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Preferred payment methods in Canada

Main card schemes and alternative payment methods in Canada

Read below about payment methods And how to increase conversion by offering the most convenient online payment methods when selling goods online in Canada

 

 

Domestic and Preferred Credit Card Schemes
• MasterCard is the preferred credit card scheme in Canada, with 53.6% share.

Alternative Payment Methods
Instadebit: a secure online payment method that lets customers pay for purchases through online banking.
Interac Online: allows customers to pay for goods and services over the internet by using funds directly from their bank accounts. Because no financial information is shared with the online merchant, the Interac Online service is more secure than online credit card payments. This service, an Interac branded service operated by Acxsys Corporation, began in 2005 and is expanding as more merchants choose to participate.
PayPal: an online payments and money transfer service that allows customers to send money via email, phone, text message or Skype. Founded in 1998, PayPal offers products to both individuals and businesses alike, including online vendors, auction websites and corporate users.
Prepaid Card: a payment card with monetary value stored into it, without maintaining an account with a bank.
Prepaid Voucher: an electronic stored value voucher, which could be redeemed through SMS and be transferred instantly in a user’s account for immediate use.