I’ve been reading a lot of internet forums, blogs, and other articles talking about why the generation Z crowd doesn’t like ecommerce. It seems that there is a disconnect between what they are asking for and what is being offered. In some cases, their wants seem unrealistic. At other times, I can see why they would go for certain features in a digital payment solution, but I don’t know if it’s realistic to expect that every single merchant will offer them.
I believe the generation Z crowd has come up with a concept similar to the early adopters in that we want the same things. But what do they want to have, to make things better or more convenient? What products or services can they use? Can they get the same conveniences through email, web browsing, texting, and social networking that they could have through a brick-and-mortar establishment? What about accepting all major credit cards? And what if businesses had to worry about security and fraud?
Generation Z does want to be able to shop from anywhere they want. The ability to pay with a debit card eliminates having to carry cash, which can be both inconvenient and embarrassing. They want to be able to pay for items in a safe environment, one that is protected by technological measures. Digital payment solutions that allow them to make purchases without giving out any information about themselves is attractive. It gives them an option that doesn’t involve giving out their credit card information, which is the point most people want to avoid.
Another area that concerns most of the generation Z crowd is privacy issues. They want to protect their information. Some worry about too much identity theft. Others are concerned about the security of wireless transaction and the trustworthiness of electronic funds transfer. While these worries definitely affect Generation Z, the belief that using digital payment solutions gives them more privacy and security is not as strong as it once was.
As the internet becomes more widely used in every age group’s life, the question of why does the generation Z like digital payment solutions? Again, it comes down to the use of electronic funds transfer. Without that option, most people would have to rely on cash, which is of course the ultimate fear when thinking about losing cash. With electronic funds transfer, there is no need for people to carry large amounts of cash. No need to worry about running out of cash during a trip or a family vacation.
In addition to the worry over spending, people are worried about having too much information on their phones. There is also the concern that with electronic payment methods, their phones could be hacked into, which is another reason that most are reluctant to use electronic forms of payment. Those that are able to accept electronic payments are often those that can provide a secure connection and those that have the best applications.
Now let’s get down to business. Why does generation Z like electronic money transfer and digital phone communication so much? It is because of their busy lives. They are always on the go and making payments is something that they need to do, so it only makes sense that they should be able to do it. Digital phones work well because they allow people to make payments and set timers so they never miss a payment.
So, what about digital payment methods? They work and for kids, they are easy. Why doesn’t your child want one? If you are concerned about security and worry about your child being a victim, go ahead and get a digital payment method for their cell phone.