Millennial consumers still prefer third-party money transfer systems, such as PayPal, over card-branded (e.g. Visa Checkout) or device-specific (e.g. Android Pay) mobile wallets.
More than half (52%) of millennial consumers (ages 23 to 37) said they use third-party money transfer systems, compared to only 29% who use card-branded digital wallets, and 22% that use device-specific wallets, according to a study by Forrester Consulting, on behalf of American Express, unveiled at Amex Innovation Showcase event yesterday. In comparison, most (43%) Gen Z respondents (ages 16 to 22) preferred card-branded payment methods.
From the report:
More than any other generation, Gen Z has a distinct expectations of brands with regards to customer service and engagement through emerging channels. Gen Z is already financially empowered, with 81% making purchases on their own, has mobile spending power, with 59% having made a purchase via mobile app in the last year, and they have high expectations from brands when it comes to gaining their trust.
*Graph illustrates the responses from millennials.
The study surveyed 1,027 consumers with digital purchase and customer service experience.1 - Reader Likes This Post