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The 4 most used apps in Canada revolutionizing the Payments medium

By Edlyn Cardoza

September 24, 2021

  • Apple Pay Canada
  • Canada
  • COVID-19
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Payments, Payments as a service, CanadaThe pandemic and the revolution of smartphone technology has restructured the way we are living our lives. It now seems that the empire of cash exchange will come to an end. It would not have been easy to believe a few years ago if we thought that contactless payments or online payments would replace cash payments. 

Due to the pandemic, contactless payments have become a medium of paying at grocery shops, malls, etc., in Canada. Smartphone devices are transforming the way we connect to one another, both on a personal level and on a professional level. We have begun using our mobile devices to perform several financial tasks, especially sending and receiving payments, these past few years. With smartphones changing every day and upgrading to a whole new level, plenty of applications provide businesses and individuals with easy and convenient ways to pay each other. 

A 2017 report by Payments Canada called “Canadian Payment Methods and Trends”, the study said, “In 2016, the number of contactless transactions increased significantly, to almost 2.1 billion transactions worth $67.1 billion. This represents an 81% and a 78% increase over 2015, in both volume and value terms (respectively).”

Mobile payments use an app to send or receive money digitally. For this, an individual must link their bank account to a particular payment gateway they are using. Once their number is verified and added successfully, they can pay digitally via QR code, UPI ID, bank transfer, etc. 

With the availability of various mobile apps in the tech space, below are the top 4 best Canadian payment apps: 

Apple Pay Canada: Apple Pay is one of the first payment apps to arrive in Canada. Although the app was released in 2011, the app was unable to access major Canadian banks until 2016. Apple Pay is one way to pay. It replaces your physical cards and cash with a more accessible, safer, more secure, and private payment method — whether you’re in a store, on a website or in an app. It’s faster and easier than using cards or cash. Apple Pay is widely accepted by retailers worldwide and is also safer than touching buttons and exchanging cash. Apple Pay comprises of privacy and security built-in. You can use this app throughout Canada and at most of the contactless terminals at places like Tim Hortons, McDonalds, and Staples.  

Google Pay Canada: Google Pay is another fast and simple way to pay on sites, apps, and stores using the cards saved to your Google Account. It protects your payment info with multiple layers of security and makes it easy to send money, store tickets, or cash in on rewards – all from one convenient place. Google Pay doesn’t share your actual card number when you pay in shops, so your information stays secure. Plus, you can check out faster with the device that’s already in your hand – no need to dig for your wallet. When you use Google Pay, you’ll continue to enjoy all the perks and protections you get with your bank or PayPal account. That means you’ll still get benefits like cashback, reward points, and fraud protection – just like when you’re swiping your card. Google Pay is also adaptable to most Canadian debit and credit cards and boarding passes, loyalty cards, and tickets.

PayPal Canada: PayPal believes that now is the time to democratize financial services so that moving and managing money is a right for all citizens, not just the affluent. This purpose drives them, and they uphold their cultural values of collaboration, innovation, wellness, and inclusion as their guide for making decisions and conducting business every day. PayPal believes it is their duty and privilege to be customer champions and put those they serve at the centre of everything they do. They believe that they are one team that respects and values the diversity of thought for everyone, everywhere. Despite their beliefs, the PayPal mobile app cannot send and receive money for purchases at a retail store like Google Pay and Apple Pay. However, you can use it to send money to almost anyone in the world, as long as you know their mobile number or email id, and they too have a PayPal account. 

Wise app: If you want to send or receive money anywhere in Canada or manage and track any international payments, Wise offers an app for Android and iOS users. Wise is best known for its quick transfer speed and transparency around exchange rates and fees. For security purposes, you can even set a 2-step verification for the app, helping you ensure that your details are confidential. Wise has served over 10 million customers. 

ALSO READ: Global Payments Vendors and Landscape Report Q2 2021

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