Gen Z is Reaching Adulthood and Merchant Service Providers Need a Plan
- Date:January 24, 2023
- Author(s):
- Daniel Keyes
- Report Details: 16 pages, 5 graphics
- Research Topic(s):
- Merchant
- PAID CONTENT
Overview
Gen Z, defined as those born in 1997 or after, must be a top priority for all merchants and their service providers. The generation includes consumers as old as 25, meaning the generation is already spending as adult consumers, and the age group’s spending will skyrocket in the years to come. Merchants need to build relationships with Gen Zers now in order to rack up sales and have relationships with young consumers that could last for decades.
But merchants, especially small- and medium-size businesses (SMB), don’t have the time or ability to really consider and incorporate Gen Z’s payment preferences. Many merchants hand off their payments operations to service providers that handle acceptance, acquiring, gateway services, and more. That means it falls to these providers, such as payment facilitators (PayFac), acquirers, and point-of-sale (POS) technology providers, to help their merchants best serve Gen Z by identifying Gen Z’s preferences and finding ways to position merchants for success.
Key questions discussed in this report:
- What are Gen Z’s current payment preferences?
- How will Gen Z’s payment preferences evolve as they grow older, and which ones will make them unique?
- What strategies should merchant service providers employ to help their merchants succeed with Gen Z now and in the decades to come?
Companies mentioned:
Affirm, Afterpay, Amazon, Apple, Cash App, Google, Klarna, Paypal, Samsung, Starbucks, Venmo, Western Union, Zelle
Interested In This Report
Related content
Where Will the FIS Spin-Off Leave Worldpay?
Financial technology company FIS brought in merchant acquiring titan Worldpay in 2019 for $43 billion, including nearly $8 billion in debt. That move came during a spree of megadea...
Merchant Service Providers’ Most Important Work Starts After the Holidays
The 2022 holiday sales season looks to be a strong one for merchants, but they’ll need help from service providers to survive and thrive into 2023 and beyond.
2023 Outlook: Merchant Services
2023 is set to bring new concerns about credit card fee structures and economic turmoil, while the way merchants accept in-store payments is changing, making for what will be a tum...
Make informed decisions in a digital financial world