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Mobile Payments

US: Generation Z choosing mobile payments over cash

Friday 26 February 2016 | 12:30 PM CET

A new GfK study of 1.000 US consumers has shown that Generation Z (ages 18 to 24) is twice as likely to make a mobile payment as the total population.

Smartphones, tablets, and other mobile devices account for just 3% of all transactions in the US – but 7% among Generation Z.

More than half (53%) of Gen Z respondents said they have made a mobile payment while using the Internet in the past six months. That is almost four times the rate (14%) for Baby Boomers (ages 50 to 68). Gen Y (ages 25 to 34) came in at 37%, and Gen X (35 to 49) at 27%.

About one-third (31%) of Gen Z consumers agree that “making payments with a mobile device is more secure than other methods”; this is double the general population level (16%), and five times the Baby Boomer score of 6%.

The study also shows that more than half (53%) of Gen Z respondents are looking forward to paying for “more and more transactions” from mobile devices. This is twice the overall US average (27%), and higher than Gen Y (45%) and Gen X (30%).

According to GfK, 2016 will see mobile payments gaining traction through the addition of benefits such as rewards, discounts, and coupons that are integrated into phone payment systems.

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