Capture Millennial and Gen Z Flexible Payments and Connected Shopping Experiences

This story originally appeared on Readwrite.com

Fast forward to 2029, and 72% of the global workforce will be dominated by Millennials and Gen Z, compared to 52% in 2019. With Millennials currently wielding an impressive $2.5 trillion USD in spending power and Gen Z representing an estimated $143 billion USD in annual purchasing power, the combined influence of these generations is transforming traditional business and payments models, forcing companies to adapt or risk being left behind.

As the torchbearers of modern commerce, Millennials and Gen Z are reshaping how we shop. They effortlessly navigate between physical, digital, and virtual worlds and expect technology to keep pace by delivering seamless, integrated, and nearly invisible payment experiences across all touch points. This cohort craves convenience, personalization, and a frictionless checkout process that mirrors their fast-paced lives. 51% of Millennials and 48% of Gen Z will abandon a purchase if their favorite payment method isn’t available, making it crucial for businesses to offer a combination of payment methods options.

From embedded payment links to open banking, the key to winning over Millennials and Gen Z lies in aligning your payment solution with their expectations. Here are five ways to effectively capture this dynamic duo’s demands for flexible payments and connected shopping experiences.

1. Understand the Millennial and Gen Z mindset

As digital-first generations, this cohort demands a uniform and seamless brand experience with personalization and comfort extending to their remote checkout. They routinely transact online, are familiar with 3D Secure and SCA steps (Strong Customer Authentication), and typically use a mobile banking app. 84% of Millennials and 78% of Gen Z have connected money-related apps to their financial accounts, and 79% have tried a new payment method in the past year. They want…