Millennials and Gen X are driving the adoption of alternative payments, such as virtual cards, says FNBSA. DigitalEconomy VirtualPayments DigitalBanking
Millennials and Gen X are driving the adoption of alternative payments, such as digital and/or smart device payments, as well as virtual cards.
Gen Z, those born between 1997 and 2012, are the third-highest users of digital payments at 12%, but they lag Baby Boomers in the adoption of virtual cards. It notes that adoption among Gen Z is expected to increase rapidly over the next few years due to their renowned appetite for new technology.found the number of virtual card transactions will exceed 121 billion globally by 2027; increasing from 28 billion in 2022.
FNB Retail CEO Raj Makanjee says: “We are pleased to see customers of all ages using more convenient and safer ways to pay, as this bodes well for accelerated adoption among individuals and families.
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