With the rising popularity of P2P (person-to-person) payments through sites such as Facebook Messenger, Slack, Zelle and Venmo, digital disbursements have become to millennials what cash and checks were to previous generations.

This trend toward digital payments is especially prevalent where thousands of millennials gather each year: colleges and universities across the country. Increasingly, higher education institutions are making disbursements via dedicated B2C (business-to-consumer) digital payment systems, which are cheaper, faster and more secure.

Perhaps most importantly, it’s how students prefer to be paid.

Using Digital Payments is a Less Expensive, More Efficient Way to Transact

According to a survey by the...

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About the Author:

John Lenckos is senior vice president, Specialized Industries, Bank of America Merrill Lynch and Lynn Wiatrowski, executive vice president, Global Transaction Services, Bank of America Merrill Lynch.