Gen Z consumers make regular payments via mobile wallets, research shows

Friday 20 September 2019 14:58 CET | News

An international research commissioned by Paysafe has found that Gen Z consumers prefer a wider range of alternative payment methods.

The research has found that over a third (40%) of Gen Z have some experience of in-app payments, and 15% make in-app payments regularly – significantly higher than all other consumers (27% and 9%). A third of Gen Z (34%) have used a mobile wallet (versus 26% of other consumers) and 14% (versus 10%) regularly make payments with one. Additionally, a quarter of Gen Z (25%) regularly or occasionally use prepaid pins, and 29% have made online purchases using a cash-based system (versus 17% and 24% of all other consumers).

Moreover, the research also revealed that 47% of Gen Z buy goods on their mobile more often than any other platform – the same as Millennials. In contrast, just 28% of Generation X and 10% of Baby Boomers prefer mobile shopping.

The report, which surveyed over 6,000 consumers in the UK, the US, Canada, Germany, Austria, and Bulgaria, also looked at this age group’s attitude towards in-store payments. The research shows that 16–24-year-olds enjoy having additional payment options in-store, with over half (53%) preferring to shop in stores that accept contactless payments. Physical cash is also still used by most (79%) Gen Z consumers when shopping in brick-and-mortar stores.

Gen Z is also open to using voice-activated payments. More than half would use voice technology to sign up for a subscription service such as Netflix (52%) or make a one-off entertainment purchase (51%), and 43% would be prepared to pay for groceries using voice commands to their smart fridge.

For more information about Paysafe, please check out a detailed profile of this company in our dedicated, industry-specific online company database.

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Keywords: Paysafe, Gen Z, mobile wallets, research, Gen Z, alternative payment methods, in-app payments, contactless payments
Countries: World

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