Un-"Tapped" Potential - Gen Z and Transactions
Gen Z, those born between 1995 and 2005, are pushing innovation in the payment and transaction space with higher expectations from mobile experiences. Gone are the days that a credit card was swiped and bank transfers were used, transacting with an iPhone using Apple Pay and using PayPal is now taking the forefront.
American Express has released data showing that 68% of Gen Z’ers say they want instant person-to-person payments! This instantaneous requirement is also reflected in Gen Z’s use of membership programs. Membership cards are a thing of the past with digital rewards programs via apps now replacing cards.
The data also explores what factors would stop Gen Z from using a product or service in contrast to Gen Y. Interestingly, poor responsiveness on social media would stop 9% of Gen Y but more than double that figure, 21% for Gen Z. Even more stunningly four out of five Gen Z’ers are comfortable at openly conceding that they allow social media to influence their purchasing decisions!
The mobile phone is the ubiquitous device of this generation, try to drive their behaviour with yesterday’s technology and paradigms at your peril!
Sara Zokaei Fard contributed to this piece.