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Gen Z and Millennials expect in-app payments or they’ ll take their business elsewhere
Anew survey of 1,000 US adults by NMI, a global leader in embedded payments infrastructure, reveals a rising preference for invisible transactions.
• Sixty-four percent of respondents embrace biometric authentication like Face ID or fingerprints
• Fifty-nine percent say the best transactions are the ones that feel like they never happened
While most consumers favour in-app and seamless payment experiences, savvy younger generations and busy parents are pushing businesses to adapt fastest. Among parents with children under 25 living at home, 72 % say they would prefer to pay for everything through an app if they could, compared to 53 % of consumers overall and 64 % of Gen Z and Millennials say they’ ll take their business elsewhere if in-app payments aren’ t an option.
For some generations, preferences remain divided; some consumers favour card-present and cash options and others are ready for transactions to be completely invisible.
For example, 43 % of Baby Boomers are uncomfortable using biometric authentication, while 40 % embrace it for its speed, security and convenience.
The findings highlight the urgent need for businesses to support a broader range of modern and innovative payment methods, or risk losing customers to competitors that do.
SaaS providers partnering with a trusted payments provider to embed payments directly into their software not only helps their clients offer flexible, secure payment options, but also unlocks new revenue streams from payment monetisation, a critical advantage in today’ s market.
New rules to end Buy Now, Pay Later Wild West, protect millions of shoppers and drive growth
Over 10 million people who use Buy Now, Pay Later( BNPL) products will gain stronger rights and clearer protections under new rules, stopping unaffordable borrowing and helping families keep more of their money.
New rules include affordability checks to stop people racking up unaffordable debt and faster access to refunds to protect working people as part of the Plan for Change.
“ These new rules will protect shoppers from debt traps and give the sector the certainty it needs to invest, grow and create jobs through our Plan for Change.”
The announcement is backed by new reforms to the Consumer Credit Act, which will replace a 50-year-old regime with a modern, pro-growth framework that reflects how people borrow today.
That means upfront checks to make sure people can repay what they borrow, fairer and faster access to refunds and the right to complain to the Financial Ombudsman, bringing BNPL in line with other credit products.
The changes will boost consumer confidence while giving firms the certainty they need to innovate, grow and invest – delivering on the government’ s Plan for Change to grow the economy, unlock investment, create jobs and put more money into people’ s pockets.
Emma Reynolds, Economic Secretary to the Treasury, said:“ Buy Now, Pay Later has transformed shopping for millions, but for too long has operated as a Wild West, leaving consumers exposed.
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