70% of Millennials Use PayPal for Money Transactions — Should You?
Written by
Cameron Diiorio
Edited by
Gary Dudak
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In today’s digital world and technology-powered society, managing money has never been easier. In fact, most transactions are now cashless, and many people don’t even carry cash on them — something that would have been unheard of 20 years ago.
With Venmo, Cash App, Zelle and many more payment services out there, PayPal has become a favorite among millennials. According to a recent survey, 70% of this tech-savvy generation are turning to PayPal for their money transactions. But why is PayPal so popular among millennials, and should you be using it, too? Let’s explore.
Popularity and Security
One of the main reasons millennials are drawn to PayPal is its popularity. Sending and receiving money through PayPal is as easy as a few clicks. Plus, it is commonly recommended by their peers. According to the survey and report from YPulse, millennials see PayPal as a “popular, reliable, and a recommended brand.”
PayPal’s security measures have contributed to its popularity. Millennials feel secure knowing their transactions are protected against unauthorized access or fraudulent activities with PayPal, while other, newer apps may not be as secure.
According to PayPal’s website, it has more than six security measures in place for customers, including data encryption, fraud monitoring and email verification. These measures make millennials feel safe about their money transfers.
Social Tool
PayPal’s success also stems from its integration into social interactions. Splitting bills, collecting money for gifts, or pooling funds for events has become a seamless operation with money transfer apps allowing funds to flow easily between peers.
The ability to request or send money with just an email address or phone number has made PayPal a favored choice for splitting expenses among friends. “[Millennials] are most popularly using peer-to-peer payment apps to pay back a friend or family member,” YPulse reported.
Millennials have embraced PayPal due to its alignment with their tech-savvy and interconnected lifestyles. The app is used as a tool for younger generations to stay connected to each other and reduce complications that can sometimes arise with money transactions.
Should You Use PayPal?
Taking into consideration its widespread usage, many may benefit from using PayPal just as millennials have. Money transaction applications like PayPal will only increase in popularity over time.
If you often split bills, make online purchases or send money to friends and family, PayPal is certainly worth looking into. As always, it is essential to do your due diligence. Research PayPal and its features before deciding if it is right for you.
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