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Youngsters Crave Swifter Approach to Online Checkout Process

22 September 2019 - 09:20 by Simon Crisp

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Consumers who fall into the Generation Z age category are more interested in being able to pay for products via safe shopping online quickly and easily than their older counterparts, according to a study from Paysafe published this week.

50 per cent of Generation Z respondents confirmed that they made use of a mobile wallet solution, whereas amongst the general population the penetration rate for this type of technology is just under a third.

Shoppers in this group also said that they were especially committed to conducting transactions from their smartphone, with 48 per cent admitting to doing this regularly. This preference for mobile shopping is certainly not reflected elsewhere, with just six per cent of the over-55s confirming their interest in this approach to e-commerce.

63 per cent of shoppers aged under 25 said that they value the variety of payment options at the checkout over almost anything else, both in store and online.

While the rise of contactless payments has made its mark, with 63 per cent focusing their attention on outlets that allow them to use this method to buy goods and services, there is still an interest in cash amongst Generation Z. 66 per cent of those questioned said that they would happily use paper money and coins when shopping on the high street.

Cutting-edge biometric security authentication solutions are much more willingly accepted by the under-25s, with around half saying that they would be interested in making purchases with their voices to complete the transaction.

Study spokesperson Philip McHugh said that since Generation Z consumers were brought up with technology already intertwined with retail, it was no surprise to see them equally eager to push the envelope further when shopping online, especially with regards to payments.