Generation Z favours digital payment methods, PXP Financial finds

Wednesday 2 October 2019 00:07 CET | News

Offering digital payments is the key for retailers wanting to attract younger shoppers, with 74% of Generation Z putting off by cash-only stores, according to PXP Financial.

The research found that debit cards are the most popular payment method, with mobile wallets and cash a joint second. While cash is still popular, cashless methods are more favoured, particularly digital ones.

Other key findings: 

  • the preference on digital payment methods entirely relies on convenience;

  • 9% of Gen Zers consider security the main benefit of cashless payment methods;

  • 67% of Generation Z prefer to shop in a physical store most of the time;

  • shoppers favour in-store purchases because they are able to try items before they buy them (73%), and then make an immediate purchase;

  • 69% would shop in a store where payment is taken from their mobile as they leave.

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Keywords: PXP Financial, digital payment method, online shopping
Countries: World

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