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