Millennials vs Generation Z, which one prefers to use a digital wallet?

Millennials vs Generation Z, which one prefers to use a digital wallet?
Millennials vs Generation Z, which one prefers to use a digital wallet? Millennials Vs Generation Z, Who Prefers To Use A Digital Wallet? – The use of digital wallets is synonymous with the lifestyle of young people in Indonesia. Because digital wallets offer convenience and speed when making transactions.

For daily necessities, such as paying for motorcycle taxis online, ordering food and shopping online, digital wallets seem to be a mandatory payment tool to help make transactions faster and more convenient.

In terms of usage, the digital wallet app itself is mainly used by two generations, namely the Millennial Generation and Generation Z.

The millennial generation is the generation born in 1980-1996, while generation Z is for those of you who were born in 1997-2002.

In terms of financial management, Gen Z is considered easier to save than the previous generation.

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However, what about the use of financial technology (digital wallets) in today’s age of digitization? Which is better for millennials or Generation Z in Indonesia? The following is a more detailed explanation from Ipsos, a market research company that conducts research on the use of digital wallets among millennials and Generation Z.

The survey was conducted by Ipsos among 500 respondents spread across five major cities in Indonesia, namely Jakarta, Yogyakarta, Semarang, Palembang and Manado.

Millennials are the first to use digital wallets

Millennials are early adopters to use digital wallets like GoPay, OVO, DANA and LinkAja compared to Generation Z in Indonesia. In addition, 40% of the use of the digital wallet is for online transport service payments.

Food and beverage purchase transactions

The use of digital wallets for food and beverage purchases is 50% for Generation Z and millennials. However, more transactions take place at Gen Z merchants than millennials.

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Millennials are increasingly pinning their hopes on digital wallet apps so they can connect directly to savings in the future

On the other hand, Gen Z wants more supporting features such as installment payments and fund transfers to bank accounts via digital wallets.

According to research by Ipsos, up to 68% of digital wallet usage is for transactions reaching 1-2 times per week, and the average top-up is IDR 140,633.

Most used digital wallet

The most popular digital wallet apps used among millennials and Generation Z are GoPay, OVO, DANA, and LinkAja. The highest number of organic visitors is GoPay 54%, OVO 29%, DANA 11% and another 6% LinkAja.

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Reasons to use a digital wallet

From a survey conducted by Ipsos of 500 respondents, it was found that 71% of digital wallet users are motivated by promotions, 43% use digital wallets for payments for online transport services and another 37% for delivery services. food online.

Furthermore, Ipsos also added that there are 34% of digital wallet users who are interested in cashback and promotions provided by online transport, and another 20% are interested in cashback promotions from delivery services. online.

From the above explanation, it can be concluded that the use of digital wallets by millennials and Generation Z is more or less balanced. They mostly use digital wallets for motorcycle taxi online payments or online delivery services.

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