According to the most recent Interac data, Canadians' use of Interac® Debit for mobile contactless payments in retailers has increased by 53 per cent between August 2022 and July 2023.
The adoption of Interac Debit for e-Commerce purchases has also increased by 17 per cent in a year. For the first time, over one billion of these mobile transactions occurred in a 12-month period.
Gen Z adults pay with their smart phone about 78 per cent of the time, far outnumbering older populations such as their parents' generation, Gen X, at 42 per cent. In addition, half of Generation Z respondents (52%) have taught elder family members how to pay with their phone. And four in ten Gen Xers polled only embrace mobile payment options after they have seen friends and family use them.
"While many Canadians shifted to contactless early in the pandemic, our data shows consumers are now going a step further as mobile payments become mainstream, particularly as younger Canadians influence those around them to follow suit," said William Keliehor, Chief Commercial Officer, Interac Corp. "Debit remains central to the way Canadians choose to pay, even as in-store and e-Commerce transactions take new forms."
"Interac is innovating to help make life easier for Canadians. We're exploring the ever-evolving ways Canadians are connecting to the digital economy – whether it's by making purchases, paying their transit fares, or supporting small businesses," added Keliehor.
