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Billtrust Releases 2022-23 Gen Z and Digital Payments Study

Research Analyzes How Gen Z’s Demand for Speed and Relationship with Debt Continues to Impact Payments

A new study released today by B2B accounts receivable automation and integrated payments leader Billtrust (NASDAQ: BTRS) examines Generation Z – those born between 1997 and 2012 – and their evolving views and behaviors when it comes to digital payments and what these shifts mean for industries across the board.

Billtrust’s 2022-23 Gen Z and Digital Payments Study — composed of a survey to 750 U.S.-based Gen Zers — illustrates how this generation’s use and view of payments has evolved since Billtrust’s last analysis in 2019. Perhaps not surprisingly, it appears that the pandemic’s impact and increased expectations for speed and convenience have given way to the rapid adoption of payments technologies favoring contactless experiences and instant gratification.

“Gen Z’s payments preferences have an impact well beyond the B2C space,” said Steve Pinado, President of Billtrust. “The views and behaviors of our younger generations often forecast the emergence of trends in the B2B space, as well. As experts in B2B payments, we’re continually analyzing various factors that will impact and disrupt our industry, and it’s only logical that we keep a pulse on the ultimate trend setters and examine how their adoption and views on payments continue to evolve.”

Key findings include:

  • Paper Checks on the Decline: Thirty-six percent of Gen Zers say they have not used a paper check in the last 6 months, with an additional 20% reporting that they have never used one in their life. This parallels the paper check’s incremental decline in the B2B world, where the percentage of transactions paid by check has plummeted from 42% in 2019 to 33% today.
  • Sharp Increase in P2P Use: Ninety-three percent of Gen Z report using P2P platforms like Venmo, PayPal and Zelle on a monthly basis, a jump from the 79% who said the same in 2019. Meanwhile, Gen Z’s use of mobile wallets has also risen steadily, with 85% saying they use mobile wallets at least once a month and a quarter stating they use touchless payments at least five times per month.
  • Strong BNPL Adoption: Forty-eight percent of Gen Z reported having used Buy Now, Pay Later for purchases in the last three months, with more than 1-in-5 saying that they’ve used BNPL more than 3 times in the last three months. Highlighting the potential danger of this adoption is the fact that Gen Z has seen their credit card debt rise significantly higher than other generations this year.

“As Gen Z continues to advance in their careers and grow into the next decision-makers in the B2B world, organizations would do well to take note of how they are interacting with payments today and design products and experiences with those insights in mind,” said Pinado.

Other findings from the report include:

  • Security Surpasses Speed as Top Payment Priority: When asked to rank the importance of speed, user experience (UX), security, fees and a low carbon footprint, nearly half chose security as the most important payment platform feature. They ranked fees second, followed by speed and UX.
    • Interestingly, 42% of Gen Zers say they’re more concerned about fraud when using a fintech provider (Venmo, PayPal, Square etc.) versus when using a traditional provider.
  • Pressure on Employers to Keep Pace: Sixty-three percent of Gen Z respondents report that they expect their current and future employers to keep pace with payment innovations happening in the consumer world.
  • Staying On-Brand with Payments: Seventy-four percent of Gen Z respondents say that a brand or retailer accepting new forms of digital payments has a positive impact on their perception of the company.
  • A Crypto Pay Day?: Gen Z is now more willing to receive cryptocurrencies for work than when asked in 2019 (42% vs 34%).

To view and download Billtrust’s 2022-23 Gen Z and Digital Payments Study, click here.

About Billtrust

Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit


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