Mobile First, Security Always: Millennials Reshape Payment Landscape, PXP Survey Reveals
64% of millennials value digital wallets, especially for international travel
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The study reveals that 64% of millennials – those born between 1981 and 1996 value digital wallets, especially for international travel, and 40% consider security their top priority when choosing payment methods. This generation is balancing traditional payment solutions with emerging technologies as they shape an increasingly complex payment ecosystem.
However, mobile wallets are becoming increasingly popular, with 20% of younger millennials using mobile wallets like Apple Pay daily, though many millennials still rely on more traditional payment methods for everyday spending. The research shows variation in payment preferences based on context – from everyday essentials to high-value purchases. For example, debit cards remain the most popular choice for everyday shopping, with 40% of millennials using them as their primary payment method in grocery stores, while 24% opt for credit cards for high-ticket online purchases.
Cash remains in use for certain transactions, with 20% of millennials preferring to pay with cash when dining out, often for splitting bills in group settings. Online shopping continues to dominate, with 80% of millennials conducting the majority of their shopping online. When it comes to travel and accommodation, 38% of millennials use debit cards for hotel bookings, while 26% prefer credit cards to access rewards, insurance, or cashback benefits.
'Millennials want payment options that match their mobile-first lifestyles without compromising on security,' said Kamran Hedjri, Group CEO for PXP. 'Our research shows they expect payment systems that deliver both innovation and trust, regardless of whether they're shopping at home or abroad.'
PXP's study, conducted in conjunction with leading polling firm Censuswide, surveyed over 2,000 consumers in the UK and US to discover their payment preferences, priorities and frustrations.
Other insights on millennials from the study reveal:
38% of millennials are attracted to retailers offering exclusive discounts for specific payment methods
35% of millennials prefer brands that offer personalised shopping experiences, suggesting that customisation influences their loyalty
28% of millennials say they are drawn to payment methods that offer rewards or cashback, showing that incentives can play a role in shaping payment preferences
36% cite hidden fees as their biggest frustration when making payments
The findings come shortly after PXP introduced PXP Unity, a tech-first platform built to support businesses in adapting to changing consumer demands. With millennials expecting security, flexibility and a seamless payment experience across channels, PXP Unity gives merchants greater control over their transaction data, smart routing capabilities and access to a growing catalogue of services, all through a single integration.
'Meeting millennial payment expectations isn't optional – it's essential for business growth," adds Hedjri. 'PXP Unity empowers merchants to deliver the flexible, secure payment options this influential generation demands, while streamlining operations behind the scenes.'
Winning Millennial Payments Across Industries
The research identifies strategies businesses can implement to attract millennial customers across sectors. From mobile wallet incentives for retailers to bill-splitting features for restaurants, loyalty-integrated payment systems for fashion brands to BNPL options for ticketing platforms – each industry has unique opportunities to enhance the millennial payment journey. Businesses that implement these tailored approaches can expect higher engagement, increased loyalty, and improved conversion rates from this digitally-savvy generation.
Read the complete report Millennials and the Future of Payments and discover detailed strategies for enhancing your payment ecosystem.
About PXP
PXP is a tech platform that makes commerce simpler, better, and more connected. With just one connection to PXP, merchants can unlock a world of commerce across online, mobile, and point-of-sale channels. Powered by a suite of financial services, multiple acquiring connections - including an in-house acquiring licence - and diverse alternative payment methods, PXP processes over €30 billion annually through our unified gateway. Connect once to our global commerce ecosystem to supercharge your growth by unifying payments, streamlining operations, and getting access endless opportunities. Learn more about the PXP family of companies at: http://pxp.io/.
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These measures are not prepared in accordance with GAAP and have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our results of operations as reported under GAAP. In addition, other companies may not calculate non-GAAP financial measures in the same manner as we calculate them, limiting their usefulness as comparative measures. You are encouraged to evaluate the adjustments and the reasons we consider them appropriate. Some amounts in this press release may not add due to rounding. Adjusted EBITDA We calculate Adjusted EBITDA as net income (loss) adjusted to exclude depreciation and amortization, stock-based compensation expense, interest expense, interest income, employer taxes related to employee transactions, other (income) expense net, which consists of foreign exchange rate gains and losses, income tax provision (benefit), and significant and non-recurring legal matters, net of insurance recoveries. Adjusted EBITDA should not be considered as an alternative to net income (loss) or any other measure of financial performance calculated and presented in accordance with GAAP. Beginning in the current fiscal quarter, we updated our definition of Adjusted EBITDA to include certain significant and non-recurring legal matters, net of insurance recoveries, that we consider to be non-recurring and not reflective of our ongoing operations. This change better aligns Adjusted EBITDA with how management evaluates our core operating performance. This change in definition is applied prospectively beginning with the three months ended June 30, 2025. Prior periods have not been recast, as there is no impact to any previously reported amounts. Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital spending that occurs off of the income statement or account for future contractual commitments, (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures and (iii) Adjusted EBITDA does not reflect the interest and principal required to service our indebtedness. In evaluating Adjusted EBITDA, you should be aware that in the future we expect to incur expenses similar to the adjustments in this release. Our presentation of Adjusted EBITDA should not be construed as an inference that future results will be unaffected by these expenses or any unusual or non-routine items. When evaluating performance, you should consider Adjusted EBITDA alongside other financial performance measures, including net income (loss) and other GAAP results. Adjusted EBITDA Margin Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by net revenue. Because of the limitations described above, you should consider Adjusted EBITDA and Adjusted EBITDA Margin alongside other financial performance measures, including net loss, net loss margin, and other GAAP results.
