While many have considered the Baby Boomer generation to be the most lucrative market for credit card usage, a new study shows that Generation X is now outpacing them.
Research from Cardbeat found that the younger generation was now using credit cards more frequently than Boomers when it came to usage, premium card ownership, balance transfer activity and other measures. The firm reported that despite the fact that industry insiders had been expecting Generation X to overtake the Baby Boomers at some point, the pace had surprised many.
"Generation X's reign at the top is likely to be short-lived, due to nothing other than demographic reality with a much larger generation of Millennials right behind them." Dr. Patricia A. Sahm, managing director at ACG said.
According to some studies, in the coming years, more people will be looking toward mobile payments for transactions. A study by Juniper Research found that by 2017, mobile payments would surpass $180 billion. The changing landscape means that many will need to adjust merchant services-related activities to meet the demand.