September 4, 2023
According to payments company Interac, mobile debit payments in physical stores surged 53% in Canada over the previous year, while e-commerce sales increased 17%.
According to a recent Interac survey, Generation Z customers prefer contactless payment options, which is essentially what is driving the rise in debit card purchases made online and via mobile devices.
In contrast to their Generation X parents, who only use contactless payment methods 42% of the time, the survey indicated that 78% of Generation Z adults make purchases using their smartphones.
According to Interac, older generations are more prone to voice security worries about using mobile and internet payment methods.
More than a billion mobile debit card and in-app transactions reportedly took place between August 2022 and July 2023, according to Interac, Canada’s national debit network.
In addition, the survey revealed that 63% of Canadians believe it would soon be commonplace to only use their smartphones to make purchases, forgoing the need to carry a physical wallet or cash.
According to Interac, 1,502 Canadians were surveyed in June of this year.
Source: yahoofinance
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