Payment methods have undergone significant changes in recent years, with the rise of digital payment methods such as mobile payments and e-wallets. However, traditional payment methods like debit cards, credit cards, and cash remain popular among Canadian consumers.
In this article, we will explore the most preferred payment methods among Canadian consumers and take a brief look at the casino industry in Canada.
Debit Cards
Debit cards are a preferred payment method among Canadian consumers due to their convenience, ease of use, and widespread acceptance. They are linked to a consumer’s bank account, and funds are deducted from the account when a purchase is made. According to a study conducted by Payments Canada in 2020, 42% of all transactions in Canada were made using a debit card. Debit cards are prevalent for smaller transactions, such as buying groceries or paying for a coffee.
Payment Methods for Online Gaming in Canada
The casino industry in Canada has grown significantly in recent years and has become an essential part of many local economies. Online casinos in the country accept various payment methods, including debit and credit cards, e-wallets, and bank transfers. In addition, several Interac online casinos accept payments made with the payment method in question. However, the payment methods accepted in online casino gambling may vary depending on the online casino’s policies and regulations. Payment methods such as credit cards, e-wallets, and bank transfers are widely accepted in online casinos. In addition, some online casinos also accept cryptocurrency as a payment method.
Credit Cards
Credit cards are another popular payment method in Canada, with 29% of all transactions using a credit card. Credit cards are a preferred payment method for many consumers due to their convenience, rewards programs, and protection against fraud. Credit cards allow consumers to make larger purchases and pay them off over time, which can be helpful for big-ticket items. Additionally, credit cards are widely accepted, making them a preferred payment method for travel and online shopping.
Interac
Interac is a popular payment method in Canada, particularly for online transactions. Interac allows consumers to transfer funds between bank accounts securely and quickly. Canadian banks widely use the Interac network, and Interac e-Transfer will enable consumers to send money to anyone with an email address or mobile phone number. According to a study conducted by Payments Canada in 2020, Interac e-Transfer was the second most popular payment method for e-commerce transactions in Canada after credit cards.
PayPal
By all accounts, PayPal is a popular online payment method in Canada and worldwide. It allows consumers to link their bank accounts or credit cards to their PayPal accounts, making it easy to transfer funds and make online purchases. PayPal offers users security and convenience, and online retailers widely accept it. PayPal also offers a mobile app that allows users to send and receive money quickly and easily.
Apple Pay
According to a survey by Statista in 2021, 9% of Canadian consumers preferred using Apple Pay for online purchases, making it the fourth most popular payment method behind credit cards, PayPal, and Interac e-Transfer. However, Apple Pay has seen an increase in usage in Canada, with a 19% increase in users since 2018. In terms of physical point-of-sale transactions, Apple Pay accounted for 5% of all mobile wallet transactions in Canada in 2020, according to a study by eMarketer.
Cash
Despite the growing popularity of digital payment methods, cash remains popular among Canadian consumers. Cash is still widely used in Canada, particularly for smaller transactions such as buying a snack or paying for parking. Cash is a preferred payment method for consumers who like to keep track of their spending and those who prefer anonymity in their transactions. However, the use of cash has declined in recent years due to the increased availability and convenience of digital payment methods. If there’s anything new entrepreneurs can learn from established businesses, it would be to learn to adapt quickly when a game-changer like digital payment methods enters the fray.
Conclusion
To sum up, Canadian consumers prefer convenient payment methods, ease of use, and security. Debit and credit cards are the most popular payment methods, with cash remaining a preferred payment method for smaller transactions. Interac is a popular payment method for online transactions, and its popularity is expected to grow in the coming years.
It finds an extensive application in Canada’s growing online casino industry and can be a potent substitute for cash. Whichever of these banking methods is your favourite, it’s worth learning about the pros and cons of other payment channels too, in order to stay flexible.
