Millennials nowadays account for more than a quarter of the total population of the U.S. and are forecasted to become the highest-earning generation by 2025. According to ETA’s Transactions Trends survey, more than half of millennials have used online payment services such as Venmo or PayPal to transfer and receive funds. However, cashless and online banking expose millennials to some hidden risks. Certain risks include bank overdraft fees, and digital theft that relates to fingerprint ID or Apple Pay.
Several new fintech companies and innovative banks are designing services to keep millennials’ finances more secure in the new digital landscape. Robo-advisors, such as Mint send notifications to help users keep track of their spending. Budgeting tools like Fudget and Goodbudget allow users to keep track of exactly how much they are spending on hidden fees like subscriptions. Innovative banks such as N26, Tandem and atom are offering a wider range of loans, accounts and overdraft policies to suit users’ spending habits. Some payment gateways like Stripe, Braintree and Google Pay are also available, which provide millennials with safe and convenience ways to the online payment process.
Source: http://www.ibtimes.com/millennials-money-how-fintech-will-help-lower-risks-cashless-society-opinion-2479617?utm_medium=email&utm_source=fintechweeklycom