Amazon Payment Services’ whitepaper shows that most Generation Z Egyptians are aware of peer-to-peer transactions. This shows that Egyptian youth are becoming more familiar with P2P transactions.
Over nine out of ten Generation Z respondents in Egypt who participated in a recent whitepaper by Amazon Payment Services, a regional leader in digital payments throughout the Middle East and North Africa (MENA) area, said they are aware of peer-to-peer transactions.
Understanding Generation Z is a whitepaper from Amazon Payment Services. It contrasts Gen Z’s spending preferences with those of earlier generations, such as the “millennials,” or those who were born between 1981 and 1996. It talks about the impact of Gen Z as its purchasing power increases.
The Gen Z population has enormous potential to propel future business growth for merchants, making it a vital client sector for businesses to secure, according to Peter George, general director for Amazon Payment Services in the Middle East and North Africa (MENA). The analysis of Gen Z’s attitudes regarding digital payments in this paper, which also covers other important industry topics in MENA, can be used by businesses to interact with this audience in a meaningful way and promote healthy, long-term growth.
In the white paper, research from surveys of more than 1,800 people in Egypt, Saudi Arabia, and the United Arab Emirates (UAE) is presented.
George added, “Earlier this year, we introduced the’re:Imagine Payments’ forum to foster interaction, exploration, and the development of fresh ideas amongst current and potential partners. This white paper is in keeping with our mission to spread knowledge about market trends across various audiences in order to stimulate innovation and growth in the regional payments sector.
The white paper’s insights on understanding Generation Z can be used by local businesses to investigate this group’s preferences and underlying drivers. By meeting Gen Z’s new needs, they may successfully engage this generation and ensure their success in the future.
More than half of survey participants prefer making digital payments
Because they are tech adept, members of Gen Z have different views on payments. According to research, mobile wallets and payment cards are the most preferred digital payment options for this group.
Buy Now, Pay Later (BNPL) alternatives, according to those polled, are a practical way to pay for expensive things. Generation Z is interested in this payment option since it has no interest, requires no paperwork, and relieves financial strain.
Peer-to-peer (P2P) transfer apps were known to the vast majority of respondents in each of the three nations, with awareness reaching as high as 92 percent in Egypt. The national Instant Payment Network’s early availability served as the driving force behind this. The majority of respondents in the UAE, KSA, and Egypt claim to have used an app or another way to perform a P2P transfer at least once.
In-app purchases are also widely known, according to the study, but respondents claimed that this payment method is in direct competition with other widely utilized ones. Retailers ought to think about offering discounts to encourage more customers to buy mobile apps.
Super applications were one type of in-app payment that respondents approved of. Respondents claimed that super apps, which are now offered in the UAE, were incredibly practical, resulting in high awareness and uptake.
Individualization over privacy
Members of Gen Z claim that personalization takes precedence over privacy. According to the report, Gen Z is less concerned with data sharing than prior generations and is open to doing so if it means having a better purchasing experience.
I am aware that cookies track the websites I visit and target advertisements to me based on my preferences, according to one Gen Z poll respondent. However, I receive pertinent information about topics that I might find interesting, which personalizes my internet experience.
However, study respondents in their twenties were more worried about data sharing. “I am very cautious and reluctant to share my data, I feel unsafe and prefer to only click on websites I know,” one millennial respondent stated. I don’t even share my details on well-known websites.
The underlying motives that steer behavior
Businesses must comprehend Gen Z’s fundamental motives in addition to their quantitative behaviors if they want to successfully market to this generation.
Unlike the digital immigrants who came before them, Gen Z is the first generation of digital natives and has never lived in a world without cellphones and the internet.
Gen Z has been exposed to several global concerns very early in life as a result of their behavior as avid social media users. It has a deeply ingrained sense of social responsibility, which is evident in its brand and employment choices. Businesses must comprehend Gen Z’s beliefs and objectives in order to build a corporate social responsibility plan that appeals to them.
In particular in the Middle East, Gen Z is also one of the most enterprising groups. The underlying desire for financial independence drives this entrepreneurial approach.
Therefore, firms aiming to attract Gen Z customers will benefit from providing loyalty programs and incentive systems that put an emphasis on affordability and highlighting financial planning as an attractor to newer payment options.
Businesses must comprehend Gen Z in order to properly reach this group. Understanding Generation Z provides knowledge of their thought processes. This will enable companies to develop their brands and take advantage of new opportunities while appealing to this distinctive, complicated, and dynamic generation.