The technological advancements have helped almost all industries to upscale and improve the quality of services, following the integration of technology and traditional finance a new product evolved termed digital payment technology. Nowadays the majority of people prefer digital transactions rather than using cash or physical currency.
As per a recent study of the PYMNTS Intelligence, titled “Digital Wallets Beyond Financial Transactions: France Edition,” the usage of digital wallets is becoming quite popular among French residents.
In the previous year, roughly 38 percent of consumers used digital wallets to make payments for their online purchases. It is worth noting that the growth is majorly derived from Generation Z, which has a greater knowledge of the potential of digital finance.
After the immense success of the digital finance model worldwide, many nations have launched their own protocols and ecosystems to integrate these advanced techniques to make the economy work smoothly.
The report also notes that millennials stand at the top of the list with 43 percent usage of these services for online shopping compared to any other age group.
However, the usage of these digital wallets remained steady and less as only 22 percent of the consumers are using them for in-person transactions. Gen Z has been leading the charges in terms of usage of digital wallets in-store purchases with a dominance of 39 percent.
In the past few quarters, the government of France has actively worked to favor digital wallets and their usage. The skyrocketing usage of digital wallets reflects consumers’ motive of not carrying cash, and not waiting for a long time in exchange for returns.
Digital wallets primarily gained traction for their advanced features such as timeliness which means one can make huge transactions from their wallets in less time.
Generation Z Driving Technology Trends Globally!
In the present century, Generation Z is termed as one of the most advanced human beings, with a huge curiosity for technology and technological innovations. Since the last few years, the growth of almost every industry has been supported by youth.
It is worth noting that Generation Z is also leading the charge in cryptocurrency adoption globally, especially in Europe. As per a survey on average 24 percent of millennials and nearly 19 percent of Generation Z hold cryptos. Nigerian youth has also contributed to the surged adoption of cryptocurrencies worldwide.
In the past few sessions, Bitcoin price has outperformed reaching new heights, as of writing it was near the mark of $99k, and is expected to soon cross the milestone of $100k. Not only Bitcoin but other related products have gathered huge attention in the past few sessions, especially after the victory of Donald Trump.
