Online Transaction Methods

What was the last thing you bought online? According to the statistical report for 2017, it may have been a book, a computer, toys, or footwear. Among a plethora of other things. While not so long ago people used to be a bit wary when it came to shopping via the internet, nowadays most popular payment method in Canada, though other payment methods are advancing rapidly. everybody has recognized that it’s a real pleasure to simply click on the shopping cart icon while sitting comfortably at home, instead of wasting their time and gas on going to the shop.

Over 90% of Canadians can boast reliable internet access, which is only increasing the temptation to do more transactions online. Actually, consumers have grown so fond of online shopping that today there is a whole myriad of payment methods to help us spend our salaries. Let’s take a look at some of the most popular ones and what different perks they offer.

Bank cards

Perhaps this isn’t the very first type of payment options that you had in mind, but it’s true. This is still the

Most shoppers state that they feel safe when using their credit cards and name it the major reason why they have chosen this type of transaction. However, it should be noted that a big part of such online transactions refers to paying the utility bills, memberships, subscriptions or insurance. Other methods are quickly gaining speed, especially ones that are specialized for certain areas.

Interac Banking

Interac Debit is Canada’s first national debit card service for purchases at point-of-sale. Along with international services, Interac offers money transfers at only $1.25 fee when sending money to another person and $0 when receiving.

The safety of this Canada-exclusive provider offers secure services protected from fraud tactics like counterfeiting, transaction replay and card-not-present transactions. With an Interac debit card, you can’t go over your limit, which is why it is one of the popular casino payment methods. Furthermore, there are plenty of welcome cash bonuses waiting for you in casinos using this payment method.

PayPal

We can’t imagine a list of online transactions without mentioning PayPal, can we? Perhaps the main reason for its popularity lies in the fact that there are no annual membership fees. Actually, if you look at it that way, you can earn some money by shopping at retailers offering special discounts if you pay using PayPal.

It’s also considered very safe since you only type in your card number once. What is more, auctioning via PayPal is actually considered safer than if you were using your credit card for the purpose. In addition, it’s really easy to send money to someone living or working abroad.

Payoneer

Available in over 200 countries all over the world, Payoneer is gaining in popularity at a steady pace. This is probably due to the fact that receiving payments is free. 150 different currencies are in the game, and there are a few perks for choosing them to take care of your transaction. Their fees are pretty low compared to the competition, for instance.

Nevertheless, closing your account isn’t really possible. It will only get blocked, which means that Payoneer will retain your bank information.

Openbucks

Openbucks has a lot of partners which accept their payments, such as Subway, Burger King, Sports Authority, CVS Pharmacy, and so on. Basically, you get a gift card from a retailer and then use it to buy things online. It’s interesting that you don’t need to have a bank account at all in order to have an Openbucks account, which makes it perfect for teenagers.

Ticket Premium

Ticket Premium is also known as Ticketsurf. This French payment method gives vouchers to users when they play games online or do some small shopping, but it isn’t nearly as popular as the previously mentioned casino payment method.

To sum up, here are some final facts. E-commerce retail trade sales in Canada have reached an astounding figure of 1.8 billion Canadian dollars, and the revenue from retail e-commerce market will probably have reached around 29 billion dollars by 2021 (over 10 billion more than the amount in 2016). Consequently, we can expect even greater competition in online payment methods, which will certainly benefit the shoppers. The greater the competition, the greater the perks!