We can all agree, times have drastically changed in the last ten years. Advancements in technology have transformed thousands of businesses, social culture, and forever altered the way we live our daily lives. However, technological advancements have impacted the various generations in distinct ways, millennials being the best representation of this effect. Money is a key example of this modification over the years; but what defines a millennial?

Philip Bump,(@pbump) from The Atlantic gives us a pretty good definition.

“In October 2004, researchers Neil Howe and William Strauss called Millennials "the next great generation," which is funny. They define the group as " those born in 1982 and approximately the 20 years thereafter." In 2012, they affixed the end point as 2004.”

Born into the technological boom, and the dot.com era, millennials have a pretty good grip on all things tech., With vast, hands on knowledge ranging from smartphones, computers, laptops, printers, anything tech related, millennials know their way around it; proving they have easily adapted to changing times. The discrepancies between a baby boomer and a millennial are unmistakable, but one that stands out is none other than capital.

As a millennial myself, cash is an unfamiliar term, never carried in the confines of my purse, or found in the back pockets of my pants. For us, it’s not only a burden to carry, but inconvenient to use, sometimes falling short from the needed amount to cover a fee. With the vast majority of mobile payment services ranging from Venmo, Paypal and Square Cash, why would a millennial ever carry cash when we can easily whip out our smart phones or cards?

Rising in popularity over the past year, Venmo, a digital wallet letting users make and share payments with friends, has become a hit with young adults between the ages of 18-24. The phrase “just Venmo me” is widely recognized as a means of paying someone back, instantly. Users are able to easily split the bill, cab fare, drink tabs, etc. simply by connecting the app to your bank account. For college students, Venmo has solved a huge problem when it comes to the payment process, which is why millennials prefer mobile banking, and mobile pay over baby boomers. Each generation has it’s own niche; this is a millennials niche.

I recently had lunch with a girlfriend of mine, where I asked her opinion on carrying cash. Her answer was expected. “There’s just never a need for me to carry it. I easily lose things, and can’t afford to lose loose bills. Paying with my iPhone makes everything easier, and gives me peace of mind.”

“Researchers at CreditUnions.com found that 20% of Millennials have not made a cash purchase over $5 in the past 30 days.” - (@Ldallett) The Business Insider.

When I asked my dad the same question, his answer was very different. “If I don’t carry cash on me, something is missing. When all else fails, cash will always come in handy.”

It seems as though baby boomers prefer cash to mobile payment methods, have a more traditional outlook on life, and prefer to get things done the old fashioned way.

But why is this?

Born post WWII, baby boomers not only had to recover slowly from the economic hardships experienced during wartime, but suffered greatly from the financial crisis of 2008. Baby boomers and a portion of Gen X are far more conservative and less trusting when it comes to their finances. Which explains why they prefer the use of cash; they see it, feel it, and they know the exact amount. These are the same group of people that prefer writing checks.

“More than half of Millennials are likely to whip out a card for a pack of gum or a newspaper, while 77% of people older than 50 still dig out cash. I think those people mostly use cash because that's the way we've always done it," says Matt Schulz, senior industry analyst for CreditCards.com. "But Millennials have grown up doing things like going to school and using a prepaid card to pay for lunch. For a lot of younger folks, cash is just something that they don't carry around." (@LisaKiplinger) USAToday.

What is the future like for baby boomers when it comes to a prefered method of payment? Although cash is king, we are starting to see a rising interest in mobile payments. I believe, cash will slowly disintegrate. Of course, there will be the select few who will always hold onto cash and prefer it over mobile. Just as there are people today using flip phones or landlines, as opposed to smart phones. Looking back ten years ago, would we have ever imagined technology to be where it is today? What’s to say we can't expect the same outcome when it comes to the methods of payments?

This intriguing new mindset allows for opportunity. We’ve seen this opportunity from payment giants such as Venmo and Paypal and they’ve taken over. But are there other opportunities? Major cities such as San Francisco and New York have adopted payment services to facilitate taxi services, restaurants and food trucks. You name it, they use it. A quick swipe, or scan, provides instant, reliable assurance.