My son and I live on different planets where money is concerned. He’s happy to snap a picture of his paycheck and deposit it using his iPhone; I still have my checkbook, and even use it once in a while. He splits a tab between friends using Venmo; I split it using a calculator. And so traditional banking and payment companies are beginning to feel like Goliath in the crosshairs of new financial tech startups.

Figuring out millennials has all the elements of a gold rush in the making. There are 84 million of them, born between 1980 and 2000. That equals a lot of spending power ($1.4 trillion in the year 2020). So, their aptitude and attitudes about money are being dissected and studied as quickly as they’re spending.

A new study from PayPal and Koski Research found that millennials love paying with tech and are willing, even eager, to use new payment systems. The study reports that more than one third of millennials consider credit cards to be “old school” and over 70% said that they thought credit cards are not secure. The study went on to say 63% of them do not have a credit card and would find using plastic cards “annoying.” READ MORE