What Today’s Shoppers Want from Payment Experiences? ?

The Dominance of Millennials and Gen Z in the Workforce?

You know, change is the only constant. With Millennials about to become the reigning champs in the workforce and Gen Z trailing not so far behind, the winds of change are blowing stronger than ever.? ?

The Millennial Impact: Pioneers of Change?

Ever felt like a game-changer? That's what the Millennials are in the workforce. They've paved the way, adapting and innovating amidst global challenges like the pandemic and the Great Resignation. Their resilience and adaptability are truly commendable.?

Gen Z: The Powerful Ally?

Just when you thought one game-changing generation was enough, in comes Gen Z. With values and desires echoing the Millennials, they’re set to turbocharge the momentum further. Hold onto your hats, folks!?

The Need for Digital Transformation in Payments?

The digital age is no longer coming; it’s here. And businesses? They better suit up. Our shopping experience is evolving, and not offering the right payment method? That's like asking for cart abandonment.?

A Shift Towards Diverse Payment Channels?

Picture this: You're on WhatsApp chatting with a friend and suddenly feel the urge to buy those cool sneakers. Wouldn't it be awesome if you could do that directly from your chat? Or through an email, text, or even on your favourite social media platform? That's what we're talking about!?

The Stakes: Cart Abandonment?

We’ve all been there – adding things to our online cart and then... poof! Something goes wrong, and we leave. That cart abandonment rate? A staggering 78.1% in 2022. Yikes!?

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Key Payment Behaviours and Expectations?

What do the kings and queens of the market (read: Gen Z and Millennials) expect? Here's a peek.? ?

Embedded Payments?

Remember the good ol’ days of waiting in line to pay? No more! Payments are expected to be as easy as sending a tweet or sharing a meme. Straight from the apps and platforms where folks hang out.? ?

Speed and Convenience?

Time is money, right? The new gen wants payments fast, without jumping through endless hoops.?

Personalisation?

Every person likes to feel special. Tailored payment experiences? Not just a bonus, but a necessity. And branding? It plays a huge role in building trust.?

Social Responsibility?

It's not all about money. The heart matters. Gen Z and Millennials crave ethical, sustainable payment practices. It's about making a difference, after all.?

Payment Methods on the Rise?

Brace yourself for the future. It's not just cash or cards anymore.? ?

Buy Now, Pay Later (BNPL)?

Imagine buying your dream gadget and paying in easy instalments. No hefty interests, no catch. That's the magic of BNPL!? ?

Cryptocurrency?

Digital, decentralised, and oh-so-cool. Cryptocurrency is like the rockstar of payments, especially among the younger crowd. And businesses? They need to get on this bandwagon.? ?

QR Codes?

Those funky square patterns aren't just for fun. From Asia to the Americas, QR codes are simplifying payments.?

Business Adaptation for the Future?

Here's the deal: adapt or be left behind. Gen Z and Millennials aren’t just consumers; they're trendsetters. To attract them, businesses need to step up their payment game be fast, be diverse, be cool.?

In conclusion, the future of payments is here, and it’s exciting! For businesses, it's time to embrace change, innovate, and meet the evolving expectations of today's dominant consumer groups.?

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