Billtrust Releases 2022-23 Gen Z and Digital Payments Study
07 Dezembro 2022 - 10:00AM
Business Wire
Research Analyzes How Gen Z’s Demand for Speed
and Relationship with Debt Continues to Impact Payments
A new study released today by B2B accounts receivable automation
and integrated payments leader Billtrust (NASDAQ: BTRS) examines
Generation Z – those born between 1997 and 2012 – and their
evolving views and behaviors when it comes to digital payments and
what these shifts mean for industries across the board.
Billtrust’s 2022-23 Gen Z and Digital Payments Study — composed
of a survey to 750 U.S.-based Gen Zers — illustrates how this
generation’s use and view of payments has evolved since Billtrust’s
last analysis in 2019. Perhaps not surprisingly, it appears that
the pandemic’s impact and increased expectations for speed and
convenience have given way to the rapid adoption of payments
technologies favoring contactless experiences and instant
gratification.
“Gen Z’s payments preferences have an impact well beyond the B2C
space,” said Steve Pinado, President of Billtrust. “The views and
behaviors of our younger generations often forecast the emergence
of trends in the B2B space, as well. As experts in B2B payments,
we’re continually analyzing various factors that will impact and
disrupt our industry, and it’s only logical that we keep a pulse on
the ultimate trend setters and examine how their adoption and views
on payments continue to evolve.”
Key findings include:
- Paper Checks on the Decline: Thirty-six percent of Gen
Zers say they have not used a paper check in the last 6 months,
with an additional 20% reporting that they have never used one in
their life. This parallels the paper check’s incremental decline in
the B2B world, where the percentage of transactions paid by check
has plummeted from 42% in 2019 to 33% today.
- Sharp Increase in P2P Use: Ninety-three percent of Gen Z
report using P2P platforms like Venmo, PayPal and Zelle on a
monthly basis, a jump from the 79% who said the same in 2019.
Meanwhile, Gen Z’s use of mobile wallets has also risen steadily,
with 85% saying they use mobile wallets at least once a month and a
quarter stating they use touchless payments at least five times per
month.
- Strong BNPL Adoption: Forty-eight percent of Gen Z
reported having used Buy Now, Pay Later for purchases in the last
three months, with more than 1-in-5 saying that they’ve used BNPL
more than 3 times in the last three months. Highlighting the
potential danger of this adoption is the fact that Gen Z has seen
their credit card debt rise significantly higher than other
generations this year.
“As Gen Z continues to advance in their careers and grow into
the next decision-makers in the B2B world, organizations would do
well to take note of how they are interacting with payments today
and design products and experiences with those insights in mind,”
said Pinado.
Other findings from the report include:
- Security Surpasses Speed as Top Payment Priority: When
asked to rank the importance of speed, user experience (UX),
security, fees and a low carbon footprint, nearly half chose
security as the most important payment platform feature. They
ranked fees second, followed by speed and UX.
- Interestingly, 42% of Gen Zers say they’re more concerned about
fraud when using a fintech provider (Venmo, PayPal, Square etc.)
versus when using a traditional provider.
- Pressure on Employers to Keep Pace: Sixty-three percent
of Gen Z respondents report that they expect their current and
future employers to keep pace with payment innovations happening in
the consumer world.
- Staying On-Brand with Payments: Seventy-four percent of
Gen Z respondents say that a brand or retailer accepting new forms
of digital payments has a positive impact on their perception of
the company.
- A Crypto Pay Day?: Gen Z is now more willing to receive
cryptocurrencies for work than when asked in 2019 (42% vs
34%).
To view and download Billtrust’s 2022-23 Gen Z and Digital
Payments Study, click here.
About Billtrust Billtrust (NASDAQ: BTRS) is a leading
provider of cloud-based software and integrated payment processing
solutions that simplify and automate B2B commerce. Accounts
receivable is broken and relies on conventional processes that are
outdated, inefficient, manual and largely paper based. Billtrust is
at the forefront of the digital transformation of AR, providing
mission-critical solutions that span credit decisioning and
monitoring, online ordering, invoice delivery, payments and
remittance capture, invoicing, cash application and collections.
For more information, visit Billtrust.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221207005127/en/
Investor John T. Williams IR@billtrust.com Media Paul Accardo
PR@billtrust.com
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