(Toronto) Interac says in-store mobile debit payments are up 53% over the past 12 months, while online purchases are up 17%.
The study shows that these trends are due to Generation Z, people born since around 2005, who also influenced their Gen X parents in the adoption of contactless payments by mobile phone.
The survey shows that eight in ten Gen Z adults (78%) pay using their smartphones, while only 42% of their parents’ generation used contactless payments, citing privacy concerns. security.
The National Debit Network reports that more than one billion contactless, in-app mobile debit transactions took place between August 2022 and July 2023.
William Keliehor, chief commercial officer of Interac, says debit remains central to how Canadians choose to pay, even as it takes on new forms.
The survey also reveals that 63% of Canadians expect it will soon be normal not to have a physical wallet, knowing that it is possible to pay with a smartphone or smartwatch.
The survey by Hill Knowlton Strategies was conducted with 1,502 Canadians in June.
