Generation Z, born between 1997 and 2012, is the first digitally native cohort, having grown up with mobile phones and apps throughout their lives. Their strong exposure to technology has significantly influenced their behaviors and preferences, particularly in the realm of digital payments.
Digital wallets have captured Gen Z's attention, with nearly 80% of them embracing platforms like Apple Pay, Google Wallet, and PayPal. These digital wallets offer secure, convenient, and contactless transactions, both online and in-person, while safeguarding sensitive payment information. Interestingly, this adoption rate surpasses that of millennials and bridge millennials, who stand at 67% and 63%, respectively.
Beyond payment functionalities, Gen Z's interest in digital wallets extends to other features. 78% of them express interest in using these platforms to store information such as passports, driver's licenses, and event tickets, far exceeding the 51% average observed across all demographics.
Moreover, Gen Z consumers are 66% more likely to consider switching to providers that offer digital wallet features beyond one-time card payments. This inclination outpaces the average across all consumer demographics, which stands at 37%.
While Gen Z enthusiastically embraces digital wallets, their enthusiasm for connected devices appears less pronounced. Recent research indicates a decrease in the average number of connected devices owned by Gen Z, contrasting with the modest increase observed across the population. This nuanced approach to digital engagement prioritizes convenience, security, and integration.
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