Payment methods in Canada

North America

13methods

11banks

Between 2023 and 2027, the value of the Canadian e-commerce market will increase from US$66 billion to US$98 billion.

Market takeaways

Between 2023 and 2027, the value of the Canadian e-commerce market will increase from US$66 billion to US$98 billion.
Canadians complete a third of all their online purchases using a mobile device, making mobile payment optimization a must.
The average Canadian online shopper spends US$1,745 a year with e-commerce merchants, rising to US$2,500 by 2027.
Canadians spend around US$13 billion a year with merchants based in other countries. Around a quarter of all e-commerce purchases come from outside Canada.
In almost half of all e-commerce transactions, Canadians pay for with a digital payment method such as an e-wallet or bank-transfer app.

Population

38.5M

Online population

37.3M

B2C e-commerce

$59B

Banked population

100%

Credit card population

84%

E-commerce of total retail

14%

Payment method breakdown

Card52%
Cash0%
Bank Transfer12%
E-Wallet27%
Other9%

Card scheme breakdown

Visa58%
Mastercard38%
American Express4%
Local schemes0%
Other0%

Cross-border e-commerce

Cross-border shoppers

63%

Share of e-commerce

22%

Cross-border value (est.)

$13B

Featured payment methods in Canada

All payment methods available in this market, sorted by prominence.

PayPal

Global digital wallet and checkout provider with broad e-commerce coverage.

Apple Pay

Apple digital wallet for secure in-store, in-app, and web payments with tokenization.

Google Pay

Google wallet for quick checkout with encrypted credentials in app and web contexts.

Samsung Pay

Samsung's smartphone wallet supporting tap-to-pay and online payments, widely used in Korea. Operator: Samsung Electronics Co., Ltd.. Est. users: Tens of millions of users (2024).

Click to Pay

Click to Pay is the EMVCo industry-standard secure online checkout letting shoppers pay with enrolled Visa, Mastercard, American Express, Discover, JCB and UnionPay cards without re-entering card details. Operator: EMVCo (global card networks). Est. users: hundreds of millions of enrolled cards (2024).

Amazon Pay

Lets shoppers use their stored Amazon account credentials and payment methods to check out on third-party sites. Operator: Amazon Japan G.K.. Est. users: Tens of millions of users (2024).

Affirm

US installment-lending BNPL provider offered at online and in-store checkout. Operator: Affirm Inc.. Est. users: ~25.8 million active consumers (2025).

Sezzle

US/Canada interest-free installment BNPL provider at online checkout. Operator: Sezzle Inc.. Est. users: Several million active users (2025).

Interac Debit

Canada's domestic debit network for in-store and online (Interac Online / Debit) payments. Operator: Interac Corp.. Est. users: Used by most Canadian cardholders.

Interac e-Transfer

Canada's ubiquitous email/phone-based instant interbank money transfer, accepted online and for bills. Operator: Interac Corp.. Est. users: Used by >82% of Canadian adults (2025).

Klarna

Swedish buy-now-pay-later and pay-now checkout option offering interest-free instalments and deferred payment online. Operator: Klarna Bank AB. Est. users: 93M consumers (2024).

Electronic Funds Transfer (EFT)

EFTs are direct transfers between bank accounts; they are widely accepted for large or recurring payments and remain a close second to cheques in business acceptance

Buy Now Pay Later

BNPL services such as Afterpay and Klarna are growing in Canada, giving shoppers the option to split purchases into instalments. They currently represent a small share of payment volumes but are expanding alongside digital wallets

Featured banks in Canada

All banks operating in this market, sorted by prominence.

Royal Bank of Canada (RBC)

Toronto, Canada

Royal Bank of Canada (RBC) is Canada's largest bank by market cap and assets, providing personal, commercial, corporate, and investment banking in 36 countries.

Bank of America

Charlotte, United States

Bank of America is the second-largest US bank by assets, providing consumer banking, wealth management (Merrill Lynch), and global banking and markets services worldwide.

ICICI Bank

Mumbai, India

ICICI Bank is India's second-largest private sector bank, offering retail, SME, corporate, and investment banking services.

Toronto-Dominion Bank (TD)

Toronto, Canada

TD Bank Group is Canada's second-largest bank with a major US retail banking franchise and strong domestic operations.

Wells Fargo

San Francisco, United States

Wells Fargo is the third-largest US bank by assets, focused on retail banking, commercial banking, and wealth management with a coast-to-coast US branch network.

Bank of Nova Scotia (Scotiabank)

Toronto, Canada

Scotiabank is Canada's most international bank with major operations in Latin America, the Caribbean, and Asia.

Bank of Montreal (BMO)

Montreal, Canada

Bank of Montreal is Canada's fourth-largest bank with a major US presence following the acquisition of Bank of the West.

Canadian Imperial Bank of Commerce (CIBC)

Toronto, Canada

CIBC is Canada's fifth-largest bank, offering personal, business, and investment banking.

Capital One Financial

McLean, United States

Capital One Financial is a major US bank known for its credit card business, retail banking, and auto financing. It completed its acquisition of Discover Financial in 2025.