Gen Z are embracing mobile wallets according to Interac survey

The youth of today are taking a decidedly digital approach to their finances, according to a recent survey by the leading Canadian digital payments platform, Interac. The study found that 7 out of 10 Gen Z adults in Canada (almost 70% of the demographic) have embraced e-wallets and mobile payment platforms, demonstrating that mobile devices are now one of the most vital financial tools for young people in Canada today. In fact, Gen Z Canadian adults are by far the most widespread users of mobile wallets, and uptake of digital spending amongst this generation is rapidly surpassing that of every other age bracket in the country. This tech-first approach to personal finances is an indicator of a wider financial revolution, as the habits and preferences of Gen Z are set to transform society as we head into the future. In this article, we’ve taken a closer look at the findings of Interac’s survey, and examined why mobile spending is becoming so popular amongst Canada’s young people.

What is driving this surge in mobile spending?

The findings of Interac’s survey show a very clear and marked uptake of mobile spending amongst young people in Canada today. Interestingly, the survey found that 63% of Gen Z adults prefer to leave their physical wallet or purse at home when on short trips. It’s clear that mobile spending options, such as Apple Pay and other e-wallet providers, are the preferred choice for most young people today. But what is driving this surge in mobile payments? For many young people, as one of the most digitally literate generations, mobile devices have become a vital tool which encompasses pretty much every facet of daily life. The youth of today are keenly familiar with using technology to socialize, access entertainment, learn new skills and organize their daily lives, so it makes sense that spending via mobile is now the preferred option for the majority of Gen Z adults in Canada. Young people are far more likely to carry a mobile phone than a physical wallet, and this trend is clear to see in the results of Interac’s survey.

In order to reach this digitally savvy user base, digital payments platforms such as Interac have also successfully integrated their services into many popular online activities, including the world of iGaming where some of the best online casinos offer Interac as a very reliable payment method in Canada today. By aligning their platforms with these popular modes of online entertainment, these new digital payment services have rapidly been able to become the payment method of choice for many Gen Z consumers. The creators of digital e-wallets have worked hard to make their platforms as secure, streamlined and easy-to-use as possible, and this has been quickly appreciated by young people who prefer their online services to be fast and straightforward. Most of these revolutionary new payment methods have been marketed directly towards a younger user base, and as Interac’s survey certainly shows, they have been successful in capturing a solid level of Gen Z engagement.

The future of mobile payments in Canada

As mobile payments continue to rise in popularity amongst young people in Canada, what does the future hold for these digital financial platforms? The results of Interac’s survey certainly indicate that further uptake of e-wallets is on the horizon. Of those who took part in the survey, 63% of Gen Z adults said that they consider mobile transactions to be quicker than physical card transactions. In a world which now consistently prioritizes speed and convenience, if these digital platforms continue to improve and streamline their services, it’s clear that mobile wallets will continue to be the payment method of choice for the next generation of consumers. These innovative financial service providers will therefore be working hard in the next few years to incorporate new technologies such as AI (artificial intelligence) systems, as their potential for personalization could help to create an even more bespoke experience for their Gen Z users.

However, alongside every other industry, mobile payments providers like Interac will need to constantly adapt to the ever-changing seas of consumer demands. The global economy has witnessed a considerably changeable and turbulent few years, and the rising cost of living continues to be a major concern, especially for Gen Z adults who are often the most keenly affected demographic during periods of economic downturn. As young adults are facing an uncertain economic future in Canada, their frequent use of mobile payment services could be affected by changing financial habits, especially if young people feel a need to curb their everyday spending over the coming years. Mobile wallet services will need to retain the trust of young people by upholding stringent safety measures, and must ensure that the hard-earned savings of their users are carefully protected by using the very best possible security methods. If providers like Interac are able to retain the loyalty of this hugely influential user base, they will undoubtedly be well-equipped to thrive and grow further as the years go by. After all, it’s likely that the future of personal finances will be almost completely digital, placing online spending at the forefront of the Canadian economy.

Ultimately, the results of Interac’s survey show that Gen Z Canadians are driving a major surge in mobile spending throughout the country. Young people clearly appreciate the ease and speed of these digital payment services, and are more likely to use their mobile devices for everyday purchases when compared to older generations. As time goes on, these tech-savvy young people will become a key component of the national economy, so it these new digital payment platforms must work hard to maintain their industry-leading position. If they can retain their loyal customers, and attract a wider base of users, e-wallets are likely to become the leading mode of purchasing for a whole new generation. It’s still early days for this revolutionary new technology, but the signs point towards a largely cashless future – we look forward to seeing what happens next!

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.