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EMARKETER

Gen Z Consumer Payment Habits 2024

Mobile and BNPL Have Momentum, but Cards Still Dominate

Report by David Morris  |  Dec 4, 2024
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Report
Executive Summary
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Table of Contents
Executive Summary
Among Gen Zers, debit trumps other cards as well as emerging payment methods
Gen Zers have embraced credit cards—but too many have maxed out their cards
Gen Z is driving mobile wallet payments—which is to Venmo, Apple Pay, and Zelle’s benefit
Gen Zers are driving BNPL growth while evading a debt trap
What does this mean for payment providers?
Sources
Media Gallery
About This Report
Gen Zers are driving growth in both emerging and traditional payment methods as they embrace cards, BNPL, and digital wallets. Payment providers must now align their offerings with Gen Z’s preferences as the cohort’s spending power grows.
Topics
Generation Z
Financial Services
Payments
US
Table of Contents
Executive Summary
Among Gen Zers, debit trumps other cards as well as emerging payment methods
Gen Zers have embraced credit cards—but too many have maxed out their cards
Gen Z is driving mobile wallet payments—which is to Venmo, Apple Pay, and Zelle’s benefit
Gen Zers are driving BNPL growth while evading a debt trap
What does this mean for payment providers?
Sources
Media Gallery

Gen Z’s role in shaping consumer payments preferences will continue to grow alongside their exploding spending power: Average Gen Z after-tax income hit $57,039 in 2023, up 34.7% in just two years, per US Bureau of Labor Statistics. They will be key drivers of buy now, pay later (BNPL) and wallet-based payments. But Gen Zers most prefer credit and debit—thereby cementing these traditional payments’ roles in a digital world.

Key Question: What are Gen Z’s preferred payment methods?

Debit Tap-to-Pay Is Making Bigger Inroads Among Gen Zers Than Non-Gen Zers (% of US Gen Z vs. non-Gen Z adults who used a debit card to make an in-person payment, Nov 2023)
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Key Stat: Gen Zers are 61% more likely than other generations to use tap-to-pay technology for debit transactions, per October 2023 Federal Reserve Bank of Atlanta survey data—just one way this generation is reshaping how consumers pay.

Here’s what’s in the full report

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5charts

Reliable data in simple displays for presentations and quick decision making.

Table of Contents

  1. Executive Summary
  2. Among Gen Zers, debit trumps other cards as well as emerging payment methods
  3. Gen Zers have embraced credit cards—but too many have maxed out their cards
  1. Gen Z is driving mobile wallet payments—which is to Venmo, Apple Pay, and Zelle’s benefit
  2. Gen Zers are driving BNPL growth while evading a debt trap
  3. What does this mean for payment providers?
  1. Sources
  2. Media Gallery

Charts in This Report

Debit Tap-to-Pay Is Making Bigger Inroads Among Gen Zers Than Non-Gen Zers (% of US Gen Z vs. non-Gen Z adults who used a debit card to make an in-person payment, Nov 2023)Most US Gen Zers Are Managing Their Credit Card Debt, but 15% Have Maxed Out Their Cards (US median credit card balance, credit limit, credit utilization rate, and % of borrowers who are maxed out, by generation, Q1 2024)
Gen Z Prefers Venmo, Apple Pay, and Zelle Among Leading Digital Wallets (% of US Gen Z vs. total adults, by mobile payment method, Nov 2023)Gen Z Will Usurp Millennials as the Largest Generation of Proximity Mobile Payment Users in 2027 (millions of US proximity mobile payment users, by generation, 2024-2028)
Gen Z Will Become the Largest Generation of Buy Now, Pay Later (BNPL) Users by 2028 (millions of US BNPL service users, by generation, 2024-2028)

authors

David Morris

Contributors

Suzy Davidkhanian
VP, Content
Eleni Digalaki
Donte Gibson
Senior Charts Editor
Erika Huber
Director, Report Editing
Chris Keating
Director, Research
Madan Kumar
Copy Editor
Tiffani Montez
Matt Torpey
Senior Chart Editor
Emman Velasco
Chart Editor
Julia Woolever
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