European millennials prefer bank offered mobile payments

The survey — based on the responses of 4.000 consumers aged 18-34 across Germany, Italy, the Netherlands and the UK — finds that 21% of German millennials, 36% of Dutch millennials, 37% of Italian millennials and 25% of UK millennials are now making mobile payments in-store, online and in-app.

In the UK, Apple Pay is the most well-known mobile payments platform with 84% awareness, followed by PayPal with 74%. However, only 2% of UK respondents have made a payment using Apple Pay. Two fifths of millennials in Italy and Germany have heard of Apple Pay, and 29% of Dutch millennials are aware of the service.

Other findings reveal that 55% of German millennials have never used mobile payment technology, while 70% prefer paying for groceries in cash vs 61% on card.

Also, 58% of UK respondents would prefer to use a mobile payment service provided by their bank, followed by PayPal with 49%, and one in 11 UK millennials are now paying for car parking using mobile payments.

Moreover, less than half of British and German millennials (42%) said they would use eye scans to verify payments.

Furthermore, 71% of Dutch millennials have heard of the Dutch payment method iDEAL and are already using it and 71% of Italian millennials would like to be able to see their available balance to spend when making a mobile payment.

The report shows that 70% of US millennials are more likely to use a new mobile payment service if it was provided by their own bank, rather than an alternative payment service provider. Furthermore, 67% of US respondents would use fingerprint recognition to make a payment in the future.

Millennials, as the report shows, prefer to remain with traditional payment providers while they are waiting for advancements in the market. If they were to consider mobile payments in the future, the majority would prefer that this was offered by their bank.