Mobile debit payments in stores across Canada rose 53% over the last 12 months, while e-commerce purchases increased 17%, according to payments firm Interac.
A new survey by Interac has found that the increased use of debit card payments online and using mobile devices is being driven largely by Generation Z consumers who prefer contactless payment methods.
The survey found that 78% of Generation Z adults pay for items using their smartphone while only 42% of their Generation X parents rely on contactless payment sources.
Older generations are more likely to cite security concerns regarding mobile and online payment methods, according to Interac.
Interac, which is Canada’s national debit network, said more than a billion mobile debit card and in-app transactions occurred between August 2022 and July 2023.
The survey also found that 63% of Canadians expect that it will soon be normal to not carry a physical wallet or cash, knowing that they can pay for items solely with a smartphone.
The survey polled 1,502 Canadians in June of this year, said Interac.
