The future of money

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How will new transition technologies like Apple Pay, peer-to-peer payments or virtual currencies impact consumer behaviours?

Who will most readily adopt these new technologies and what will this mean for retailers and brands?

In the US, UK Asia and Africa, where new transaction technologies were already more widespread, the answers to these questions were being answered.

In Ireland, relatively little was known about who was most likely to adopt these new technologies and when. The Future of Money was Ireland's first nationally representative survey of four Irish generations - Baby Boomers, Gen-X, Millennials and Get-Z.

Drawing on Tipping Point theory, or the diffusion of innovations, we discovered that while Millennials would adopt mobile wallets first, Generation-Z - those born since 1995 - are already prepared to adopt new transaction technologies not yet available in Ireland.

According to the theory, a tipping point occurs when over 16.5% of a population adopts a new product or technology. Our data suggested that each of these technologies may take 5 years to reach their tipping point, driven by Millennials and Gen-Z.

The implications for business are profound, as are the opportunities for those who adopt and exploit these new transaction technologies first.

This infographic captures The Future of Money's key findings.

 
 
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Thomas Geoghegan