Gen Z Ditching Cash for Mobile Payments?

04.25.22
Gen Z Ditching Cash for Mobile Payments? (Jonas Leupe via Unsplash)

ChicagoGen Z are embracing new types of money management tools, leaving options like bank accounts and cash in the past. 

A survey released by Thunes found that those between 16 and 24 living in more than a dozen developed and emerging countries are embracing mobile wallets, according to Computer World. Mobile wallets were the most common payment option in five of the 13 nations that were surveyed. Meanwhile, 62% of those who answered the survey stated that they did not have bank accounts.

The survey isn’t the first to illustrate Gen Z’s interest in tools beyond traditional financial services. In a March 31 survey by 451 Research, 20% said they have either bought, traded or received cryptocurrencies. The most robust adoption was among Gen Z (33%) and millennials (35%).

Thunes survey discovered that one of the most critical drives for Zoomers when selecting purchase and payment methods is brand trust, which was also rated as the most important factor in choosing a primary payment method. The second most common component was found to be the user's overall experience.

“To many, Gen Z is a misunderstood and overlooked generation,” said Thunes CEO Peter De Caluwe. “This is a generation to which 'dial-up' and 'desktop' are meaningless words and who don’t just think 'mobile-first,' but live and breathe in apps, social media, digital platforms and soon — the metaverse.” 

Caluwe added, “We should start to take this generation seriously as the revenues and strategic plans of many businesses — especially those that are relying on fast growth — are dependent on them.”

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