Canada
Canadian Payment Market Overview
Canada’s business to consumer e-commerce market is said to resemble the neighboring U.S. market in terms of features and preferences. For example, card payments dominate in both markets and they have similar penetrations for mobile commerce. But Canada’s e-commerce market is much smaller, at $46 billion (CAD61 billion), due mainly to a significantly lower population (38 million, compared with 325.7 million citizens in the U.S.).
In addition, online shopping in Canada has been relatively slow to develop, partly because of a reluctance from domestic retailers to adapt and start selling online. But growth is now strong as Canadian retailers are catching up and investing in digital platforms to reach customers over the vast geography of the country, and responding to increasing competition from global e-commerce companies.
Payment Methods in Canada
Key Market Indicators in Canada
$46,000,000,000
Online shopping market value
99%
Bank account penetration
$2,026
Avg annual online spend
Banks in Canada
Canadian Imperial Bank of Commerce
Mobile Carriers in Canada
Integrate Canadian Payment Methods
As the principal way to shop online in Canada, cards are used for 62 percent of all e-commerce transactions, representing $29 billion (CAD38.7 billion) in annual sales. Although other payment methods are increasingly being used in Canada, cards will maintain their dominance of the Canadian market out to 2021.
Bank transfers are used for 12 percent of payments, and are also growing rapidly. Use of this payment method in Canada is driven by domestic provider Interac, which is popular with domestic merchants. The ongoing availability of cash payments, which are used for a small percentage of transactions, could be due to services such as Canada Post’s Collect on Delivery service, which allows Canada’s online shoppers to pay with cash when their item arrives.
FAQs
Paymentwall partners with global payments processing companies to provide online billing solution with over 160 payment methods which include ewallets, mobile, prepaid cards, payment kiosks, debit cards, bank transfers and more.
Which payment method is mostly used in Canada? ›
Cards - Debit and Credit
Debit and credit cards are Canada's most common ways to pay for things. Major networks like Visa, American Express, and MasterCard are generally accepted.
Why does Paymentwall take so long? ›
Paymentwall settles funds at the moment money is collected from the customer. The delay depends on the payment method, risk level, country, and various other factors.
What is the most used payment app in Canada? ›
According to a 2019 survey taken by smartphone users in Canada, the most used payment app last year was various financial institution applications. Over 40% of Canadians used their specific bank's smartphone app to cover their payment needs. The second was PayPal, and a close third was Apple Pay.
What are the payment methods of payment? ›
The top 8 payment methods are credit cards, debit cards, Automated Clearing House (ACH) transfers, cash, paper checks, eChecks, digital payments, and money orders.
How safe is Paymentwall? ›
Paymentwall is a PCI Level 1 certified service provider. This is the highest security level available in the payment industry.
What is a payment system in Canada? ›
A payment system is a set of payment methods, procedures, rules and technology used to exchange money. Canadians make financial transactions every day to: purchase goods and services. make financial investments. transfer funds from one person to another.
How do we pay in Canada? ›
Make a payment
- Direct withdrawal from your Canadian bank account.
- Debit card (Visa Debit, or Debit Mastercard)
- Credit card.
- Cheque.
- Money transfer platform (PayPal, Interac e-Transfer)
- Wire transfer.
- Cash.
Zelle is not currently available in Canada. According to its website, to use the Zelle payment platform, “the sender and recipient's bank account must be based in the U.S.” When sending money via Zelle to a mobile phone number, it must be registered in the U.S.
Where is paymentwall located? ›
Paymentwall is headquartered in San Francisco, with offices in Berlin, Bangalore, Beijing, Gurgaon, Hanoi, Kyiv, Lisbon, London, Moscow, Manila, Seoul, Shenzhen, Cairo and Sofia.
PROHIBITED FROM USE OF ANY PAYMENTWALL SERVICES
Illegal drugs. Weapons and ammunitions, gunpowder and other explosives. Hazardous materials (chemical, radioactive, biohazard, corrosive, caustic, volatile, combustible). Spytools (card data collectors, keyloggers, jammers).
How can I speed up my payment processing? ›
Step away from the traditional approach and speed up your payment process with these four steps.
- Ditch the Paper Trail. ...
- Automate Email Reminders. ...
- Setup Recurring Invoices. ...
- Create an Online Payment System.
Debit and credit cards remain the go-to choice for most Canadians when making payments. Cards like Visa, Mastercard, and American Express are widely accepted, making them essential for everyday purchases. Contactless payments, where you can simply tap your card at checkout, have also become increasingly prevalent.
What is the preferred payment method in Canada? ›
Credit cards remained Canadian consumers' most preferred method of payment in 2023, making up 48% of all transactions and 59% of the total value.
What is the best e-wallet in Canada? ›
What is the best e-wallet in Canada?
- PayPal: PayPal is a widely recognized and trusted e-wallet with a strong presence in Canada. ...
- Apple Pay: ...
- Google Pay: ...
- Samsung Pay: ...
- INTERAC e-Transfer: ...
- Square Cash (Cash App): ...
- EcoPayz:
PROHIBITED FROM USE OF ANY PAYMENTWALL SERVICES
Illegal drugs. Weapons and ammunitions, gunpowder and other explosives. Hazardous materials (chemical, radioactive, biohazard, corrosive, caustic, volatile, combustible). Spytools (card data collectors, keyloggers, jammers).
How can I get payment method? ›
On your Android phone or tablet, go to payment methods on Google Play. Payment settings. If asked, sign in to Google Pay.
What payment method does payment link support? ›
Payment Links supports 20+ payment methods—including credit and debit cards, Apple Pay, and Google Pay. The payment link automatically matches your customer's preferred browser language for 30+ languages.
What currencies are supported by Paymentwall? ›
Clients can choose to pay in the payment method of their choice:
- Credit Card or Debit Card.
- Supported currencies: USD, EUR, GBP.
- Direct Debit.
- Bank Account Transfers.
- Wise Account Transfers.
- Supported currencies: AUD, BGN, CAD, CHF, CZK, DKK, EUR, GBP, HUF, JPY, MYR, NOK, NZD, PLN, RON, SEK, SGD, TRY, USD.
