Understanding consumer adoption and actual usage of digital payment instruments: comparison between Generation Y and Generation Z

The purpose of this study is to examine the factors that encourage people to use digital payment instruments, specifically from two tech-savvy generations: Generation Y and Generation Z. A total of 320 respondents from both generations were obtained through an online survey. The results revealed that Generation Y showed a lower tolerance to the risks involved in using digital payment and are prone to social environment influence. Meanwhile, Generation Z highly considered the performance quality, together with joy and satisfaction, from using digital payment. The results of this study could be an insight for concerning parties to give a better understanding of Generation Y and Generation Z’s behaviours, especially on their stance of adopting technology. Hence, this study could help them devise the best way to approach these generations to market their products for research purposes.