As the e-book outlines, millennials represent an economic engine They make up 25 percent of the U.S. population, spending more than $200 billion annually. In the near future, the millennial segment is poised to comprise 30 percent of all retail sales, yet over 60 percent of millennials do not even carry a credit card—opting instead for debit payments. Nearly two-thirds of millennials are more likely to shop with a rewards program, while the average millennial consumer participates in seven different rewards programs.
With millions of millennials hampered by credit card debt or wary of overextending themselves, many prefer to shop using debit that is easily accessible and highly flexible, presenting an opportunity for merchants to adopt private label debit solutions. Private label debit programs directly debit payments from the customer's bank account, satisfying millennial consumers who are not accustomed to or comfortable with credit transactions. For merchants, it is the lowest-cost payment method available, offering a flat, per-transaction fee and requiring no interchange or discount fees.
ZipLine CMO Kristen Bailey said, The numbers don't lie Millennial preferences are tailor-made for private label debit, and merchants would be wise to attract these customers with flexible, easy-to-use rewards programs. Payment platforms like ZipLine's appeal to consumers who remain wary of credit card companies, while rewarding cost-conscious merchants with the lowest transaction fees on the market. Private label is a win-win for merchants and customers of all ages.