First customers of neobanks and fintechs, they pay for their purchases by smartphone, are followers of “digital” loyalty programs and “instant payment”: the payment habits of young people aged 18 to 25, from generation Z, stand out from their elders, shows a survey carried out by the Galitt company on new uses and consumer expectations in this area.
Although nearly nine out of ten French people still hold an account in a traditional bank and remain very attached to their bank card to pay for their daily purchases, new habits are being established among the younger generation: 43% of 18-25 years are now users of online banking and/or fintech services, compared to 27% of 26-50 year olds, and 12% of 51-65 year olds.
For years, the credit card, French pride, cash, and transfers have been the favorite means of payment for all consumers. But with the digitization of financial services, the situation has changed: a sort of “generational” chasm has appeared in consumer habits, and with them, banking practices.
Young people more comfortable with biometric identification
Particularly comfortable with their smartphone and digital applications, Generation Z is much more willing than the average French person to use their smartphone for contactless payment, or to pay using a QR Code (52 %).
They also place more trust in the most “recent” authentication methods for online payments: 42% of 18-25 year olds consider facial authentication to be “reassuring”, and 37% are convinced by fingerprints , while biometric identification only receives support from a quarter of French people on average, who prefer “classic” passwords and SMS.
In the same way, 18-25 year olds are also particularly fond of loyalty programs integrated into their smartphones, as well as Instant Payment, which allows instant bank transfers: 53% consider that this service allows them to better manage their money (compared to 43% of the French).