Introduction to payment methods in Canada

Xsolla has done a number of surveys and studies on Canada's most popular payment methods, and today brings some interesting findings to everyone.

Canadian gaming Industry

First of all, let's introduce the game market in Canada (Source: ESA Canada):

• Canada ranks third in terms of game industry share, only in the US and Japan.
• Canada has the world's largest gaming company like BioWare, EA and Ubisoft.
• Canada ranks first in the game industry for employees.
• The country has 329 game companies, 53% of which think they are playing indie games.
• The gaming industry contributes $2.3 billion a year to Canada's GDP.
• 84% of Canadian game developers are doing mobile games.

major payment systems in Canada

• In Canada, there are 6 main payment methods: American Express,canada, Discover, the EXCHANGE, Interac, MasterCard Canada and Visa Canada. There are different payment rules for each family.
• To enter these systems, merchants are required to sign contracts with payment providers, such as "acquisitions", in which merchants can enter these payment systems.

Canada's main payment system

In Canada, the main payment methods are undoubtedly visa, Mastercard, Skrill, and PayPal, however, there are many other payment options.

Openbucks

openbucks can be paid online through a gift card from a major retail store. It's the main way for teenagers who don't have a bank card. Many people use cash or gift cards, which can be paid on Openbucks's permitted websites. Openbucks partners include Subway, CVS Pharmacy, Burger King, Sports Authority, Dollar General, Circle K, and Shell Oil company, among others.

Interac Association

The Interac Online services allow users to pay for goods and services online directly through their bank account. Because no property information is shared online,Interac 's online services are more secure than other online credit card payments. The service is available from 4 to 5 of the largest Canadian banks: RBC Royal Bank, BMO Bank of Montreal, Scotiabank, and TD Canada Trust.

EcoCard

EcoCard is a way to provide loans and payments together with Ecoaccount to support the use of online or offline credit cards. The EcoCard bank account operates separately and is an electronic wallet.

Mobile Payment

In Canada, mobile payments are common. Paying through your phone bill is particularly appealing to people because it is not only suitable for mobile but also for online entertainment services on PCs. The largest companies in this field are Rogers/fido (30% of the market), Telus mobilty (30%) and Bell Mobility (30%), Videotron Mobility accounted for the smallest share (5%).

Top 5 major banks

Royal Bank of Canada --RBC Royal Bank or RBC Financial Group is Canada's largest financial institution. The bank offers 18 million customers and employs 80,100 people worldwide. The bank was established in Nova Scotia Prov. Halifax in 1864.

The Bank of Nova Scotia , commonly known as the HSBC Bank, is Canada's third largest bank in terms of deposits and market capitalisation. It has more than 21 million users in over 55 countries and regions around the world, and offers a wide range of products and services, including personal and commercial banking, wealth management, corporate and investment banking. Up to 791.8 billion of assets are listed on the Toronto and New York stock exchanges.

Headquartered in Toronto, Toronto-dominion bank-is a Canadian cross-bank and financial services company.

Bank of Montreal -or BMO Financial Group, is one of the five largest banks in Canada. In terms of market assets, Canada's fourth largest bank, ranked North America's top ten from its total assets.

Imperial Bank of Canada -also known as CIBC, is one of Canada's chartered banks, with deposits ranking fifth. The bank is headquartered in Toronto, Ontario.

Final Words

According to our research, Canada has grown from a small game industry market to a major industry leader, with the world's third-largest video game industry in the United States and Japan. With the establishment of big game companies such as BioWare, EA and Rockstar, we will wait and see what Canada will bring in the near future. To get into Canada, try starting with Xsolla's payment system.

Introduction to payment methods in Canada