The news: Gen Z shoppers are nearly 2.5 times more likely than baby boomers to prioritize online payment speed over security, per a Mastercard survey.

Key takeaways: The overwhelming majority of consumers—77%—still prioritize online checkout security over speed. 

However, issuers need to take note of the evolving expectations of younger consumers who crave convenience: 27% of Gen Zers elect for speed over financial safety in online shopping.

Combatting experience decay: In younger consumers’ thirst for speed, security measures can thwart a completed transaction. 

• 85% of consumers felt comfortable entering their email address to create an account for a purchase, but only 43% would re-enter that information to finish a transaction. 
• 28% of consumers have abandoned an online transaction due to impatience with inputting their information.

Our take: Merchants and issuers face the dual challenge of meeting consumers’ desires for frictionless transactions while also ensuring those payments are safe and secure. 

Payment service providers can make themselves more desirable to merchants by offering frictionless checkout experiences through methods like one-click checkout, secure card on file, biometric authentication, and gateway and network tokens—all of which speed along the payment process for consumers.