A quarter of millennials want a microchip inserted under their skin so they don’t even have to reach into their wallet ever again
- New survey found 25 per cent of young Aussies want payment chip in their skin
- Report was released this week from leading global finance tech company FIS
- Authors say microchips are next step to existing fingerprint payment methods
A quarter of young Australians are happy to have a microchip inserted under the skin of their hand to tap for payments instead of reaching for a phone or wallet.
A survey of Aussies found that 24 per cent of millennials want the biometric chip to make buying products easier.
Among the youngest Australians surveyed, Generation Z, the desire to be injected with a small transmitter was slightly higher at 25 per cent.
Nearly a quarter of young Australians a happy to have a microchip inserted under the skin of their hand to tap for payments instead of reaching for a phone or wallet (stock image)
A survey of Aussies found that 17 per cent of those in the millennial age group want the biometric chip to make buying products easier (stock image)
Older age groups were understandably more sceptical, with just 16 per cent of Generation X, seven per cent of baby boomers and, eight per cent of older those older keen to be microchipped.
The Generation Pay report forecasts that biometric technology is set to rise globally riding an increase in popularity from younger consumers.
The report, released this week from US research firm Fidelity National Information Services, the world’s largest financial technology company, explores consumer attitudes towards money in different age ranges.
‘Australians are usually on the front foot when it comes to adopting emerging payment trends and we have already seen a huge uptake in biometric payment trends like fingerprint sensors and facial recognition technology,’ FIS executive Phil Pomford said.
‘This is really just the beginning and we anticipate that further innovations in this area including, voice-activated commerce, will continue to become more widely adopted by the mainstream public.’
‘Convenience is king to today’s consumer, particularly the younger generations, who are more likely to adopt new and emerging technologies trends if it means they are rewarded with some level of convenience in return.’
The report forecasts that employing biometric technology to make payments will rise sharply in the near future (stock image)
The survey also revealed 40 per cent of millennial Australians would not hesitate to buy something worth more then $1,500 on a buy now, pay later service.
Using smart speakers to make payments was also revealed to be a technology on the rise, with 23 per cent of Australians saying they were interested in using voice activated commands to authorise a purchase.
And an even largest section of the population was interested in using in-car payments methods to shop while driving – with almost 60 per cent of the Generation Y and Z age groups being keen on this method.
The majority of the Australian public was also interested in or has already started using biometric technology such as fingerprint scanning on their phones to make purchases.
‘GENERATION PAY’ SURVEY
17 per cent of Australians are interested in putting microchip in hand: 25 per cent (genZ) 24 per cent (genY) 16 per cent (genX) 7 per cent (baby boomers) 8 per cent (beyond boomers)
30 per cent are interested in in-car payment integration: 42 per cent (genZ) 43 per cent (genY) 29 per cent (genX) 10 per cent (baby boomers) 22 per cent (beyond boomers)
35 per cent likely/highly likely to use a Buy Now Pay Later product to make purchase under $375
31 per cent likely/highly likely to use a BNPL product to make purchase between $375-$1500
27 per cent likely/highly likely to use a BNPL product to make purchase over $1500