9 out of 10 MZ Generation Members Express High Satisfaction with Fintech Easy Payment

Amendment to the Electronic Financial Transactions Act Also "Positive"

[Asia Economy Reporter Sung Kiho] It has been found that the 20s and 30s MZ generation primarily use fintech platforms such as KakaoPay, NaverPay, and Toss for convenient payment (remittance) services. The main reason for using fintech services was convenience, including simple and easy procedures. Along with this, most respondents had a positive outlook on the changes in financial life due to the amendment of the Electronic Financial Transactions Act (EFTA), especially showing high expectations for comprehensive payment service providers that will allow the creation of accounts on fintech platforms or card companies.

According to a survey announced on the 15th by the Korea Fintech Industry Association through the mobile research firm Open Survey, 96.2% of respondents answered that they mainly use fintech platforms such as KakaoPay, NaverPay, and Toss for convenient payment services (multiple responses allowed).

Bank applications followed with 60.4%, credit card apps with 48.6%, and smartphone payment services like Samsung Pay and LG Pay with 44.7%. The average satisfaction score for convenient payment services was 8.71 out of 10, with the highest proportion (34.5%) selecting "very satisfied" (10 points).

When asked about the reasons for using fintech services such as convenient payment, 89.1% of respondents chose convenience, including simple and easy procedures, as the top reason. Lower fees and charges (8.4%) and new and innovative services that did not exist before (2.5%) followed.

The 20s and 30s generation generally expressed positive opinions about the changes in financial life due to the passage of the EFTA amendment. In particular, 84.6% had positive views on the introduction of comprehensive payment service providers that allow opening accounts with fintech platforms or card companies, receiving salary transfers, and making immediate payments and remittances, as well as paying utility bills and card statements.

More than half also showed positive opinions on the introduction of small-amount deferred payments and raising the limit on prepaid recharge funds. Regarding enhanced security measures such as mandatory two or more authentications for high-risk transactions, 62% agreed that "even if it becomes more inconvenient than now, it is necessary for the safety of financial transactions." However, opinions on deregulation of market entry were evenly split due to concerns about the proliferation of unqualified operators.

Ryu Youngjun, chairman of the Fintech Industry Association, stated, “I believe we are in a transitional phase where competition and innovation are promoted through fintech, and information asymmetry is resolved, shifting the leadership of the financial market from financial companies to financial consumers,” adding, “I hope that through the amendment of the Electronic Financial Transactions Act, which is the basic law for digital finance, the sovereignty of financial consumers will be improved in various aspects such as convenience and security.”

Meanwhile, this survey was conducted with 2,000 people in their 20s and 30s who use convenient payment services.