Uncovering Opportunities to Engage with Young Fintech-Forward Consumers
At Visa, we've been keeping a close eye on Gen Zers for quite a while now. These powerhouse youngsters are reshaping the digital commerce landscape like never before, making it essential for us to connect with them in genuine and effective ways.
Their preferences and spending behaviors are evolving at incredible speed, giving rise to a new profile of digital segmentation: young, fintech-forward consumers.
This group has higher expectations and more choices than ever in transacting, and they demand more than a card. They want connected, omnichannel digital experiences that go beyond their expectations. They seek simpler, faster, safer and more convenient payment experiences—whether if it’s to buy a coffee, manage their finances or split a bill with friends in just a few taps on their phones.
In this new age of banking, we’re committed to helping our issuers and partners in Latin America & the Caribbean stay relevant and become what we call “trusted architects of experiences” for these essential young fintech-forward consumers.
And it all starts with a deep understanding of these individuals and their unique and ever-changing needs and expectations. True to this commitment, I’m pleased to present our new research “How Digital Maturity Shapes Consumer Financial Behavior”.
It is about a comprehensive and unique segmentation study that dive deep into the three new types of young fintech-forward consumers. The study shows who they are and what they want from their digital banking experience. It also identifies key opportunities for issuers, what motivates these audiences and attitudes about lifestyle, spend and payment preferences.
Our new research comes at a time when Gen Zers already make up 22% of the population in Latin America, and they are expected to account for virtually all spending growth through 2035¹. Notably, around 60% of surveyed young consumers are comfortable with a future that relies entirely on digital money, while 72% of Latin American respondent’s rate convenience as the most important factor in managing their finances².
As our clients and partners strive to grow their portfolios, enhance agility, and build loyalty among young consumers, the insights we provide can help them better strategize around these significant opportunities.
The future of commerce and payments is all about fintech-forward Gen Zers. So, I invite you to explore our new study available in:
[1]. Ipsos research, 2024.
[2]Visa, U.S. Perspectives, Searching for the consumer of tomorrow: The Gen Z opportunity, November 2023.