Gen Z’s Impact on Mobile Payments and Financial Habits with Glenn Wolff

Gen Z’s Impact on Mobile Payments and Financial Habits with Glenn Wolff
Image Courtesy: Interac Corporation

In a discussion with CanadianSME Small Business Magazine, Glenn Wolff, Chief Client Officer at Interac, highlighted key trends in Gen Z’s adoption of mobile wallets and digital payments. As more than two-thirds of Gen Z in Canada have embraced mobile wallets, this generation is leading the charge in transforming how we approach financial transactions. Wolff explored how mobile payments are influencing Gen Z’s spending habits, especially in light of economic pressures, and the steps they are taking to maintain financial control through digital tools. His insights shed light on how setting Interac Debit as a default card can help Gen Z manage their finances more effectively in today’s digital economy.

As Chief Client Officer, Glenn is responsible for leading sales and account management efforts to grow Interac market share, revenue and customer satisfaction by building strong client relationships across the financial, public and private sectors. Glenn brings more than 27 years of experience to the Interac team. He has held several positions in the fintech sector and has specialized experience in emerging digital transformation technologies including e-commerce, AI, cloud, fraud and payments.


Based on recent Interac surveys, how has Gen Z’s adoption of mobile wallets in Canada evolved, and what factors are driving this trend compared to other generations?

Gen Zs in Canada have really embraced mobile wallets – seven in ten of them (69 per cent) to be exact – more than any other generation in the country. We know that the world is becoming more and more digital every day, and it’s interesting to note that unlike the days of the past where you’d make sure you had your physical wallet and keys when leaving the house, now, people check for their phones. Our survey found six in ten Gen Zs (63 per cent) prefer to leave their physical wallets at home for short trips – whether that’s to the grocery store, quick shopping trip or outing with friends. The driving forces behind this shift are the convenience, speed, and ease that mobile wallets provide. For a generation that values efficiency and digital solutions, it’s no surprise that they’ve led the way in adopting this technology.


How has the increasing preference for digital payments among Gen Z impacted the use of Interac Debit mobile contactless payments, particularly in the first half of 2024?

The increasing preference for digital payments among Gen Z has significantly impacted the use of Interac Debit mobile contactless payments. In the first half of 2024, there was a 27 per cent year-over-year increase in Interac Debit mobile purchases. Gen Z’s digital-first mindset and habits have helped fuel this surge. Nearly two thirds of this generation of mobile wallet users (63 per cent) have loaded their Interac Debit card on their phone, while three in 10 (31 per cent) have taken the steps to set debit as their default payment method.


As Gen Z faces economic pressures and the back-to-school season, how do their spending habits and financial planning priorities differ from other generations, and what role does mobile payment play in this?

Gen Zs are one of the worst hit generations by the cost-of-living pressures we see today and with these economic pressures mounting and the back-to-school season in full swing, Gen Z is trying to keep overspending under control. It’s important to remember that the back-to-school season is traditionally associated with increased spending, and this only intensifies Gen Z’s desire for financial control. Last year, family clothing stores saw almost twice as many Interac Debit mobile purchases in September and October compared to January and February. 

Recognizing this, over half (54%) of Gen Z see the need to develop new financial habits, with 56% setting a timeline of this September to introduce new habits.

Setting Interac Debit as their default card on their mobile wallets – something they use more than any other generation – is one way they can stay in control. In doing so, they’re only spending the money that’s in their account, and they can easily track their spending.

Gen Z’s Impact on Mobile Payments and Financial Habits with Glenn Wolff
Image Courtesy: Canva

Can you explain the importance of setting a default card in a mobile wallet, particularly for Gen Z, and how it can influence spending habits and financial control?

Setting a default card in a mobile wallet might seem like a small step, but it goes a very long way in shaping Canadians’ ongoing spending habits. When you tap to pay with your phone, the decision to select a card from the digital wallet is easy to miss so Canadians and Gen Zs alike could end up unintentionally using a default payment method that prompts them to take on more debt. With traditional physical wallets, the consumer must select the card they want to use each time, so it’s important to create the same mindful habit when transacting digitally with a mobile wallet.


With the rise in mobile wallet usage, what steps should users take to ensure their Interac Debit card is set as their default payment method, and what benefits does this offer?

Our survey showed us that six in 10 Gen Zs (63 per cent) associate mobile transactions with greater speed than physical card payments, which underscores the importance of intentionally setting your default card to avoid paying on autopilot. 

Canadians can set Interac Debit as their default payment method on any smartphone in a few simple steps, which can be found on In The Know. Doing so helps promote financial literacy and encourages mindful spending habits, which in turn helps maintain financial control. 

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