Generation Z and digital payments study
In this paper, we will explore how Generation Z (those born after 1995) has taken the reins of the B2B payment space, and how they are affecting trends in digital payments. For example, When asked “How often do you use P2P payment platforms (Venmo, Paypal, Zelle, etc.) to pay an individual each month?,” 79 percent of Gen Z reported using them at least once per month. That means Gen Z is already using P2P payments more than Millennials (75 percent ) and Gen Xers (69 percent), based on previous industry reports.
In fact, nearly half of Gen Z respondents (47 percent) reported that they use these services 1-5 times a month and there is also a very large percentage (32 percent) of Gen Z using them more than 6+ times per month! This is in line with a recent Accenture survey that found 68 percent of Gen Z consumers are interested in instant P2P payments — more than any other age group. Gen Z is ditching credit cards and cash for digital wallets.
The paper further explores Gen Z’s expectations for their B2B payments to be as fast and easy as the P2P payments they enjoy in their off-work hours.