PXP Financial, a global expert in acquiring and payment processing services, has revealed a research into the payment habits of different generations of players in the online gaming and betting space.
When securing the sentiments of each generation on their payment habits, PXP Financial found that Millennials (1981 – 1995) are the biggest spenders and prefer to use debit payments. In contrast, Generation X (1965 – 1980) prefers to play with credit instead.
January 2020 ‘s announcement of a credit card ban across the industry influenced the results of the research. Generation X had an increased negative response. Overall, each of the generations had a majority negative view on the regulation, leading to over 50% of the respondents citing it to be harmful to the sector.
This sentiment survey was developed following PXP Financial’s 2019 Are Payments the Key to Maximising Gen Z Appeal for the High Street research, which looked at the retail spending habits of Generation Z (1996 – 2012). Interestingly, the survey found that many respondents preferred shopping instore to online and preferred to spend using digital currencies instead of cash.
With regards to Generation Z, they have yet to have a significant impact on the online payments industry, primarily due to their age and financial capability. However, this is set to change as the group matures. And as for the perception of retail, Millennial’s were found to lean more positively towards physical shopping, although it was nearly an even split. Generation X, on the other hand, vastly preferred the convenience of shopping online.
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