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.

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

 

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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.

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