Debit is the preferred payment method for nearly half (49%) of Gen Z cardholders. Like other generations, Gen Z customers value choice when it comes to payments — 87% say they are using a greater variety of payment methods than they were a few years ago, and 86% of these cardholders reported using contactless card technology at least a few times per month. Key Takeaways • Baby Boomers: This well-established generation feels relatively confident about their own financial situations, but their life experience tells them to take heed of the overall economic outlook. Financial institutions should inform this generation of economic shifts, particularly those that impact them directly, like interest rates. • Gen X: Because trust is essential to this generation, financial institutions should work to strengthen relationships with Gen X customers, whether online, on the phone or in person. Because they worry about fraud and identity theft, it’s also important to inform these cardholders how their data and money are being safeguarded, so they know that their bank is looking out for them. • Older Millennials: Older millennials still want credit cards, even though they typically pay with debit cards. Because this generation was the first to grow up with the instant gratification of the internet, they are used to doing everything online, including engaging in the metaverse. Banks can engage with these cardholders by offering services like credit card approvals or denials within a metaverse-like environment. • Younger Millennials: Digital-savvy younger millennials want modern, convenient payment options, like BNPL, so banks looking to win the business of these consumers should keep pace with innovative digital trends. This generation also looks to their financial institution for credible information on cryptocurrency and NFTs, so banks should be prepared to provide reliable guidance and resources. • Gen Z: These young adults are coming of age during a tumultuous time — on the heels of a pandemic and with fears of a recession looming. They need sound financial advice from a trusted banking partner. Banks should build relationships with these consumers by helping them establish financial security. Additionally, this group wants access to convenient payment options like contactless cards, so banks should ensure this technology is readily available. The Primax Payments Pulse provides insights and market trends to help banks make decisions and optimize growth opportunities. Download the 2022 study for more key takeaways on payment preferences through generations, as well as additional information on consumer preferences. To learn more about Primax and download the full 2022 Primax Payments Pulse study, visit www.primax.us. Kimberly Ploof has more than 30 years of leadership in the payments industry. As Managing Vice President, Kim leads teams that foster in-depth, strategic and productive relationships with Primax clients. Prior to working with Primax, Kim was the Chief Operating Officer of Covera in Albany, NY. At Covera, Kim was instrumental in building the business model and rebranding the organization to be a widely known payment processing solutions provider. 23 Colorado Banker
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