A recent survey commissioned by Interac Corp. found that 69% of Gen Z Canadians (adults aged 18-27) prefer to use mobile wallets for everyday transactions, leading to a massive increase in digital wallet transactions overall.
A whopping 63% of the demographic chooses to forego carrying physical wallets altogether for short trips. In comparison, 60% of Millenials, 44% of Gen X, 27% of Boomers, and only 10% of the Silent Generation favour the digital wallet over physical payment methods, per the survey.
The study in question surveyed 1,500 Canadians from July 11 to 16, 2024. Sampling was conducted within age, gender, and region quotas.
Due in large part to Gen Z’s passionate adoption of digital wallets, Interac found that Interac Debit mobile contactless payments went up 27% during the first half of 2024, as compared to the same period last year. According to the survey, 63% of Gen Zs associate mobile transactions with greater speed than physical card payments.
With tap-to-pay solutions like Apple Wallet making it all too easy to make transactions on autopilot, Interac noted that the selection of the default card has become key.
“Choosing your default payment method may feel like a small step, but it can play a big role in shaping Canadians’ ongoing spending habits,” said Glenn Wolff, Group Head and Chief Client Officer at Interac.
“When consumers tap to pay with their phones, the decision to select a card from the digital wallet is easy to miss. Canadians could end up unintentionally using a default payment method that prompts them to take on more debt. This differs from traditional physical wallets where the consumer had to select the card they wanted to use each time.”
When making contactless payments with a digital wallet, users can choose from a plethora of payment methods — from new-age solutions like Apple Pay to a traditional debit card. As such, being financially responsible in your choice of payment method is crucial, especially for the youngest among us.
Last month, Industry Minister François-Philippe Champagne petitioned the Competition Bureau to probe the digital wallet market, which is currently dominated by big tech companies like Apple.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
I haven't carried a wallet since the pandemic – tap my phone for everything. If only we could get a digital driver's license / health card in Ontario, then I wouldn't have to carry anything at all. Come on future!
Unfortunately, the redneck conspiracy nuts convinced ford to drop the idea
ive been using since launch, i think with my iphone 5 or 6. never take out my wallet. feels much safer. apple slowly pushing license on states. ontario feels like it will never have it. eID-ME ? whos idea was this? can we vote someone in who will futureize this country city.