🇨🇦 Interac Study - 69% of Gen Z use digital wallets

Interac Corp. has unveiled striking insights into the payment preferences of young Canadians. A recent survey commissioned by the company reveals that Generation Z is at the forefront of a digital payment revolution, with 70% of Gen Z adults in Canada adopting mobile wallets for their transactions, a 27% increase year over year. What’s more, 63% of Gen Z prefers to leave their physical wallet at home for short trips, suggesting that gift cards wouldn’t even be accessible to them unless available through a digital wallet.

Another recent study from Worldpay indicates that digital wallet users, on average, spend 31% more than those using other payment methods. This trend is particularly pronounced among younger generations, with 60% of Gen Z and 51% of millennials reporting higher spending when using digital wallets. 

Providing an exceptional brand experience and ensuring that gift cards are easily accessible are crucial for engaging this highly valuable customer demographic. Gen Z values convenience, immediacy, and seamless digital interactions. By making gift cards available through digital wallets, brands cater to their preference for quick, digital transactions.