Gen Z’s role in shaping consumer payments preferences will continue to grow alongside their exploding spending power: Average Gen Z after-tax income hit $57,039 in 2023, up 34.7% in just two years, per US Bureau of Labor Statistics. They will be key drivers of buy now, pay later (BNPL) and wallet-based payments. But Gen Zers most prefer credit and debit—thereby cementing these traditional payments’ roles in a digital world.

Key Question: What are Gen Z’s preferred payment methods?

Key Stat: Gen Zers are 61% more likely than other generations to use tap-to-pay technology for debit transactions, per October 2023 Federal Reserve Bank of Atlanta survey data—just one way this generation is reshaping how consumers pay.