We know payments apps are popular, but how many Gen Zers use them?

Answer: More than 80%

Questions:

• Do you have a payment app on your phone? 
  • If so, which one? When do you use it? 
  • If not, do you plan to get one in the future?
• What are the key factors to consider when selecting a payment app? 
• Do you think payment apps can replace checking accounts? Why or why not?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (from The FinTech Times):

"Millennials and Gen Zs are set to become the most important customer group for most banks and credit unions over the next decade, as nearly $70 trillion in wealth transfers to them from their parents. But, as our research shows, what worked for mom and dad will not be enough to win and keep this younger demographic as a customer,” said Jake Tyler, CEO at Finn AI. “Traditional FIs need to bring the trust and personal touch they delivered in branch and phone to boomers into their mobile experience, which is where most younger consumers bank. Tools like live-chat combined with virtual assistants and automated chat can help them deliver this and compete with new tech and fintech entrants."

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Check out the FinCap Friday, Peer-to-Peer Apps Go Head-to-Head!

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View more payment related resources and activities on the Checking unit page

About the Author

Mason Butts

After graduating from UCLA with a Master's in Education, Mason spent 5 years as a science educator in a South Los Angeles public high school. He is committed to supporting the holistic growth of all students and empowering them to live a life of relational, academic, and financial success. Now settled in the Bay Area, Mason enjoys facilitating professional developments and partnering with educators as they prepare students for a bright financial future. When Mason is not building curriculum or planning a training, he can be found cycling, trying new foods, and exploring the outdoors.