Online shoppers are in the mood for new forms of digital payment options. But how fast those changes should occur varies by age group, says new research from finance, procurement and customer service applications developer Esker.
41% of consumers expect retailers and other businesses to adopt new payment technologies once they have been proven and any operational issues resolved. Meanwhile, another 41% expected this adoption to occur within the first year of technology availability.
The panel of nearly 600 consumers finds that 36% of respondents want to adopt new technologies within the first year of availability, such as peer-to-peer payment applications. This percentage increased to 44% when considering the age group of 25-44.
The power of digital payments
Peer-to-peer payments are funds transferred directly from one person’s bank account, checking account, credit or debit card, or payment app, to another person’s bank account, or app.
Younger generations are more likely to let payment processes influence their choice of businesses, says Esker. 59% of Generation Z shoppers say they had opted not to purchase a product or service if they were not offered an online payment option.
Additionally, 33% of consumers switched service providers due to inconvenient or complicated online payment processes. That figure rises to 54% among 18- to 24-year-olds.
“Businesses must embrace online payment technologies that align with consumer preferences,” says Esker U.S. chief operating officer Steve Smith.
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