Trust And Satisfaction With Digital Payment Systems In Gen Z And Gen Y: A Comparative Study

Abstract

The exponential expansion of digital payment systems has revolutionized the way individuals participate in financial transactions. The younger generations have rapidly and extensively embraced digital payment platforms, including mobile wallets, peer-to-peer payment apps, and online banking services. The main catalysts for this revolution are technical progress, shifts in lifestyle, and a strong inclination towards convenience. Nevertheless, trust and satisfaction continue to be crucial elements that impact the ongoing utilization and acceptance of these systems. Trust is an essential component in digital payment systems, especially for Generation Z and Generation Y (Millennials). Consequently, this research (N = 100) is intended to study the trust and satisfaction with digital payment system among Gen Z and Gen Y. Overall, our findings suggested that Gen Z is more satisfied and have trust to digital payment system than Gen Y. Additionally, trust and satisfaction was found to be positively associated irrespective of the type of generational type. The findings are then addressed in the light of existing body of scholarly work and future directions were suggested.