Mar 15, 2020

Question of the Day: What percent of Gen Z use contactless payments (tap to pay) at least two times a week?

Answer: 49%

Questions

  • How frequently do you use tap to pay to buy stuff? 
  • Do you consider this payment type secure? Why or why not? 
  • Do you think you are more likely to overspend using cash or tap to pay? Explain.  

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (creditcards.com): 

Though Generation Xers (age 40-54) were most likely to have used contactless payments for more than two years (54%), the younger Gen Z adults are currently using the technology the most frequently. Almost half (49%) report they make a contactless card payment at least twice a week.

The perception of security is relatively the same among Gen Zers and millennials, with 85% and 84%, respectively, saying they consider the transactions secure. About 3 in 4 Gen Z adults trust the security (74%), while only 53% of boomers say the feel the technology is safe.

Perhaps the strongest signal that Generation Z will drive the growing adoption of contactless payments is that roughly 2 in 3 young consumers (65%) said they consider the technology to be a “must-have” payment option.

---------------------------

Check out this FinCap Friday: Tappity Tap that looks into recent trends in contactless payments.

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

author image More by Tim right solid arrow
Mail Icon

Subscribe to the blog

Join the more than 12,000 teachers who get the NGPF daily blog delivered to their inbox: