News

Interac Mobile Payments Surge Over 50% in Canadian Stores

One of Canada’s major payment providers, Interac, has seen a significant surge in transaction volumes for contactless in-store mobile payments

Interac Mobile Payments Surge Over 50% in Canadian Stores

Interac has reported that in-store mobile transaction volume made using an Interac debit card stored on a consumer’s smartphone or wearable has increased by 53% between August 2022 and July 2023. Moreover, the firm recorded over one billion Interac Debit on mobile transactions in a given 12-month period.

Mobile payments’ share of in-person Interac Debit contactless payment transactions rose from 18 per cent fiscal year-to-date in 2022 to 24 per cent fiscal year-to-date as of July 2023. Besides, in July, 25 per cent of Interac Debit contactless payments were made using a mobile device.

The most notable increases were seen in mobile debit card payments at restaurants and other places to eat (63%) as well as at service stations (48%).

“The milestone shows that consumers are growing more comfortable with using mobile technology for their day-to-day payment transactions. They’re gradually switching from physical cards to mobile devices for their Interac Debit contactless payments transactions, and choosing to pay by Interac Debit when shopping online.”

William Keliehor, Chief Commercial Officer at Interac

The registered surge is significant for all customer generations. While 78 per cent of Gen Zs surveyed by Interac complete their in-person transactions via their smartphones, 42 per cent of the older generation – Gen Xers – now also use smartphones to make payments. One of the reasons for the growing acceptance of technology among Gen X is the help and motivation of younger people. Thus, half of Gen Z respondents said they had shown older family members how to pay using contactless mobile payments.

“Canadians are embracing technologies that make their lives faster, more seamless and more convenient. Our Interac Debit data is showing mobile payments reaching a critical mass point, where a third of contactless transactions are now completed with a mobile device.”

William Keliehor, Chief Commercial Officer at Interac

We have previously analysed the differences between Interac and eCheck as the best casino payment solutions for Canadian players.

Nina Bobro

1471 Posts 0 Comments

https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.