Cash is no longer a priority for Gen Alpha

Gen Alpha (the generation born from 2010 onwards, growing up in the digital age) did not wait until adulthood to access finance, they are leaving their mark in the world of digital finance. In Vietnam, research shows that 98% of Gen Alpha have access to at least one type of financial account; many of them have savings accounts (57%), personal accounts on app stores with linked payment methods (54%) or e-wallets (52%).

According to Mastercard’s report, the research results show that Vietnamese parents are well aware that their children will grow up in a digital financial world where not owning a physical wallet or carrying cash will become the norm. Notably, 73% of parents predict that their children will probably never use a physical wallet or cash.

This generational shift is also creating a gap in financial literacy: 75% believe their children are more financially savvy than they were at the same age. 61% are unsure if their financial knowledge is up to par with their children’s generation. 59% admit their children know more about new payment methods than they do. 81% wish there were more tools to teach children about finances.

The rapid growth of e-wallets, mobile payments and virtual accounts is prompting Vietnamese families to seek smart solutions to equip the young generation with a solid foundation for future success. This is an opportunity for banks and financial institutions to take the lead, providing digital tools that both simplify financial management and support children in learning about money.

Gen Alpha parents in Vietnam show particular interest in features such as: financial education content (73%), features that help parents control and manage (58%), realistic simulation content (52%), seamless transfers (49%) and gamification experiences (29%).

“To truly connect with Gen Alpha and their parents, the payments industry needs to understand what they want,” said Sandeep Malhotra, Executive Vice President, Core Payments, Asia Pacific , Mastercard. “Gen Alpha grew up with technology and learned to save and spend wisely. From a young age, they are used to tapping to pay, using money management apps instead of cash. Cash is no longer the priority for this generation. Now, everyone prefers tap & go. This sends a clear message to banks and financial institutions: Gen Alpha expects a payment experience that suits their lifestyle – seamless, streamlined and integrated from the start. Think personalized digital wallets, smooth in-app payments, and constantly upgraded security tools to accompany their financial maturity.”

Phuong Ngan

Source: https://doanhnghiepvn.vn/kinh-te/tien-mat-khong-con-la-uu-tien-cua-the-he-gen-alpha/20250929011858808