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Which Peer-to-Peer Payment Apps are Gen Z & Millennials Using?

Gen Z and Millennials are using peer-to-peer payment apps like PayPal and CashApp for a wide variety of spending…

Written and Edited by the YPulse Editorial Team

Jun 22 2023
North America

KEY TAKEAWAYS

The majority of Gen Z and Millennials are using peer-to-peer payment services
These gens are mostly using them to pay back their friends and family, but Gen Z is way more likely to use them to purchase food
They’re using PayPal, CashApp, and Apple Pay the most—and young people of color have a greater affinity for CashApp

Young consumers don’t think the way previous generations built wealth will work for them anymore—and that means the old ways of learning about and managing their finances no longer apply. As with most else, they’re managing their money on their phones, which means even making payments is going mobile. So, peer-to-peer payment apps have gained a big following with Gen Z and Millennials—the vast majority of whom are using at least one of these apps for everything from paying their friends back for dinner to paying their rent. Now, these brands have an opportunity to catch Gen Z’s affinity as...