Teenagers are future ready: the cashless economy is here!

With demonetization on the table for a while now, the gen-z has adapted to the cashless ecosystem faster than other generations due to their pre understanding of the digital age. It is believed teens are four times less-likely to use cash at retail stores than the general public.

Gone are the days when only malls and fancy restaurants accepted cards. Now even a street hawker or a juice seller welcomes cards, QRs and other sorts of payment modes. Keeping this incoming change in perspective, you may be better able to adapt to the changing payment landscape than their parents and grandparents.

Retailers in India are shifting to cashless transactions too for a host of reasons: faster payments increase turnaround and shorten lines. It also reduces opportunities for losses due to manual error at the cash register and/ or theft.

Gen-Z feels physical money is just paper weight to carry around in their pockets and is less secure given how sloppy teens are. A smart phone and a card is all that they need to survive a day in the outside world. Now, you can travel, eat, stay and buy stuff with your card. Food, clothing and shelter are readily available via digital payments and you don’t have to break a sweat.

Teenagers rely on cards and digital payments due to its convenience, control, budget visibility, and safety; but the biggest driver is smartphone adoption. Teenagers want to be able to do anything and everything with their smart phone, and that is helping to drive the adoption of digital payments.

For you, physical wallets are a novelty, like a landline phone. In 15 years you won’t want to be making wallets for a living.

But, understanding money and making sure you can control money, rather than have money control you, is really important to teens’ lives.

Growing up in an increasingly cashless society where payment options like debit and credit are considered the norm, the youth of today have had an entirely different introduction to managing money than that of their mums and dads.

With online shopping coming in picture, teens use their Parents cards for making online transactions. It is becoming more and more difficult for Parents to keep a track of the child spending or refuse them the money. With the exposure to social media, fashion and technology, everyday there is a new demand.

It’s all about the conversations your parents have. You might get your first job in the near future and would have access to an income of your own, but it’s important for you to learn the value of what you are earning, and for your parents to encourage you to spend it wisely rather than squandering it away.

Teens start to become more conscious of money as they grow up. It’s so important for you to make the time to sit down with your parents and have money conversations. It will really give you the best foot forward in life.

In the last few decades a lot has changed, and almost everywhere you go, cashless payment is preferred. With new options like Pay via Debit or credit card or in-app wallet being the popular mode of payments, cash on delivery is hardly opted for. And with predictions of a completely cashless society on the horizon, cash payments don’t appear to be making a comeback anytime soon. And the teenagers of today are ready for the cashless ecosystem that dawns on us in the coming tomorrow.

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