36% of Gen Z Used a Digital Wallet for Their Latest Retail Purchase
What's happening
The big finding: 36% of Gen Z shoppers used a digital wallet for their most recent retail purchase, according to PYMNTS Intelligence's "The New Checkout: Crimped Consumers Lean Into Online Retail and Digital Wallets," a survey of 2,108 U.S. adults. The research also shows younger consumers are treating payment tools as financial controls: debit is becoming an everyday money management app for Gen Z, and 21.7% of Gen Z view credit products as tools to build a credit profile (17.6 percentage points more than baby boomers). Overall, consumers under financial pressure are not skipping checkout, they are shifting toward digital wallets, debit and credit products that offer more control.
Why it's trending
Rising consumer pressure and shifting money-management habits among Gen Z are driving rapid adoption of digital wallets and debit as daily finance tools.
Signal2.0× its usual volume, confirmed across 1 independent source type.
Story volume
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If you think Gen Z hates banks, think again: 36% used a digital wallet at checkout and many treat debit like a money-management app, they want control, not chaos.
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Original sources5
- Gen Z turns Debit into an everyday money management tool
Debit cards are evolving beyond their traditional role as a simple alternative to cash, with younger consumers increasingly using them as a tool for managing everyday finances. ”The Incremental imperative:Why... read more The post Gen Z turns Debit into an everyday money management tool appeared first on Payments Industry Intelligence .
Payments Industry IntelligenceAug 13 - Cash lags credit, debit payments
Though most consumers prefer debit and credit card payments, 90% say they’ll still use cash for the foreseeable future, a Fed survey finds.
Payments DiveAug 13 - Debit Is Becoming Gen Z’s Money Management App
Debit cards are a daily financial control panel for many Generation Z consumers, which gives banks a new way to compete for loyalty. The PYMNTS Intelligence tracker “The Incremental Imperative: Why Debit Innovation Is the New Standard for Cardholder Loyalty,” a collaboration with FIS Global Payments, found that debit is relevant among young consumers who […] The post Debit Is Becoming Gen Z’
PYMNTSAug 13
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