It’s no secret tapping to pay on your phone is the way of the future, and Canada’s youngest generation is dialed in – in fact, they’re outpacing all other generations in their use of mobile wallets.
Seven in 10 Gen Z Canadian adults (69 per cent) have embraced the mobile wallet and six in 10 (63 per cent) actually prefer to leave their physical wallet at home for short trips, according to a recent survey commissioned by Interac Corp.
Gen Z’s use of mobile wallets outpaces all other generations including Millennials (60 per cent), Gen X (44 per cent), Boomers (27 per cent) and the Silent Generation (10 per cent).
These findings hold true as Interac transaction data shows that Gen Z’s digital-first habits are contributing to a 27 per cent increase in Interac® Debit mobile contactless payments in the first half of 2024, as compared to the same period in 2023.
“Choosing your default payment method may feel like a small step, but it can play a big role in shaping Canadians’ ongoing spending habits,” said Glenn Wolff, Group Head and Chief Client Officer, Interac.
“When consumers tap to pay with their phones, the decision to select a card from the digital wallet is easy to miss. Canadians could end up unintentionally using a default payment method that prompts them to take on more debt. This differs from traditional physical wallets where the consumer had to select the card they wanted to use each time.”
Image: Interac
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