How Do You Pay For Things

April 18, 2011 by Scott Perry     No Comments

The other day a colleague and I had occasion to have a quick cup of coffee with a researcher from an analyst firm that focuses on the banking sector (not Gartner or Tower Group). Somewhere in the conversation we got talking about mobile banking – can you see what my favorite subject is lately? I’m nothing, if not obsessive! Anyway, we were talking about who was doing it and who wasn’t (mobile banking!) – and why. And he turned to my colleague and asked him how he paid for things – by credit or debit: “Credit”, my friend answered. And then he asked whether my colleague used mobile banking – “No”.

He went on to explain that most people using mobile banking right now are younger – nothing new there. But he added that in part it’s because of how they pay for things. The Gen Y’ers tend to have less money – and they shop with debit, living and spending pay-cheque-to-pay-cheque. And because of that they’re constantly checking their bank account to make sure they have enough money in it. And the best way to do that – because of the immediacy it offers – is via their cell phones.

Now, I hadn’t heard this one before and I thought it was a really interesting connection.

I’m definitely not part of Gen Y, nor a Gen X’er to be honest - but I am a debit person. But, when he asked me if I used mobile banking my answer, breaking the mold, was also “No”.

“And why not?”, he asked.

“Because it’s not secure!  . . .  and we moved on.

Scott Perry


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