NEW YORK—While debit cards might be the preferred in-person payment method for members of Generation Z, don’t expect the trend to last, a new study suggests.
A recent report from eMarketer finds that these digital natives expect they’ll cut back on the use of plastic cards in the future.
“COVID-19 forced many shoppers to switch to contactless digital payments, and Gen Z, which has never known life without the Internet, had no trouble adapting. Nearly three quarters of them plan to use contactless payment methods even after the pandemic subsides,” noted Pymnts.com in its analysis.
According to the survey, Gen Z shoppers say they anticipate reducing their use of cards in the future: from 35% to 26% for debit cards and 16% to 14% for credit cards. The number of consumers using P2P mobile apps will more than double over the next three years, representing 61% of Gen Z mobile phone users.