Accept payments in Canada
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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
Banks in Canada
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.
|E-commerce market size||$46 billion|
|Internet penetration rate||82.7%|
|Mobile penetration rate||86%|
|Cellular technology standard||4G, 5G|
|Dual sim usage||3.3%|
|Popular mobile OS||iOS|
|Big Mac Index||4.97|
|Average annual income||$52,600|