Canadians are relying on their smartphones to pay for goods and services more than ever, according to a new Interac survey.
According to the report, mobile contactless payments using Interac Debit have grown by 53 per cent in stores and 17 per cent in e-commerce between August 2022 and July 2023.
“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.”
In total, more than one billion mobile transactions were made with Interac Debit in the 12-month period ending in July 2023, a milestone that has never been reached before.
Further, the survey found that 78 per cent of Gen Z adults (those born between 1997 and 2012) use their smartphone to pay, compared to only 42 per cent of Gen X adults (those born between 1965 and 1980).
Looking ahead, Interac expects mobile payments to continue growing in popularity and acceptance. Nearly two-thirds (63 per cent) of Canadians surveyed think that it will soon be normal to leave home without a physical wallet, knowing that they can pay with their smartphone or smartwatch, especially with the TTC (Toronto Transit Commission) allowing riders to pay their fare with Interac Debit using their smartphone.
The survey questioned 1,502 Canadians over the period of June 16th to 18th, 2023. Read more about it here.
Image credit: Interac
Source: Interac
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