How Gen Z is Leading the World Towards a Cashless Society
Gen Z may already be far more tech-savvy than millennials will ever be. Their latest disruption? Cash.
While plastic cards have been moving money around the world for awhile, Shiv Singh, Visa’s Senior Vice President of Innovation and Strategic Partnerships, tells Cheddar that Gen Z is more likely to spend their bucks digitally. He says they are also more likely to use messaging platforms, such as China’s WeChat, to make transactions.
“They expect all of their payments … to happen in a Facebook messaging type of environment,” Singh said. “The amount of payment volume on WeChat itself has grown dramatically in the last twelve months.”
Singh foresees that this trend will “explode” around the world. Facebook recently jumped on board and announced that it’s integrating advertisements in its Messenger app. The move aims to facilitate purchases and communication between consumers and companies.
Singh says that all of these efforts are only the beginning of a cashless society. The executive adds that the first step towards a cashless society is waving contactless cards, like Apple Pay. The company projects that contactless payments will grow dramatically in the U.S. over the next two years.
Singh points out that 40 percent of the POS terminals are ready for contactless payments in the U.S.. “Now,” he says, “it’s all about educating the consumers, and putting the right technology in their hands.”
Whether it's a gym membership, a cell phone contract, or an extended warranty, getting locked into a bad contract can be frustrating and very costly. So we wanted to share some advice to avoid potential risks involved. Let's take a look.
Multiple U.S. owners of Hyundai's popular Ioniq 5 electric SUV have complained of completely or partially losing propulsive power, many after hearing a loud popping noise, the National Highway Traffic Safety Administration said Saturday.
Ford Executive Chairman Bill Ford told CNN's 'Fareed Zakaria that despite recent gains the U.S. was still not in a position to compete with China in the production of electric vehicles.
Global stock markets followed Wall Street lower Monday after the top U.S. diplomat met China's leader but the two sides gave no sign of progress on an array of conflicts.
Supergoop! is a skincare brand whose products are what the company says is 100% dedicated to sun care. Amanda Baldwin, CEO of Supergoop!, joined Cheddar News to discuss why sunscreen is important to add to daily routines. "What I love about this company is ... it really is based on scientific fact," Baldwin said. "90% of the signs of aging comes from the sun ... one in five of us will be diagnosed with skin cancer in our lifetime so making sunscreen a daily habit is probably one of the most simple things you can do for your health."
College enrollment rates for high school graduates in the U.S. has been on the decline since 2009. Sean Behr, CEO of Fountain a high-volume hiring platform, joined Cheddar News to discuss why high school graduates are benefitting from the value of attending a trade school, especially in today's economy.
