Study says millennials rely on debit cards
6 April 2020
(PRESS RELEASE) -- PXP Financial, the global expert in acquiring and payment processing services, has launched research into the payment habits of different generations of players in the online gaming and betting space.
This research looks at topical payment issues to provide the sector with a deeper understanding of its target market, revealing various key perceptions from customers of the online gaming and betting industry. When securing the sentiments of each generation on their payment habits, PXP Financial found that Millennials (1981 – 1995) are the biggest spenders and prefer to use debit payments. In contrast, Generation X (1965 – 1980) prefers to play with credit instead.
January’s announcement of a credit card ban across the industry produced interesting results. Unsurprisingly, Generation X had an incredibly negative response. However, perhaps more surprisingly, each of the generations had a majority negative view on the regulation, leading to over 50% of the respondents citing it to be harmful to the sector.
“At PXP Financial we work hard to ensure we understand trends within various markets and how they will affect our clients,” commented Koen Vanpraet, CEO of PXP Financial. “It is our hope that the insights provided within this sentiment research will provide the industry with a greater understanding of its target groups and help our clients with their market strategies.”
This sentiment survey was developed following PXP Financial’s 2019 Are Payments the Key to Maximising Gen Z Appeal for the High Street research, which looked at the retail spending habits of Generation Z (1996 – 2012). Interestingly, the survey found that the majority of respondents preferred shopping instore to online and preferred to spend using digital currencies instead of cash. It aimed to provide another look into this generation and the spending habits of other generations in the retail sector.
With regards to Generation Z, they have yet to have a significant impact on the online payments industry, primarily due to their age and financial capability. However, this is set to change as the group matures.
And as for the perception of retail, Millennial’s were found to lean more positively towards physical shopping, although it was nearly an even split. Generation X, on the other hand, vastly preferred the convenience of shopping online.
The research for this survey was conducted at ICE London 2020, Europe’s biggest Online Gaming expo.