Zoomers: How much do they value real-time payments?

Generation Z doesn’t really remember a time when they couldn’t get what they want—instantly. With everyday experiences such as 3-day Amazon Prime deliveries and ubiquitous high-speed internet taken for granted, the patience of Zoomers is almost nonexistent. This mindset bleeds into this generation’s perception of money movement.

Tech-savvy Zoomers’ decisions are driven by convenience and abundant options. They prefer stores and restaurants that offer many payment options, including real-time payments. Even if real-time payments are not a Zoomer’s first preference, a Zoomer is likely to still want the option.

What Are Real-Time Payments?

According to Payments Journal, real-time payments are initiated and settled electronically almost instantaneously. RTP networks provide access all the time for this exact reason. Real-time payments can apply to insurance, payroll, utility bill payments, and more. They should not be confused with faster payments, as faster payments are not necessarily instantaneous.

 

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