We Spaniards are driving the use of platforms for payments between acquaintances. And it is not only a matter of young people, our elderly are also at the forefront of European baby boomers in these payment methods, breaking the digital divide.
Pioneers in payment applications
No more sharing expenses, paying a friend or family member with cash, no longer digging into your pocket to collect “decollete” payments. No bills or coins, 8 out of 10 Spaniards make this type of payment through personal applications, known as p2p, the most popular of which is Bizum. Spain is the leading European country in the use of payment applications between individuals and in the use of financial technologies, and it is not surprising that we are the Europeans who use the Internet the most with mobile phones, 76% compared to 42% on average for our partners and this includes consulting and economic procedures. But it’s not just young people who are pushed to bear this “brand”. Oddly enough, our seniors are, or seem to be, the most experts at this type of push.
77% of Spaniards over the age of 65, according to INE, use the Internet in one way or another, a percentage that exceeds the European average, but is their knowledge enough to use it in sensitive matters such as financial matters? Perhaps not for operations with banks, accounts or online purchases, not only capacity plays a role, but also mistrust, but it is completely different, according to the latest known data, from using simpler payment methods. According to the third part of “Digital Habits of the Zen Gen” by Good Rebels, which analyzes the trend in the use of digital payments in Europe, 62% of respondents in Spain aged 55-75 indicate that their main form of sending money is to Your friends and family were apps like bizum. The study conducted in the United Kingdom, France, Spain, Denmark, Benelux and Germany revealed that we are above the average of our neighbours.
Confidence and speed
Although traditional payment methods, such as cash and debit card, are still their preferred option, Zainers have quietly but steadily embraced this new practice. Boom is focused on Payzoom or Paypal, it allows you to carry very little cash, no commissions, it’s straightforward and easy to use. But the reason that stands out for 84% of users is trust and security. It’s linked to their bank and they’re not on a tab they don’t know what it belongs to it redirects them or it’s the QR code they found it doesn’t know where. Younger generations may be attracted by new features, new devices, and the novelty of digital technology, and Zen Gen does not have these inclinations if it does not provide them with security. About 30% of respondents admit that they cancel an online purchase when experiencing failures, difficulties or doubts with the payment process
Digitization and purchasing power
Those over 55 represent 24% of the population in Spain, but their income corresponds to 50% of households, an equation that is easy to translate and is also attractive to brands and platforms, they are the generation with the greatest purchasing power and, therefore, the greatest potential power to use in digital payments. “It’s a very significant segment, most of whom are still active workers and they’re an obvious target for all of these digital service providers,” Mark Barra, ProjectWorkLab consultant and founder, explains to COPE. Bizum held a series of media sessions targeting this segment. “It is a sign that these applications are aware of this data and are focusing their efforts on promoting and enhancing the use of these applications in the sector.”
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