Category
Life-Stages
Constructible Franchises
Trend cluster
Category
Teen
Payment
Teen and youth-focused payment platforms are on the rise.
2.7
Trend score
Trend
What is the Teen Payment trend?
Teen Payment: Teen and youth payment platforms are on the rise as businesses recognize the buying power of Gen Z consumers. For the generation itself, these platforms appeal by catering to their preference for empowerment and independence in the purchase decisions they make, along with the convenience that comes with streamlined programs.
Insight
The consumer insight behind the Teen Payment trend
With today's youth's proficiency in the digital space, brands that are looking to appeal to them are best-served in targeted apps. Gen Z's appreciation for streamlined day-to-day responsibilities comes from the fact that for the majority of their routines–whether educational, professional, or social–is spent online, or at the very least facilitated by the digital sphere. This shift can be seen in everything from personal organization to personal finances.
Trend themes
Themes within the Teen Payment trend
Three behaviours holding the trend together01
Youth Payment Platforms
Businesses are recognizing the buying power of Gen Z consumers and are focusing on targeted apps and payment platforms to appeal to them, catering to their preference for empowerment and independence.
02
Teen Personal Finance Tools
Digital tools are being developed for teens and youth to empower them to easily manage their money, make payments, and increase their own sense of independence.
03
Simplified Payment Systems
Streamlined, digitized payment systems are becoming popular among Millennials and Gen Z, who are looking for simplified daily interactions.
Industry implications
What the Teen Payment trend means for industry
Where the trend changes the playbookFor
Fintech
The fintech industry is at the forefront of developing and implementing digital personal finance tools catering to the needs of youth.
For
Hospitality
The hospitality industry is adapting to the need for simple, streamlined payment solutions for younger generations, who are seeking greater convenience and independence in their dining experiences.
For
E-commerce
The e-commerce industry is focusing on targeted apps and payment platforms to appeal to younger consumers, who have immense spending power and prefer digitized, streamlined systems.
Workshop question
How could your brand better cater to Gen Z consumers?
Trend signals
Trend signals for Teen Payment
Trend score 2.7 out of 10, from popularity 46%, activity 28%, freshness 8%.
Popularity46%
Activity28%
Freshness8%
Audience
50%Men
50%Women
- Gen Alpha
- Gen Z
- Millennial
- Gen X
- Boomer (not a primary audience)
Market
North America
Europe
Asia-Pacific
Evidence
Examples of the Teen Payment trend
4 featured examples from Jul 28, 2018 to Jul 4, 2019CategoryLifestyle
Teen-Targeted Banking Solutions
'Walrus' Banking Helps Teens Harness Their Spending Power and More
Banks can develop innovative teen-focused products and services to capture the untapped market of teenage consumers.
CategoryBusiness
Simplified Hospitality Payment Systems
CheckMate Streamlines Payments for Customers at Restaurants
There is a growing trend towards digitized payment systems in the hospitality industry, which presents an opportunity for the development of innovative payment platforms.
CategoryTech
Youth-Friendly Mobile Payment Systems
'Jassby' Helps Kids Digitally Manage Their Money
Disruptive innovation opportunities in the financial technology sector to cater to the unique needs of young users.
CategoryBusiness
Parent-Assisted Payment Services
Teen Skincare Brand MDacne's AskToPay Helps Teen Online Shopping
The e-commerce industry can explore innovative payment solutions that cater to the teenage market and facilitate seamless transactions between teens and their parents.
