Younger Brits Turning to Mobile Payments in Greater Numbers

Remember not so long ago when we heard about how Generation Z—those younger folks born after the millennials—weren’t quite so interested in mobile payments as their older counterparts?

As is commonly the case with generational politics everywhere, there are exceptions to be found in most any case, and one clear exception recently came to light as British Generation Z members seem very interested in mobile payments technology.

The new report from Moneymailme, a social money transfer app, suggests that British Generation Z members are indeed very interested in mobile payments, with almost two thirds—64 percent—of the 18 – 25 year olds studied having a mobile wallet.

What’s more, just 14 percent of respondents have “no interest” in such a system, meaning there’s a nice big chunk of market—about 22 percent—that has some interest.

Moreover, PayPal’s clearly winning the market so far, with 52 percent of the market among the studied age group. Comparative newcomers like Apple Pay and Google Wallet are gaining ground, however, with 18 percent and nine percent of the market respectively under their control.

Just to top it off, young Brits believe they’ll likely live to see a day where cash has no more use; 48 percent believe that cash will be flat-out obsolete before 20 years has passed.

This is something of a departure from earlier reports about the younger residents of the planet that suggested cash may be making something of a comeback. Of course, it’s never a good idea to apply any study too far—it’s possible, for example, to find nine dentists who will recommend brushing your teeth with maple syrup—because it’s certainly applicable to those who were surveyed.

Applying it beyond that boundary, however, may suggest that pancakes could indeed make a better dental care regimen than baking soda. Still, it’s a point to consider; Generation Z members were originally looking like they may buck the trend.

Either the Moneymailme survey has found those few individuals who will buck the trend in the trend-bucking group and stick with mobile payments, or the original projections of a group eschewing mobile weren’t all that right after all. Those looking to market mobile payment products to Generation Z may want to brace for a possible fight and oversell rather than undersell.