Gen Z adults are preferring digital debit payments over all other methods in Canada

Gen Z is leading the charge in online spending habits, as a recent survey has indicated a staggering increase in digital wallet usage this year.

Details throughout the report posted on behalf of Interac have shown that seven out of 10 Canadian adults are using mobile wallet apps over other preferred forms of payment, indicating a 69 per cent margin of preference across the board.

Out of that pool of study, Gen Z Canadians are blitzing past all other age demographics for digital wallet usage as Interac’s data indicates that all other age groups lag far behind the ongoing digital trend.

According to information provided by Interac, digital wallet usage amongst other generations is as follows:

Millennials: 60 per cent
Gen X: 40 per cent
Boomers: 27 per cent
Silent Generation: 10 per cent

Additional data indicates that for the first half of 2024, Gen Z digital wallet usage has contributed to a 27 percent increase compared to 2023.

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In their report, Interac indicates that one of the primary reasons debit transactions have become front and centre for a generation’s digital wallet is a shared desire to not accrue more credit card debt.

“As their expenses increase going into the fall, younger Canadians are focused on making their money go further. This generation is among the worst hit by cost-of-living pressures, and it’s no wonder that they see the value of Interac Debit as a smart and controlled approach to digital spending,” said Chief Client Officer for Interac Glenn Wolff in an official statement.

For more information on debit applications via digital wallets, visit Interac’s official website.