The future of payment technologies and consumer trends are exploding; GenZ’s are more tuned to flexible, and reliable payment sources. The market is evolving with the needs of this generation and adapting new business models and technologies to meet the evolving demands of younger generations. Let’s understand what and how new payment preferences are changing traditional methods of payments.
The Rise of BNPL
Buy Now, Pay Later (BNPL) has become a favored payment method for Gen Z, particularly for smaller purchases under $100, nearly 43 per cent of Gen Z will use BNPL, appreciating its ease of use and ability to budget expenses without incurring high credit card interest rates. This generation’s preference for flexible, secure, and transparent financial transactions is driving merchants to adopt modern payment technologies, said Thomas Priore, CEO of Priority, in a recent conversation with Tearsheet.
Benefits for Retailers and Restaurants
For businesses, offering BNPL and other flexible payment options can lead to increased sales and improved customer loyalty. Data shows that half of Gen Z consumers abandon shopping carts if their preferred payment methods aren’t available. Providing these options not only boosts sales but also attracts new customers and gives businesses a competitive edge.
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