Kristen Gramigna says, “Which types of payment your business should accept isn’t about jumping on the hottest tech trends, or sticking to the system that’s easiest for you as a business owner. Selecting the right payment tools for your business requires that you know how your customers want to pay, so you’re equipped with all the tools you need to meet their expectations and remain competitive with the market. Here’s a look at how different demographics prefer to pay.

Generation Z

Gen Z-ers (who were born between 1996 and 2010) are in their late teens and early 20s now, but they’ll represent 40 percent of all consumers by 2020, according to FastCoExist. The publication reports that when a market research firm did an extensive study of the preferences and habits of these young consumers, they found that they’re highly comfortable using technology for financial transactions — including the use of mobile payment apps, and those that allow them to transfer funds instantly on their mobile device. This demographic also makes up the largest user group of mobile payments users, followed closely by millennials, according to The Pew Charitable Trust findings”.

Know Your Customers: How Different Generations Prefer To Pay

Business.com

Sharing is caring