Adapting to Millennial and Gen Z Consumer Preferences
The payments industry is undergoing a dramatic technical revolution.
In a space where end customers have traditionally accepted whatever the industry chose to give them, consumer preferences are now driving technological innovations as payments companies look for faster, more frictionless ways to serve a new type of customer who will increasingly accept nothing less.
At the heart of those changing preferences are two demographics — Millennials and Generation Z. For payment providers, the emergence of these two generations as dominant forces in consumer spending means that many of the strategies and best practices that have worked for decades are now obsolete. To stay relevant to these young consumers (and to the merchants that sell to them), payment providers will need to pivot, becoming more agile, flexible and future-forward than ever before.
In this whitepaper, three of NMI’s executive thought leaders examine where Millennials and Gen Z are taking the payments industry and provide an overview of the state of consumer payment trends, as well as actionable advice for payments professionals.