Gen Z is the first mobile payments-native generation. By 2028, 67.8% of US adults will be mobile wallet users, per our forecast. Gen Zers are already way ahead: 85.1% made an in-store or online payment using their phone in 2023, according to Federal Reserve Bank of Atlanta.

Per survey data analyzed in the full report, Gen Z’s preference for iPhones gives Apple Pay a big lead over other in-store wallets, such as Google Pay and Samsung Pay. Gen Z has also embraced Zelle, as the bank-owned app keeps building a bigger share of peer-to-peer (P2P) transaction value and usage.

Gen Z will also propel in-store mobile wallet usage.The number of Gen Z mobile proximity payment users will rise from 32.8 million in 2024 to 50.0 million in 2028, per our forecast—which will represent 37.7% of overall users. That year, we expect 70.6% of Gen Z internet users to make mobile proximity payments.

Read the full report.