A new survey shows that younger Canadians are behind a surge in mobile spending.
On Monday, Interac Corp. said in a press release that the use of mobile wallets among Gen Z adults is higher than any other generation. The survey found 69 per cent of Gen Z adults indicated they are using a mobile wallet, compared to 60 per cent among Millennials, 44 per cent among Gen X, 27 per cent of Boomers and 10 per cent of the Silent Generation.
“Choosing your default payment method may feel like a small step, but it can play a big role in shaping Canadians’ ongoing spending habits,” Glenn Wolff, group head and chief client officer at Interac, said in the press release.
“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.”
The survey also found that spending habits among the Gen Z demographic have contributed to a 27 per cent annual rise in Interac debit mobile contactless payments during the first half of the year.
Other findings included that around 63 per cent of Gen Z respondents have loaded their Interac Debit card on their mobile phone, with 31 per cent indicating they have set their debit card as their default payment method.
“With six in 10 Gen Zs (63 per cent) associating mobile transactions with greater speed than physical card payments, it’s becoming all too easy to pay on autopilot, making the selection of the default card key,” the press release said.
Methodology
Survey results were from Hill & Knowlton using the Leger Opinion online panel to survey 1,500 Canadians between July 11 and July 16. Sampling was done using age, gender, and regional quotas.
