A 20-year-old freelancer from Kyiv receives payment for a design project from a client in California in the morning, pays for server rental in Germany in the afternoon, and transfers money to a friend in Portugal in the evening.
For them, there are no financial borders. Gen Z is the first truly global generation, living in a world of the free flow of information and capital. And if traditional banks don’t understand this, this generation will find alternatives.
We talk with Alex Emelian, CEO of fintech startup Simple Wallet, about how a new economy based on speed, transparency, and mobility is taking shape.
Gen Z: the driving force behind the new economy
Gen Zers (people born between approximately 1997 and 2012) are mostly seen through the lens of TikTok trends. They’re seen as immature, a bit irresponsible, and helpless.
Despite these humorous narratives, zoomers are confidently becoming the driving force of the modern economy. According to forecasts by Bank of America, their combined income will exceed $30 trillion by 2030. This will make them the most influential consumer class in the world.
How do zoomers differ from millennials? Their worldview is not tied to one country. Research company Ernst & Young Global Limited aptly calls them «the first global generation» because they live simultaneously in several cultural and digital spaces. They study on Coursera, work on Upwork, watch Netflix, and communicate with friends around the world.
At the same time, a Deloitte study shows that 48% of Gen Zers live under significant economic stress: they have many needs but not enough money. This forces them to actively seek alternative sources of income: freelancing, online business, content monetization, and cryptocurrency investments.
«They don’t wait for a stable office job, but create their own opportunities in the global gig economy», explains Alex Emelian.
The financial tools of a «global citizen»
Bank branches that are open from 9 a.m. to 6 p.m. and close for lunch. Bureaucracy, «fine print» in contracts, and hidden fees — all of this looks like «dinosaur entertainment» to Gen Z. Their financial ecosystem looks different:
- Over 70% of young people in the US use Apple Pay or Google Pay. In Europe and Ukraine, Revolut, Wise, and Monobank have become commonplace. Zoomers rarely carry cash.
- Buy now, pay later services have become mainstream because they allow for flexible budget management.
- According to Upwork and LinkedIn, over 50% of Gen Z consider international orders to be their main source of income. They also actively use «digital nomad visas» offered by Estonia, Portugal, and other countries.
But a problem arises: how do you manage your finances when your clients, expenses, and savings are scattered across different countries and currencies? Conversion fees, slow SWIFT transfers, and currency controls slow down processes and reduce the expected level of comfort.
Stablecoins: the universal language of money
The solution to the problem was stablecoins — cryptocurrencies pegged to a fiat currency. Most often — the US dollar. A designer from Ukraine can receive payment in USDT stablecoins from a customer in Australia in a matter of seconds with minimal fees. They don’t have to wait 3–5 banking days, lose money on double conversion or pay intermediary fees.
Chainalysis data confirms that young people traveling increasingly use USDT or USDC to avoid currency commissions. This is, in essence, the «universal language of money» — a digital dollar available anywhere in the world 24/7.
Accordingly, young people expect that managing stablecoins will be as easy as managing funds on a bank card. Therefore, the classic scheme of exchanging digital assets for fiat is of no interest to them.
«At Simple Wallet, we saw that the new generation needs a single financial center where they can easily manage stablecoins. And our product gives them that opportunity. It is an application where you can receive, store, and spend cryptocurrencies directly, without any additional complications», says Alex Emelian.
How Simple Wallet differs from fintechs
Simple Wallet works with cryptocurrency, which offers several significant advantages:
- Globality — the wallet does not depend on the banking system of a particular country.
- Privacy and control — only you have access to your assets and control them.
- 24/7 support — the support service responds in 2–3 minutes on average.
Key features of Simple Wallet:
- A user-friendly interface designed for both beginners and experienced cryptocurrency users.
- A virtual Mastercard that can be added to Apple Pay. It is available to verified users residing in the EU/EEA.
- The Discover educational section with free webinars, articles, and practical tasks to help you navigate the world of cryptocurrencies with confidence.
- Community: The Simple Wallet Telegram community has over 2 million members, offering the latest news, webinars, tips, and contests, providing simple and understandable benefits for people interested in investments and cryptocurrency.
Will the new economy be decentralized?
Generation Z is building its own financial system: one that is more flexible, open, and fair. For them, a bank is not an office with limited opening hours and long queues, but a convenient mobile app.
That is why fintech services have become a gateway to the world of global finance for young people. And now, the governments of most countries are faced with a challenge: either they adapt regulations to the new reality (where capital has no nationality), or they will lose access to an entire generation of taxpayers.
«For businesses, this is a clear signal: if you want to work with Gen Z, you have to meet their expectations for instant payments, transparent terms, and tools that allow them to live and work anywhere. The future of finance lies in services that erase financial borders rather than create them», concludes Alex Emelian.
You can try all the benefits of Simple Wallet HERE; the app is free.
This article was created with the support of Simple and is for informational purposes only. It does not constitute financial advice.