NMI’s Payment Playbook Podcast

Episode 19: How Consumers Influence the Payments Ecosystem

In the newest season of NMI Payment Playbook, we explore consumer payment trends and how Gen Z and Millennials influence the payments ecosystem. Our special guest for the first episode is Tiffany Johnson, Chief Product Officer at NMI.

Tiffany Johnson, with over 18 years of experience in payments, emphasizes the importance of understanding the distinct characteristics of Millennials and Gen Z. Millennials, born between 1981 and 1996, value experiences, sustainability and digital connectivity while using a mix of payment methods, including cash, credit cards and digital wallets. They have lived through the evolution of the internet and digital payments, making them tech-savvy and conscious of privacy and security concerns.

Gen Z, born between 1997 and 2012, are true digital natives and the "single device generation," relying heavily on smartphones for shopping, banking and entertainment. They prioritize speed, convenience and seamless digital experiences. Tiffany highlights that Gen Zers are more accustomed to advanced financial tools and have a higher expectation for seamless payment integrations.

As the global retail spending share of Gen Z is set to triple by 2030, Tiffany advises payment professionals to embrace new technologies like contactless payments and biometrics and to focus on creating seamless user experiences. She stresses that Gen Z values speed and quality and is less brand loyal, making it crucial for businesses to offer high-quality, fast and frictionless payment solutions.

Tiffany also discusses the dual role of Gen Z as both consumers and emerging business leaders, urging payment providers to consider their preferences in both capacities. NMI is responding by prioritizing flexibility, modularity and embedded payment experiences in its product development. Additionally, Tiffany notes the importance of mentorship and digital experiences in attracting and retaining Gen Z talent within NMI.

In conclusion, Tiffany emphasizes that understanding and meeting the evolving expectations of consumers, particularly Gen Z and millennials, is key to advancing in the payments ecosystem.

01:15 – About Tiffany Johnson

01:53 – Tiffany's Responsibilities

02:40 – Definitions of Gen Z and Millennials

04:04 – Characteristics of Gen Zers

07:49 – Advice for ISOs, ISVs, Payfacs and Banks

10:11 – Gen Zers as Leaders, Employees and Business Owners

11:47 – How Gen Zers Influence Product Development

13:49 – Summary