Our findings reveal that credit and debit cards top the charts as the most used payment methods in Canada. As for payment systems, the prominent options include Stripe, Moneris, and PayPal. These offer more flexibility for certain sectors like SaaS, tech, retail, and even multi-currency support.
Some of these top payment solutions revolutionized the banking space, soon becoming a staple among Canadians. One such is PayPal, and Peter Diamandis has this to say:
“Elon Musk, with PayPal, revolutionized banking.”
We’ll look at the top payment systems Canadians use for online payments, including those popular among online casino players.
The Top Payment Systems Used By Canadians
Point-of-sale is the most used method in Canada, capturing 62% of the Canadian payments market share. Digital transaction systems used by consumers include digital wallets like Google Pay, PayPal, and Apple Pay. But when it comes to payment systems that cater both to consumers and merchants, the leading ones include the following:
1. Interac
Interac has been in the Canadian market since 1984. Today, 88% of Canadians have used Interac e-Transfer, one of the prominent services within the network. The Interac iDebit, another prominent service, recorded 6.2 billion transactions in 2022, with a steady growth rate since then.
According to gaming industry experts, "Compared to other options, casinos with Interac payment integrations available through review sites like https://casinocanada.com/payments/interac/ are becoming increasingly popular. After all, this system is the most secure and convenient. In addition, since it is a local payment service, there is no need to worry about exorbitant processing fees."
2. Moneris
This finance solution processes almost 3 billion transactions annually from its POS business solutions for retailers. It is the largest payment system in Canada, with a merchant base of over 350,000 merchants.
Among the merchants, Moneris is the choice processing solution for companies with one to ten employees and revenue of up to 10 million Canadian dollars.
With Moneris payment systems, you can use credit cards and digital wallets. And for those using online casinos, they can still use Moneris as their network solution for quick and efficient transactions.
Moneris’s unparalleled integration with the local Canadian financial infrastructure is one of the key reasons for its large user base. Even better, it is directly integrated with the Royal Bank of Canada (RBC) and the Bank of Montreal (BMO), two of the five biggest banks in the country.
3. PayPal
PayPal serves over 250 million users globally. It is a recognized brand when it comes to digital finance processing. And one of its key strengths is the express checkout it offers with one-click processing.
Like Moneris, PayPal is integrated with Canadian banks and supports payments in Canadian dollars. With it, you can use bank transfers or credit cards for your payments. But if you prefer digital wallets, then PayPal is still the way to go.
4. Stripe
Stripe is a well-known transaction network when it comes to advanced fraud protection. In Canada, it is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Businesses using Stripe can accept payments via digital wallets and Interac. Still, we’ve used it with debit and credit cards and found it to be just as effective and reliable.
One more thing to note about Stripe is its developer-friendly APIs and scalable finance solutions. These have made it a choice solution for businesses that want flexibility and scalability. With its solutions, these businesses can effortlessly accept online payments and manage billing effectively.
5. Block Inc. (formerly known as Square)
When it comes to popularity and affordability, no finance network in Canada does it as effortlessly as Square. The payment solution offers free POS software, but it gets even better. You’ll get free inventory management in the software as well. The setup process is effortless, and you’ll pay zero monthly fees.
With Square, you can get diverse terminals and card readers to suit your business needs, in-store and online. With that, you can accept or process payments via credit cards, digital wallets, and contactless payment methods.
6. Chase Payment Solutions
Peter Olynick was close when he said:
“Within five years, half of today’s smartphone users will be using their phones and mobile wallets as their preferred method for payments.”
Recent data shows that there are half a billion mobile accounts globally. And Canada is one of the major countries experiencing the shift.
Chase Payment Solutions provides scalable finance processing systems for businesses. Its mobile app, paired with a card reader, allows merchants to process payments while on the move.
With Chase Payment Solutions, you get a reliable system when it comes to security and efficiency. Based on our expert’s (Jeremiah Awogboro) opinion, these are two vital aspects of running a successful business.
Conclusion
Our recommended options are well integrated with the Canadian financial infrastructure, with some having direct integration with the local banks. That means you can process payments to and from your local bank account. Nonetheless, consider integration compatibility with your business infrastructure, supported payment methods, and fees.
