Not so long ago, Saturdays were days for catching up. For omnibus sessions of your favourite TV show, hitting the high street to buy winter clothes for the changing season, going to the movies, to the beauticians or out for a meal. Now, TV is on demand, shopping is done at the desk or on a mobile device, movies are downloaded straight to your computer, beauticians come to your house at a time convenient for you and your favourite restaurant can package a meal and have it with you within minutes. The consumer market has already changed enormously in the last 10, even 5, years. Progress is just becoming faster. All of this change has meant technology and user experience for payments has had to change just as rapidly. As a mobile-first payment service provider, Judopay are on the front lines of the revolution. More and more we’re seeing big decisions being made on the move from a mobile device: buying, ordering, transacting. We believe that, relatively soon, we’ll all live in a cashless society and the wealth of innovative payment options available to us will replace traditional methods. Anything connected to the internet will be able to purchase on your behalf: for example, you would allow your car to purchase petrol. Drive in, fill up, maybe order a few other bits and bobs through an app, and simply drive out again, with your payment taken care of in the background.
Frictionless payments aren’t easy for everyone to accept
For some people, having your car pay for your petrol sounds like a convenience no-brainer. However, for others, they might find it intrusive or feel like they are no longer in control. A study1 by Accenture shows a strong generational shift: a higher percentage of Gen Zs are open to new methods of payment that will gain them convenience, compared a higher degree of scepticism in other generations. Gen Zs are described as “the first generation to forgo the leather wallet for the digital wallet”. Gen-Z is likely to take up 32%2 of the global consumer population by 2020. They have grown up completely surrounded by digital convenience. That said, they are not over the high street store yet. Around 66%3 of Gen Zs prefer in-store shopping while 28% want to interact with store associates. They do use digital channels to research products, but also like to go in-store to touch and try out those products prior to making their purchases.