Different consumer age groups prefer varied payment options, and businesses should meet their expectations to sell.
Millennials, known as digital natives, are tech-savvy and aware of payment methods like cryptocurrencies and blockchain-based transitions. Offers like delayed payments, buy-now-pay-later programs are popular among US millennials. 71% millennials would spend more on brands that donate to charity.
85% of millennials require the brand’s values to align with theirs. However, Gen X spends 20% more than millennials and use their card providers to make online purchases. 40% of Gen Z have used in-app payments, and 14% use mobile wallets regularly, as this cohort prefers alternative payment methods.
Offering safe payment options on social media can help brands sell to Gen Z. When it comes to Baby Boomers, 64% use mobile banking apps, and nearly 40% have increased dependence on mobile banking amid COVID-19.
[9 minute read]