Omlis, a leading global mobile payment solutions provider, has identified mobile finance apps and techniques for financial security when using new mobile payment services for first year university students. More than half of all mobile payments made by smartphone users are made by users aged 18-34, according to a 2014 report from Nielsen. This is primarily done using peer-to-peer (P2P) mobile payment apps, which connect to users’ bank accounts allowing them to transfer money between people quickly and easily. P2P payments made online and via mobile devices reached a sales volume of $74.9 billion in 2013, with significant growth forecasted, according to Javelin Research. hese types of apps support students by offering new and convenient ways to pay. For example, parents can easily transfer money to help when funds get low, or students can be reminded that they are owed money, offering the functionality of requesting payment. New York-based mobile payment application, Venmo, has been widely accepted on campuses, transacting $314 million in mobile payments in Q1 of 2014. Other examples of widely used mobile payment applications include Popmoney, Boku, and Dwolla. The anticipated iPhone 6 is predicted to incorporate its own mobile wallet with NFC technology for making purchases in-store with the device. “Innovative mobile payment software is a catalyst for change, and the new generation of university students often early adopters of new mobile technologies. This is no different when it comes to new, innovative and more convenient ways to pay,” said mobile payments expert Markus Milsted, CEO of Omlis. “Young people can easily and safely manage funds in a unique, contemporary way when using mobile payment applications, but they must be aware of security measures.” Bloomberg reported that millenials have started using P2P applications as a means of communication, much like a social network, and even taken to using the application as a verb, asking friends to “Venmo me.” Students can use P2P apps to split rent or utility bills by sending money to their roommates, and using the app to split the bill while dining is becoming the norm, according to a report from Nielsen. Young mobile app users should be reminded not to connect with strangers, and to be wary about downloading risky software or jail-breaking phones, which compromises sensitive data stored on the phone. Taking precautions when sending or accepting payments, and learning to keep track of expenses can ensure young mobile payment app adopters utilise these technologies wisely. Budgeting remains a significant part of student life, with massive student loan debt looming upon graduation, on average $30,000 for U.S. graduates and £44,000 for students in the UK. Mobile banking applications and money management apps such as Mint.com, PocketBook, or Expensify provide helpful financial management tools that student can take advantage of.