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PERSPECTIVES ON DIGITAL CURRENCY

Jul 5, 2012

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Millennials Believe in a Cashless Future

Let’s take a moment to envision the future – flying cars, hover boards, cars that run on oxygen instead of petrol. Impossible? Maybe not but with new technology and creative minds, the impossible keeps becoming possible everyday.

In fact, even today, many often think that a totally cashless world is impossible. But when we spoke to 18 to 28 year olds in a recent survey – the Visa Connecting with the Millennials study – a large majority of them believe the future will be a cashless one.

With online shopping, mobile banking and virtual games already at our fingertips, it’s not difficult to envision a near future where payments can be made at a click, wave or tap with nary a paper bill or coin in sight. Be it for shopping or bill payments, eight in 10 Millennials believe that they will one day be able to do this all online.

Millennials today are already leading a digital life, with sixty three percent of respondents saying that they currently make online transactions on their personal computers or laptops, and nineteen percent on their mobile phones.

The continued convergence of web, mobile and social networks is revolutionizing the way people shop and pay. With Visa payWave now on more NFC-enabled mobile phones, and a burgeoning infrastructure in place to support the development and acceptance of NFC mobile payments, it seems the stars are aligning – confirming the very real possibility of a cashless future.

Take a look at the video below and hear for yourself what these Millennials from India, South Africa and Singapore think about financial management, payments and life in general here:

For the full report on Visa’s Connecting with the Milliennials study and additional details on the study, please visit: www.visa-asia.com/millennials.

Posted by: Jag Mistry, Corporate Relations, Visa Inc. on July 5, 2012 at 9:45 am

  1. Most Visa credit cards can be used wdwiorlde, so I believe you can get cash advance at any place where Visa is accepted. Mind it that for this type of transaction a fee is charged plus there is a fee for foreign exchange. these are general rules working for Visa cards. To be absolutely sure of what you will have to pay for it and where you can get your money, you’d better ask the bank that issued the card.

    by MohammadJuly 25, 2012 at 2:48 am