards and bank transfers like direct debit.

When it comes to subscriptions, one publisher I spoke told me that 30% of paid triallists used PayPal.

In North America, Apple Pay is already the most popular alternative payment method in terms of retail acceptance. According to research from Boston Retail Partners, the service was accepted by 36 percent of North American retailers by December 2016, with another 22 percent saying they plan to accept it within the next 12 months.

If you are working on your product development roadmap you'd be wise to consider  e-Wallet payments with Apple Pay or Paypal being the most popular.

Here’s an infographic showing % of retailers in North America that accept alternative payments such as Apple Pay. 

https://www.statista.com/chart/11576/retail-acceptance-of-digital-payment-services/

As more and more customers embrace subscriptions for services and products that are one-time purchases today, we’ll see most spending take place with regular vendors on a recurring basis.  In summary this means:

• Recurring pull payment methods will continue to gain market share

• Simpler consistent user experience will yield higher conversion rates than fragmented journeys

• Credit cards will remain popular and major eWallets will gain ground

• Bank Transfers will continue to rule in certain regions but global standards around authentication and guarantees are needed for it to gain more acceptance.