For the past 10 years, electronic wallets have been the most convenient way to make payments. With a simple mobile app, we can send money in seconds to anyone or any institution at virtually no cost. E-wallets can be used to pay for any business, including a website, a Canadian casino, or government agency. There are dozens of options because of this popularity. Which of these options is best for Canada?
This article will provide a list of Canada’s top e-wallets. We considered the market share of each service, their popularity in Canada, and ease of use when compiling this list. Any of these services can be used on any iOS or Android-based device (or desktop computer) immediately.
PayPal is available in 203 countries and is the largest e-wallet service on the planet. Canada is one of them. PayPal holds a market share in Canada of more than 20%. We can also say that it’s the most used e-wallet. You can use the “touch-free” feature to make payments in stores by scanning a QR code. This is an alternative to online payments. PayPal collaborates with companies such as Honey, Indigo.ca and Hudson’s Bay, as well as Walmart.ca. PayPal supports all Canadian banks. You can add your credit card, debit card, or bank account to the PayPal App. Your PayPal balance can be used to send and receive money free of charge. You will need to pay a 2.9% + 0.30 CAD fee if you use your credit cards for payment.
This e-wallet application is available on all iOS devices (iPhone and iPad), and comes preinstalled. Apple Pay wallet can be used to add Visa, Mastercard and American Express debit cards. These cards must be issued by Canadian banks. You cannot, therefore, add any VISA card to your Apple Pay wallet. Apple must sign an agreement with the bank before you can add a card via Apple Pay. Although the current list includes almost all Canadian banks, this restriction is still in place. You can now make contactless payments at physical and online shops using your iPhone after you have added a payment method. Apple Pay is Canada’s second most-popular option, with a market share just above 15%.
Google Pay has a market share of just over 12% in Canada. This makes it the most preferred third option. You add a credit/debit to your Google Pay account and you can use it to make contactless payment in physical and online stores with any Android phone. Google Pay is compatible with all VISA, MasterCard and American Express cards. Google doesn’t need to sign an agreement first with the bank, unlike Apple. It works just like Apple Pay but covers more cards.
BMO Mobile Banking
This e-wallet from the Bank of Montreal (BMO), has a 10.1% market share and is very popular in Canada. Although it works just like any other electronic wallet you can only add BMO-issued debit and credit cards. This is a limitation but it offers many benefits. You can send money to over 50 countries without paying any fees. You can also pay all types of bills automatically. You can also ask for money from anyone using the Interac e-Transfer infrastructure. The app is limited to BMO-issued cards. However, it offers all the benefits of other ewallet services.
This electronic wallet service is provided by the Royal Bank. It only accepts credit and debit cards issued by the bank. It also supports Apple Pay and oogle Pay as well as Samsung Pay and Fitbit Pay. It can be used, for instance, on Fitbit wearable devices. You can enjoy contactless payments up to 250 CAD and earn rewards/miles/cashback with all your purchases.
EcoPayz is one the most trusted e-wallet services around the globe. It has been in existence for over 20 years. Although it is not as well-known as PayPal, ecoPayz offers the same quick, safe, and practical experience. You also get a MasterCard. This prepaid card can be used in shops or for ATM withdrawals. Interac Online, codePayz, codeVoucher codes and EFT (electronic funds transfer) are all ways to fund your ecoPayz bank account. Transactions are fast and free. Only problem is the account limit: Basic users have a limit of 3,453.94CAD. To remove this limit, upgrade to a “silver”, at the minimum. However, withdrawal and deposit restrictions will still apply even after you upgrade to a “silver” membership.