• 1 in 3 Millennial tourists keep the amount of cash that they bring with them on holiday to an absolute minimum and almost half worry about carrying cash with them while abroad
(TRAVPR.COM) UK - November 8th, 2016 - Millennial holidaymakers are driving an increase in mobile payments abroad, with 1 in 20 making at least one mobile payment with Apple or Android Pay while on holiday abroad this year. The research, carried out by the DCC Forum, also found that the use of mobile payments comes at a time when younger travellers are increasingly keen to cut out holiday cash, with 35% saying that they keep the amount they bring with them to an absolute minimum.
Of those surveyed, only two thirds (63%) said that they bought any foreign currency before heading off on their holidays and just over half (51%) worried about carrying large quantities of cash with them. The research also found that younger travellers had a range of reasons for not wanting to bring foreign currency in cash on their holidays: 1 in 4 said that carrying large quantities of cash made them feel more likely to be a victim of a crime, while just under half (45%) worry about leaving cash in their hotel rooms for fear of theft.
Interestingly, 1 in 5 (21%) Brits aged 18 to 34 did not make any payments in cash at all on their holidays over the last 12 months. While mobile payments are growing in popularity with younger travellers (5%), they are yet to catch up with contactless payments as 1 in 10 younger travellers made a contactless payment on their holiday this year. Just under 20% used some sort of pre-paid foreign currency card.
Carrying out its research in partnership with CensusWide, the DCC Forum is the industry body that helps holidaymakers understand the choices available to them when they pay by credit or debit card abroad. Research found that just over half of 18 to 34s still choose to make payments with their credit or debit card while overseas, but only 29% checked the fees that their bank or card provider would charge them for using their card abroad.
Jennifer Conneely, board member of The DCC Forum, comments: “With the continuing rollout of Apple and Android Pay in the UK and a concerted drive by banks and card providers to encourage the use of mobile payments, it’s perhaps no surprise that Brits are keen to use their mobile wallets on their holidays too. Younger travellers are street-smart enough to not carry large amounts of cash with them, while tech-savvy enough to know how to use smartphone payments. As the travel market becomes increasingly dominated by Millennials, more tourists will come to expect to be able to make payments with their phones wherever they are in the world”.
Research methodology
All figures, unless otherwise stated, are from CensusWide. Total sample size was 1,199 adults who said they had travelled abroad on holiday at least once in the last year. Fieldwork was undertaken between the 28th July and 1st August 2016. The survey was carried out online. The figures have been weighted and are representative of all UK holidaymakers (aged 16+).
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