Nebraskans may want to consider tossing out the checkbook and possibly even their debit card when it comes to paying bills or shopping. Jason Oxman is the CEO of the Electronic Transactions Association and says more and more people are going to mobile pay.
Oxman says a new survey shows that Millennial’s are the most likely to use mobile payments coming in at 75% followed by members of Generation X at 64% and Baby Boomers at 41%. However, nearly 70% of boomers say they can see themselves not carrying cash and paying for everything using smart technology in the future.
One of the main reasons that people don’t want to make the switch is they question security. Oxman says, “Mobile payments, using Apple Pay, Samsung Pay or Google Pay, are the most secure payment technology we have ever deployed. That is why more people are using it.
Oxman says, “As a consumer using electronic payments, you have no liability for fraud. Even if something does go wrong you have no liability for it. What we have done with mobile payments technology is make sure when you transmit your card information using mobile payments it is not your actual account number that is transmitted. It is a token or a representation of it so even if somebody was to intercept it they wouldn’t be able to do anything with it.”
Oxman says they are always looking for new channels in the payment industry. There are voice enabled in-home devices where people can make contactless payments, chatbots initiating payments on social networks to connected devices. It is estimated that by 2022, $365 billion in transactions will happen on mobile wallets.