Payment modernization has become more pervasive over the past decade, with a consistent trend of redefining payment from the perspective of changing technology and market relevance. The transaction value of digital payments is expected to reach $8.7 trillion by 2025. The increasing trend in redefining payment evolved with the acceleration of digitalization. With 24/7 real-time and instant payments, migration to scalable cloud Pay-as-a-Service platforms cryptocurrencies, and digital wallets, customers and businesses now have even more ways to pay.

Two factors that accelerated this transformation were the expansion of payment service providers with Payment Security Directive 2 (PSD2), transformative regulation aimed at making electronic payments more secure, and Application Programming Interface (API) software used to develop applications by integrating with companies’ existing technology amid the unpredictable increase in e-commerce, exacerbated by the global pandemic.

Millennials, the largest generation group, and Gen Z are predicted to make up 72% of the global workforce by 2029. The influence of these two generations on purchasing mostly provides the basis that inform the need to consistently redefine payment along the lines of the need generated by these two demographics.

Digital PayExpo 2024 is therefore set to analyze the payment habits of these groups at the ‘Millennials and Gen Z payment Forum’ while we spotlight their crucial effects on the payment world to continue to develop solutions that will gain their loyalty and that of the total market.