What attracts Gen Z when choosing payment methods?

ANTD.VN - In the digital age, Gen Z is constantly looking for fast and secure payment methods. Solutions that bring maximum convenience and support effective personal financial management will gain an advantage in the competition of modern payment methods.

Gen Z promotes digital payments

Generation Z is gradually becoming a potential customer group and has a strong influence in the global economy . Dubbed the "digital generation", Gen Z grew up with the rapid development of technology and the internet, which has shaped their preferences and consumption habits differently from previous generations. For Gen Z, the experience prioritizes speed, convenience and high security, especially in the field of payment.

Lan Anh (22 years old, student) is a fashionista . She regularly updates new trends on social networks, likes online shopping and uses cashless payment methods. “I appreciate services that save time and provide a convenient experience, without the hassle of entering a PIN or scanning a QR code, but must ensure security” – Lan Anh said.

Pay by Account also helps Gen Z solve worries about spending management.

Meanwhile, Minh Hoang (25 years old, travel blogger) is a passionate traveler and loves to explore new places. Hoang spends most of his time on domestic and international trips, requiring him to have a payment method that is globally accepted, convenient and safe. During his travels, Hoang often uses international cards or cash to pay for services such as hotels, meals and transportation. However, he also has certain concerns about having to manage multiple cards, or having to consider the issue of foreign currency conversion fees.

Gen Z has many different preferences, but the way they choose payment methods also reflects common expectations of convenience, speed, and security.

A breakthrough in payment experience for Gen Z

Recently, Minh Hoang learned about a completely new payment method called Pay by Account, developed by VPBank and the multinational card issuing organization Mastercard. “This feature helps me make transactions with just a “touch” similar to other cashless payment methods. What surprised me was that I could use money directly from my bank account instead of having to own a credit card at more than 100 million Mastercard payment acceptance points worldwide,” Hoang shared.

As the first bank to deploy Pay by Account from December 2024, VPBank continues to perfect the entire "one-touch" payment solution for individual customers, providing modern financial solutions, suitable for the lifestyle and consumer behavior of Gen Z. Not only meeting the needs of speed and convenience, Pay by Account also helps Gen Z solve the worry about spending management, when all transactions are made directly from the bank account, allowing them to easily control personal finances without having to use many other applications.

VPBank is the first bank to deploy Pay by Account

Thus, Minh Hoang's concerns about having to manage multiple cards or foreign currency conversion fees have been resolved when using Pay by Account. As for Lan Anh, she is excited: "This feature convinced me because of its convenience and maximum information security because there is no need to use or provide card information when making payments. Transactions are authenticated by fingerprint or facial recognition, account balances are clearly displayed, helping me proactively monitor and control spending."

Another benefit of cashless payments that Gen Z loves is the cashback incentives or discount codes that banks offer in conjunction with payment partners. From now until the end of February 2025, VPBank will launch a program to directly reduce 20,000 VND for bills from 50,000 VND when paying at Koi Thé, Family Mart; refund 50% up to 200,000 VND for the first transaction (minimum 50,000 VND) within 30 days from the date the customer registers and uses the Pay by Account feature to pay.

“We will continue to be steadfast in our goal of developing financial products suitable for young customers, while constantly expanding our product portfolio to meet the needs of many different customer segments. Pay by Account is also one of the services that contributes to completing the complete set of Safety - Convenience - Profitability features of VPBank Streamlined Account” – VPBank representative said.

During the launch phase, Pay by Account is applicable to mobile devices using Android 4.4 or higher operating system with NFC support. VPBank is continuing to develop and will soon deploy this feature on iOS operating system in 2025.

Customers follow these steps to register for the feature:

Step 1: Log in to VPBank NEO, on the main screen select Tap & Pay

Step 2: Select "Add Account" and tick the account you want to use for "touch" payment

Step 3: Click the Register Now button and proceed with the verification steps to complete the account linking

Step 4: Make "tap" payments using your account at POS machines that accept Mastercard

For more detailed information about the features and updates on the latest promotions, please contact hotline 1900 54 54 15 or visit the website: https://goneo.vpbank.com.vn/Pay-By-Account

Source: https://www.anninhthudo.vn/dieu-gi-thu-hut-gen-z-khi-lua-chon-phuong-thuc-thanh-toan-post600767.antd