How Gen Z and Millennials are reshaping payments in APAC

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How Gen Z and Millennials are reshaping payments in APAC

Millennials and Gen Z are digital-first generations and have grown up with technology. Amongst other things, this is reshaping payments.

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Gen Z and Payments: The Next Big Cohort Is Here

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In 10 years, Gen Z will be the largest American generation and as with previous generations, product developers and marketers are tasked with determining which of their current behaviors and preferences reflect their youth and which reflect the unique attributes and characteristics of the cohort.

In the payments space, consumers have typically turned to credit cards as they age and their incomes rise. Millennials, Boomers and Seniors all migrated from debit cards – pay-as-you-go products – to credit. However, Gen Z, much more than Millennials at the same age, appears less willing to abandon debit and short-term buy-now, pay-later (BNPL) installment loans (with low or zero percent interest rates) as their tools for purchasing and financing purchases.

The youngest adults are raising the bar for payments and financial services providers by demanding more versatile and nimble payment options and are comfortable using fintechs as providers of the products and services they use. Its members are embracing household finances management by debit card transactions as well any card product that offers cryptocurrency as either a reward or that lets them spend crypto in online or in-person transactions.

Gen Z adults have lost financial ground in the past year as real average hourly earnings decreased 3.0% from May 2021 to May 2022. That lost ground will have an ongoing impact on their incomes for the next 10 years. But while Gen Z is not as wealthy now as its members had hoped and are certainly not as wealthy as they will be in their 40s and 50s, they are the standard bearers for the services and products required from financial technology (fintech) firms, as well as traditional financial institutions.

The payment preferences they develop now will inform their choices of products and providers for years to come. Of course those preferences will morph over time, but the selections they make now will have coattails and will inform their future decisions while also swaying the payment choice of older cohorts and becoming the baseline for Gen Alpha (the generation younger than Gen Z).

“Gen Z and Payments: The Next Big Cohort Is Here” lays out the demographic characteristics of the most diverse generation in U.S. history and provides statistics and analysis of the group’s current and future households, income and spending. It provides a deep dive into the emerging trends in Gen Z’s relationships with financial services providers as well as their use of, and preference for, specific payment products.

How AI and Smart Technology Is Shaping Generation Z

How artificial intelligence (AI) and smart technology is shaping Generation Z.

Ryan Jenkins is an internationally recognized generations keynote speaker and trainer, Millennial and Generation Z expert, and author.

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Ryan helps organizations better manage, engage, and sell/market to the emerging generations (Millennials and Generation Z) as well as lead and work across generations.

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Generations X, Y, and Z: Which One Are You?

Since you’re on the Internet right now you’ve probably already noticed that this space is pretty much dominated by a younger crowd. You’ve likely heard them referred to as “Millennials”. Or is it Gen Z? And how are they different from Generations X and Y? And how can you make heads or tails of which one you belong to, and what defines your generation?
According sociologist Karl Mannheim, it all comes down to “generational location,” meaning that all members of a generation share a similar collective experience.

The five generations 0:57
The Traditionalist generation 1:49
The Baby Boomers 2:30
The Gen Y 3:24
The Millenials 4:30
The Gen Z 5:31
What Millennials and Centennials have in common 6:35


-As of now, there are five living generations in the US: the Traditionalists, who were born before 1945. Then there’s the Baby Boomers, born between 1946 and 1964. Anyone born between 1965 and 1979 are considered Generation X, while Millennials, or Gen Y, were born between 1980 and 1995. Finally, there’s Gen Z, or Centennials, who were born from 1996 to the present.
-Most Traditionalists value hard work, commitment, and practicality, and they don’t like to be wasteful.
-Boomers started out liberal, when they were involved in all the political and social movements, but then grew more conservative as they aged.
-Gen X got to experience the aftermath of all the changes the Boomers made. The use of computers also took off during these years, making Gen X more entrepreneurial than their parents and grandparents.
-Other generations complain that Millennials are selfish, entitled, narcissistic, addicted to their phones, lazy, impatient, impulsive, overly sensitive, weak-willed, and the name-calling goes on and on.
-Gen Z also tends to value collaboration more, in both school and work. They have a very different relationship with digital devices than previous generations.
-Millennials and Centennials share the most similarities and collective experiences out of all the living generations, so there’s a lot of debate about the exact range for each of them.

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