Millennial are the young people of 21st century born in between early 1980s to early 2000s. They are playing a significant role in how the digital payments are used and visualized. It is pretty evident that the young generation are tech savvy and they wish to complete their work within few clicks of their smartphone. One of the major examples can be online shopping: young people prefer to shop online than going to brick-and-mortar shops. In the same way, they tend to lean towards the digital payment system. These digital payments include debit card, credit card, digital wallets and so on.
Talking about Nepal, the technological development has been a topic which is yet to be settled. Previous generations of Nepalese people didn’t tend to easily accept technological developments, however, the millennials have accepted digital wallets with open arms.
They would rather pay from their smartphones than look for their wallets. This easy technology has made the future for digital platforms in Nepal a bright one. The physical payment system that is done through exchange of cash has somehow been turned to digital exchanges. The digital payments have been covering all areas whether it be utility payments or entertainment.
eSewa in Nepal is one of the digital platforms which has the largest market coverage of digital payments. The millennial are attracted to eSewa as they could pay for their expenses sitting right at home or from work or anywhere. The millennial have been using eSewa as their payment partner for everything. They can pay their internet bills, recharge phone, buy movie tickets, bank transfer and even pay at restaurants. Millennial are taking digital wallets as a matter of comfort for every payment needs.
With the growing rate of digital payments users, it can be seen that the digital payment industry is millennial friendly and millenial are accepting digital wallets as part of their daily lives as online payment leads to quicker payments, and simpler life.