Twenty- and 30-Somethings Remain Trendsetters for SMS/Text Payments
New York, New York October 15, 2017 — If ever there was a millennial moment it is now. Why? Because as a generation of young Americans roughly 17 to 35 years of age, the heart of the group is entering its prime earning and spending years. At 93 million strong, it is the most significant demographic cohort in the country, far outstripping the ranks of baby boomers and Generation X. For businesses looking to attract, retain, and engage their customers, what 20- and 30-somethings do matter today.
And one of the things millennials do best is use their smartphones to make mobile payments. Thanks in part that 80 percent of the group owns a cellphone, the dollar value of payments made by phone is expected to rise sharply in the coming years. In fact, Business Insider estimates in-store mobile payment volume to reach $503 billion by 2020.
E-Complish, a leading payments solutions provider, recognizes this trend too. According to the company’s internal analysis, it is seeing that 85 percent of the consumers that utilize payments by SMS/text is considered to be millennials or younger. Not surprisingly, they are also the group most likely to adopt the company’s Text2Pay feature, a user-friendly way to bill and accept payments through SMS text messaging technology.
“I see it every day. Millennials get a bad rap — like claims that they’re too self-centered, overly coddled, and delay taking on the responsibilities,” says Stephen Price, E-Complish’s CEO. “But trying to assign generalities to a group of 90 million people is just more of the same problems we see with the likes of race and ethnicity. A better approach is to go by the numbers. And the numbers tell us that millennials are a driving force in the global economy. Catering to their needs is essential if businesses want to survive and thrive. Smartphones are the way this generation stays connected and more so, complete electronic payments. To ignore 90 million people and their trends would be naive.”
From the millennials perspective the Text2Pay process is seamless and puts customers in control of notifications and how they send payments. Customers sign up for E-Complish Text2Pay and choose whether they want to pay bills directly through Text2Pay, or just want payment reminders. For customers who wish to pay directly, payment account information is entered into our secure system. A personalized PIN is created to verify the payment. When a bill is due, Text2Pay sends a text payment notification to each customer. Upon receiving the SMS payment message, customers submit their PIN and make a payment any time, day or night.
Text2Pay uses a powerful SMS platform to guarantee text message delivery, compliant with the FCC, and adherent to the Mobile Marketing Association’s Best Practices guidelines. And for fast-moving, tech-savvy millennials, Text2Pay offers a variety of benefits, starting with immediacy of transaction and accuracy for basic tasks. With Text2Pay, users don’t have to re-enter credit card or bank details. All identifying information is already connected within the secure system, and no personal or account details are revealed. There is also no login required, so there is no need to have to search for passwords or usernames.
“As if underscoring this millennial moment, in October, the Wall Street Journal reported that retailers are putting most of their energy into capturing the 26-year-old adult,” says Price. “That’s because out of the entire generation, 26-year-olds are the largest single age group in America, at 4.8 million. At E-Complish, with nearly 20 years’ experience in payment processing technology, we’ve come of age with these young adults, too. And it’s our mission to give millennials — and all consumers — what they want. Text2Pay is the perfect union of technology, security and convenience.”
Since 1998, E-Complish has provided merchants around the country with top online and over-the-phone payment processing services that keep customer data secure and make it easier for retailers to manage transactions. E-Complish uses the latest groundbreaking technology to design payment processing services that deliver ease of use, accuracy, and dependability, personalization capabilities, and automation that improves productivity.
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