Fintech Intelligence Paytech World-Region-Country

Yonder Finds Over 65s Are the Highest Users of Contactless Card Payments With 91% Using Them

Yonder, the strategic consultancy, has released research that shows the younger generations are not the only ones adopting digital payment technologies, and that in fact, over 65s are keeping up. 71% of over 65s surveyed said they did not need nor did they feel reliant on cash during the pandemic.

The study reveals that they are now the highest users of contactless card payments with 91% having used this method to pay in the last year. They were also found to be the second-highest users of chip and pin payments with 78% using this method.

The over 65s usage of online website payments is average at 62%, yet they do not use Buy Now Pay Later (BNPL) solutions. The report found that the average usage of these services stands at 11% whilst only 2% of the over 65s have said they have used this method of paying over the past 12 months. Half of the over 65s (50%) are now using payment apps such as PayPal, just 7% lower than average usage.

When it comes to the newer forms of payment such as cryptocurrency, QR codes and voice assistant payments the baseline averages across all demographics are low standing at 3%, 4% and 2% respectively. Yet, the over 65s are not the lowest demographics when it comes to the adoption of these technologies – except for cryptocurrency payments with no one in this age bracket saying they had tried this payment method. However, 2% of over 65s had used QR codes and 1% had used voice assistants.

The over 65s were also found to have near or above average usage of money management apps and news apps.

Manfred Abraham, co-CEO at Yonder, said, “Despite the perception that the older generation are digital payment laggards, this study shows that the pandemic has been instrumental in speeding up digital adoption. They are firmly moving away from cash and are now the highest users of the more traditional payment methods such as contactless and chip and pin. But when it comes to newer forms of payment such as voice assistant aided they are keeping up with their younger counterparts. It isn’t surprising that they are the lowest users of BNPL type payment services since this age group is very firmly in control of its finances – outlined by their above-average usage of money management apps. What this means for businesses is that there is an appetite across the board – not just from younger consumers – for multiple payment options. Giving customers a choice in how they pay both in-store and online will ultimately result in greater numbers of transactions.”


  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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