from the Federal Reserve Bank of Richmond
The way consumer pays for goods and services varies by the generation in which the person was born. The future of payments is in the hands of the younger generations today — and those who will come after Gen Y. By understanding the variations in the generations’ current payment choices, merchants can have a better idea of what payment types they may want to offer in the future. This information could be an important predictor of future payment trends that could impact merchants, vendors and the entire payments ecosystem.