Mobile payments creates a cashless campus
While it’s been hard to see the rise of mobile payments permeate society in any meaningful way, it’s interesting to hear that over on university campuses it’s a different story. Here, the next-generation of consumers are using whatever technologies available to them to craft a new way to spend their money. And it seems that for most of them, they don’t want to be using cash in that bracket.
The above video comes from USA Today, which filmed Loyola Marymount University students about how they pay for goods and services. Hint: they don’t really use cash.
“It’s changed the way that we go out,” says one student, Dillon Siler. “Even interacting with friends. It just makes life a lot easier.”
Gartner says that mobile payments generated $235 million in transactions in 2013, and research institute IDC predicts that mobile payments will hit $1 billion by 2017.
The youth market is clearly where mobile payments will gain traction first. It’s easy to see a campus environment being the breeding ground for future technology adoption, and by the time they leave university, they’ll be itching to use the same technology everywhere they can.
As the video says, it seems that a lot of students are making use of the PayPal owned Venmo payments platform that allows social interaction between friends and shows who’s been paying who for what. It’s playing into the hands of being social with payments, knowing when friends have gone out and split lunch or had activity days. Heck, it might even let you see if your friends are down the pub.
Not everyone is sold on mobile payments though, there are a few students featured who prefer the feel of cold hard cash in their pocket.
“It’s easier for me to keep track of how much I have,” said student Allie Gallo. “If I’m using apps all the time, I think I would spend a lot more because you’re not seeing what you actually have.”
Would you use a mobile payment service to make payments instead of cash? Do you already make payments in this way?