Generation Z Fuels Mobile Wallet Adoption, Driving Interac’s Growth
Digital wallets have evolved from their e-commerce origins to become a dominant payment method, propelled by smartphone ubiquity and NFC technology. Initially met with hesitation, contactless payments now thrive, particularly among Generation Z.
Interac's 2024 research reveals 69% of Canadian Gen Z adults use digital wallets, with 63% abandoning physical wallets for short trips. Nearly 80% leverage smartphones for in-store transactions, cementing mobile wallets as their preferred payment vehicle.
The payment solutions provider has capitalized on this demographic shift, recording a 27% surge in contactless debit transactions during H1 2024. Interac's success stems from aligning with Gen Z's digital-native behaviors while competitors struggle to match its traction.
