Acceptance of e-payment in Canada is very similar to the United States. Electronic payments used more often by Canadian consumers than notes and coins. Direct debit transactions are very common. Credit card transactions are almost always electronic, and are increasingly performed without the need to physically present the card. Check imaging is around the corner (or part of some existing consumer services). New services, such as stored-value cards or facilities offered by a provider such as PayPal, are being experimented or are actually gaining popularity.
- 94% of Canadians have a debit card to use at retailers or at ABMs to make transactions
- New forms of electronic debit payment are becoming more widespread
- When it comes to credit cards, consumers in Canada have tremendous choice with hundreds of institutions – including banks, credit unions, and retailers – offering credit cards, with a wide range of features
- Cash is often assumed to be a “free” form of payment for merchants – it’s not. In fact, it can be very expensive if you include effort spent on cash handling
Canada benefits from a secure, efficient and innovative payments system built on the foundation of strong financial institutions. Canadians value and trust the payments system which enables them to make the transactions that are part of their daily life. And those transactions are driving the country’s economy.