UK-based payments provider, Paysafe’s commissioned international research has inferred that Generation Z or Gen Z consumers in the UK are choosing alternative payment methods as compared to their older counterparts. This, in turn, is responsible for the creation of an online payment preference division in the region.

The research revealed that 50% of Gen Z respondents have experience of in-app payments and 18% of them often make in-app payments. 50% of the respondents also reported having used a mobile wallet with 25% of them regularly making payments with one. Apart from this, 22% of Gen Z use prepaid pins and 36% of them have made online-purchasing using a cash-based system. Cryptocurrency, too, saw an increasing preference with 45% believing that cryptocurrency is an effective way to combat fraud.

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.”

The report ‘Lost in Transaction: Gen Z expectations at the checkout‘, surveyed around 6000 consumers in the UK, US, Canada, Germany, Austria, and Bulgaria.

by Megha Bhattacharya
Market Analyst at IBS Intelligence