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

Millennials Vs Gen Z, Which One Prefers To Use A Digital Wallet? Millennials vs Gen Z, who would rather 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 of transaction.

For everyday needs like paying for mototaxi online, ordering food and shopping online, digital wallets seem to be a must-have payment tool to help make transactions faster and more convenient.

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

Millennials are the generation born in 1980-1996 while Generation Z is for those born in 1997-2002.

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

However, what about the use of financial technology (digital wallets) in the current age of digitization? What is better for millennials or Gen Z in Indonesia? The following is a more detailed explanation according to Ipsos, a market research firm that conducts research on the use of digital wallets among millennials and Gen Z.

The survey was conducted by Ipsos on 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 the first users to use digital wallets like GoPay, OVO, DANA and LinkAja compared to Gen Z in Indonesia. In addition, 40% of the use of the digital wallet is for payments for online transport services.

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Food and beverage purchase transactions

Usage of digital wallets for food and beverage purchases is 50% for Gen Z and millennials. However, there are more transactions being made at Gen Z merchants than millennials.

Millennials are increasingly pinning their hopes on digital wallet apps so that in the future they can be directly connected to the economy.

On the other hand, Gen Z wants more support features like installment payments and transferring funds to bank accounts through digital wallets.

Based on research conducted by Ipsos, up to 68% of digital wallet usage is for transactions amounting to 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 Gen Z are GoPay, OVO, DANA and LinkAja. The highest number of organic visitors is GoPay 54%, OVO 29%, DANA 11% and another 6% LinkAja.

Reasons to use a digital wallet

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

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

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

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