Millennials and Gen Zers constitute the bulk of mobile proximity payment users right now: Combined, they will make up 68.9% of users in 2021 and reach 71.4% by 2025, per our estimates. Unsurprisingly, groups already immersed in digital technology favor mobile payments.
Social networks will reach almost full penetration among adult Gen Zers this year, or 99.0% of users ages 18 to 24. The next-highest penetration rate will be among the 25-to-34 age bracket, younger millennials, at 90.9%.
The upcoming $68 trillion millennial wealth transfer is pressuring incumbents to adjust their offerings to meet younger customers' digital needs. By 2030, millennials will hold five times as much wealth as they do today, per Business Insider.