[{"@context":"http:\/\/schema.org","@type":"Article","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#Article","articleBody":"Knowing your target audience is more important than ever for today\u2019s businesses facing new payment technologies, evolving consumer preferences, and a global pandemic. Understanding generational payment methods is key to future-proofing your organization.\nTracking payment preferences across generations can provide valuable insights and help businesses navigate an omnicommerce marketplace that blends online and in-person experiences.\nBy identifying the similarities as well as the differences among consumers\u2019 buying habits and payment preferences across generations and across countries, businesses can implement the payment solutions and strategies that help drive long-term success.\nDo you know how to meet your customers\u2019 payment preferences?\nFind out how different generations around the world prefer to shop and pay so you can offer smarter payment experiences.\nDOWNLOAD THE REPORT.\nNew research reveals the payment preferences, financial attitudes, and spending habits of different generations of consumers around the world. We surveyed more than 15,000 consumers in 15 different countries across five generations: Gen Z (18-23 years old), millennials (24-39 years old), Gen X (40-54 years old), baby boomers (55-73 years old), and beyond boomers (74+ years old).\nThe data paint a fascinating picture of generational payment trends worldwide. Those who think they already have a good understanding of their customers\u2019 shopping and payment preferences may be surprised by some of the findings.\n \nCashless society: By 2024, digital wallets will eclipse all other payment methods\n   Has the cashless society arrived? The pandemic sped adoption of mobile and digital wallets, putting pressure on retailers to provide digital payment options.  \nGenerational payment methods: How do different generations pay around the world?\nMillennials in Latin American love loyalty programs.\nNearly seven in ten Gen Z consumers in the US are interested in paying with a microchip that\u2019s embedded in their hand.\nIn Brazil, consumers across all generations are big fans of digital wallets. \nAustralia\u2019s younger set isn\u2019t interested in social media purchasing.\nNearly half of US consumers across all generations say that COVID-19 has had no impact on their payment preferences.\nLatin Americans LOVE loyalty Ninety-one percent of millennials in Brazil and 90% of that generation in Argentina say merchants can earn their business by offering a loyalty program. The percentage is even higher in Mexico, at 95%. In the US, beyond boomers are the most likely generation to shop with retailers that offer loyalty programs.\nAmerican Gen Z: Microchip payment matters \u2013 A LOT In the US, 67% of Gen Z would like to check out this payment type. Globally, interest in microchip payment technology isn\u2019t limited to younger generations. In Argentina, 10% of baby boomers would be willing to try it, as would 10% of beyond boomers in Canada.\nThe great generational uniter: Digital wallets are key to payment in Brazil Digital wallets are tops in Brazil, used by 37% of Gen Z, 46% of millennials, 40% of Gen X and 35% of baby boomers. Digital wallets are also popular across consumer generations in Columbia, where 36% of Gen Z, 48% of Millennials, 37% of Gen X, and 23% of Baby Boomers make payments with their mobile or digital wallet.\nMeh: Gen Z in Australia aren\u2019t sold on social media purchases Only 22% of Gen Z in Australia actively make purchases on social media. In the US, Gen X is more likely to make a purchase through social media than Gen Z or millennials, but they aren\u2019t always interested in what\u2019s offered.\nUS consumers: COVID isn\u2019t impacting how they pay for half of population While it\u2019s become more important for businesses to accept contactless payments from their customers, 47% of Americans say COVID-19 hasn\u2019t impacted how they choose to pay. However, what they\u2019re buying and from whom has changed: 58% order more restaurant take \u2013 out and 42% are frequenting more local and independent small businesses.\n \nThe future is headless: e-commerce gets a new architecture\n   Unlock your organization\u2019s own digital agility, enable better scalability, performance, and speed with headless commerce.  \nGenerational payment methods reveal opportunities\nFrom Gen Z to beyond boomers, every generation has its own preferences for shopping and paying. Rather than being distinct from one another, the preferences often overlap.\nA deep understanding of the way different generations around the world prefer to shop and pay can give businesses valuable insights into the payment strategies and solutions that can open up more revenue opportunities.\nFrom Boomers to Gen Z, online buying behavior varies by generation. Discover the trends HERE.","author":{"@type":"Person","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#Article_Person","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#Article_Person_ImageObject","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/uploads\/2020\/05\/Patrick-Image-JPEG-150x150.jpg"},"name":"Patrick Ashton","sameAs":"http:\/\/www.linkedin.com\/in\/patrick-ashton-496756a8","url":"https:\/\/www.the-future-of-commerce.com\/contributor\/patrick-ashton\/"},"dateModified":"2021-12-08T18:32:59+00:00","datePublished":"2020-12-07T06:46:03+00:00","description":"New data reveals intriguing worldwide generational payment methods. Find out how Gen Z, milennials, and boomers compare.","headline":"Generational payment methods: How Gen Z, millennials, and boomers compare","image":{"@type":"ImageObject","@id":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#Article_ImageObject","height":"630","url":"https:\/\/www.the-future-of-commerce.com\/wp-content\/uploads\/2020\/12\/FCEE63_Payment_HB-1200x630.jpg","width":"1200"},"mainEntityOfPage":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/","name":"Generational payment methods: How Gen Z, millennials, and boomers compare","publisher":{"@type":"Organization","@id":"https:\/\/www.the-future-of-commerce.com\/","additionalType":"https:\/\/www.wikidata.org\/wiki\/Q1193236","description":"Relevant, timely information & analysis on commerce trends, both consumer-facing and B2B.","logo":{"@type":"ImageObject","@id":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","height":"96","url":"https:\/\/23x6xj3o92m9361dbu2ij362-wpengine.netdna-ssl.com\/wp-content\/themes\/hybris_foc\/assets\/images\/layout\/logo-new-2x.png?_=1","width":"500"},"name":"The Future of Customer Engagement and Experience","sameAs":["https:\/\/podcasts.apple.com\/us\/podcast\/a-call-for-a-better-experience\/id1479742201","https:\/\/twitter.com\/FutureOfCEC","https:\/\/www.linkedin.com\/groups\/4844282","https:\/\/www.the-future-of-commerce.com\/feed\/"],"url":"https:\/\/www.the-future-of-commerce.com\/"},"url":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#Article"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"2020","item":"https:\/\/www.the-future-of-commerce.com\/2020\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"12","item":"https:\/\/www.the-future-of-commerce.com\/2020\/\/12\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"07","item":"https:\/\/www.the-future-of-commerce.com\/2020\/\/12\/\/07\/#breadcrumbitem"},{"@type":"ListItem","position":4,"name":"Generational payment methods: How Gen Z, millennials, and boomers compare","item":"https:\/\/www.the-future-of-commerce.com\/2020\/12\/07\/generational-payment-methods-how-gen-z-millennials-and-boomers-compare\/#breadcrumbitem"}]}]