Brands making a move on Gen Z via Digital Payments

A regular dose of D2C-centric resources & tools for Growing Brands, Startups & Entrepreneurs.

Digital Payment modes are indeed impacting the Global Payment Industry, and in turn influencing the strategies of the ecommerce industry.

When was the last time you went to an ATM to withdraw some cash?

Cash transactions across the globe have declined drastically since 2020.

The online consumer’s payment behaviour has changed dramatically.

All accelerated by contactless payments, and the advance of secure payment methods, which has contributed to an increase in Digital Ecommerce Transactions.

⭐ On an average, only 19% of online payments by Gen Z are through cash.

⭐ ATM usage fell by a whopping 47% in April 2020 (in India alone), while the world experienced a decline of over 40% per month on average.

Payment Integration and Engagement: 

Payments are moving toward an embedded ecosystem to improve seamlessness - where they are integrated into various platforms (Ecommerce stores, Social shopping, WhatsApp Commerce etc) in order to simplify the customer’s purchase experience.

And obviously to benefit the merchant and payment provider as well.

Urging everyone to open their doors to the larger market via Application Programming Interface (API) driven expansion of banking.

Harnessing the power of digital payments

The first-ever online payment is said to be for a Pizza 🍕, back in 1994!

To think we have come this long in a span of a couple years in which James Cameron made Avatar 1 & 2… It’s amazing.

Today, we have several game changers in the Digital Payments space - BNPL, UPI, Wallets, Netbanking and more.

And why are D2C brands trying to “Make a Move” with Digital Payment Methods?

Harnessing this power has become more important than ever, because…

⭐ Digital Banking Platforms saw a 187% increase in traffic from March 2020 to March 2021

⭐ Similarly, the Mobile Banking Software industry experienced an increase by 271%

Online consumers expect Versatility -

⭐ Brands that have a mobile wallet option see orders grow 14% and conversion rates double

⭐ 92% of online consumers are more likely to make a purchase if they see more payment options

That’s the end of our talk on 'Targeting Gen Z via Digital Payments'...

See you on the next coffee date!

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