The Interac logo is shown in Toronto on Wednesday, Aug. 23, 2023. (Photo: Canadian Press)
Wallets could become relic of the past as mobile payments rise: Interac
Aug 24, 2023 | 6:55 AM
LETHBRIDGE, AB – 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.
