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Why we’re increasingly turning our backs on owning things

2 minute read
Why we’re increasingly turning our backs on owning things

Published at 9:01pm 15th March 2017.

More and more of us are turning our backs on owning things and choosing to subscribe to services instead.

The trend is shown in the growing popularity of things like Spotify and Netflix, which have a combined 140 million users.

Bagshot-based Direct Debit bureaux, SmartDebit, says subscription-over-ownership is only likely to grow as it is the preferred choice of millennials.

It says they prefer to pay a simple contribution for access to quick, easy and tailored-to-their-needs subscription services.

The value of ownership, which is long-term, slower and expensive, is no longer the most popular choice.

Rhys Daniel, Operations Director at SmartDebit, says business payments are also changing in line with these new expectations: "How we behave is constantly evolving, which in turn influences the services that are provided for us and the way we interact with those services.

"Consumer behaviour is one example. The payments industry has to change to make life easier for consumers.

"It is vital to have the experts, the technology and frequent financial regulation checks to be able to adapt to these changes."

The firm predicts the way we pay for things will one day change permanently, so that we use our phones for every transaction and even store our passport and driving licence on them.

But the complete digitisation of payments does pose some risk, meaning cyber security will become ever more important.

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1 SmartDebit https://cml.sad.ukrd.com/image/547473.png