The Interac logo is shown in Toronto on Wednesday, Aug. 23, 2023. (Photo: Canadian Press)

By The Canadian Press

DEBIT AND CREDIT

Wallets could become relic of the past as mobile payments rise: Interac

Aug 24, 2023 | 10:15 AM

Interac says mobile debit payments in stores jumped 53 per cent over the past 12 months, while e-commerce purchases rose 17 per cent.

The survey shows the trends were driven by Gen Z, who also influenced their Gen X parents in adopting contactless payments via mobile phone.

The survey shows eight in 10 (78 per cent) Gen Z adults pay using their smartphones while only 42 per cent of their parents’ generation relied on contactless payments, citing concerns about security.

The national debit network says more than a billion debit mobile contactless and in-app transactions happened between August 2022 and July 2023.

William Keliehor, chief commercial officer at Interac, says debit remains central to the way Canadians choose to pay, even as it takes new forms.

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The survey also shows 63 per cent of Canadians expect it will soon be normal to not carry a physical wallet, knowing you can pay with a smartphone or smartwatch.

The survey by Hill+Knowlton Strategies polled 1,502 Canadians in June.