Who is using digital wallet technology? Most
studies show that millennials are the key
early adopters of mobile payments.17 In a
recent study, roughly half of millennials said
they would rather pay for small items with
their mobile phone than with cash; a similar
share want to use mobile tools to split bills
with their peers and track spending.18 This
is a new generation of consumers, and they
are growing up associating core transactional
services with technology and start-up
brands, neither of which have historically
been associated with financial services.