Digital Natives Ready to Adopt Cryptocurrency
Generation Z are ready for cryptocurrency, according to a new survey from PaySafe. The data suggests a bigger demand for paytech in general, with two fifths of 16-24 year olds using in-app payments and nearly half preferring to use their mobiles for purchases.
Even when doing traditional, bricks and mortar, shopping 53% of those surveyed wanted to use contactless systems and around the same proportion are keen on voice activated payments for services like Netflix. Mobile wallets are also most popular with the digital native generation, with a third using the services as compared to 24% of all other demographics.
The data presents a stark message for companies looking to engage the next generation of shoppers and spenders, they need to innovate to stay in the game. Over 6,000 consumers from the UK, USA, Canada, Germany, Austria, and Bulgaria were surveyed for the report "Lost in Transaction: Gen Z expectations at the checkout".
30% of the respondents said that they could see themselves using cryptocurrencies for payments, if they could find out more information about the technology. Their perceptions about blockchain-based money is generally positive, with 38% seeing it a positive step in combatting card fraud - the highest proportion out of all groups in the survey.
Philip McHugh, CEO of Paysafe Group, commented on the research, “this generation is naturally more comfortable with technology but has also been exposed to a much broader set of ways to pay. Accepting new payment types and expecting lots of flexibility and ease will be table stakes going forward.”