According to the annual Canada Retail Report 2023 produced by Adyen, more than 50% of consumers questioned said they would abandon the checkout process if they could not pay using their preferred method.
At a time when the cost of living crisis means Canadians are keeping a close check on their finances, people are also researching their spending more thoroughly, according to findings detailed in the report. These findings suggest that 85% of Canadians are spending more time browsing online to find the best deals. This means that it’s harder for businesses to attract customers, so they want to ensure they do not lose valuable customers by not providing a seamless and secure checkout process with a variety of payment options.
Why online technology is the way forward
Businesses understand that technology enables them to develop the checkout process customers want as part of building a connected customer experience. Looking at figures from the Canada Retail Report 2023, 33% of Canadian retailers questioned said they were planning to invest in technology to improve the shopping experience.
Technology that businesses adopt should unify their operations and processes to make life easier for their customers as they look for smarter, more convenient shopping options. A more personalized experience is a major feature of this, as the Canada Retail Report 2023 suggests that 63% of Canadian shoppers want more personalized offers and deals. They also want to connect their in-store experience with their online shopping to make the overall customer journey more straightforward. In addition, people want to be able to use the payment method they prefer.
The importance of preferred payment methods
Most people prefer to use their favorite secure payment method when they shop, pay bills, or pay for entertainment online. Figures in the report produced by Adyen suggest that 22% of Canadians would even shop on international websites if they could use their usual payment method and Canadian dollars.
Canadians believe that using the secure payment methods they are used to helps protect them from fraud.
Interac is the most popular payment method
An indication of the popularity of Interac is the fact that in 2018, 371.4 million transfers were completed using Interac e-Transfer. That figure is 10.82x the total number of people in Canada.
Interac is one of several preferred Canadian online payment options.
Many people use Interac to make online payments as part of their daily lives. The secure Canadian payment solution can be used for shopping online. It can also be used in other situations.
From an entertainment perspective, people for example use Interac casinos in Canada and pay for movie tickets and video games using Interac.
The solution is also favored as a means of transferring money during business transactions.
Preferred online payment methods in Canada
There are several top payment options that Canadians prefer to use online when shopping, paying for entertainment, and paying bills. These payment options are:
- Card payments such as MasterCard, Maestro, and American Express.
- Interac, the leading service provider that Canadians use to shop, pay for entertainment, and pay bills.
- PayPal, the global money transfer service that was created in 1988.
- iDebit, which allows consumers to make payments directly from their bank account.
- InstaDebit, the latest in digital technology that enables faster and more convenient payments.
Including these payment methods as part of the checkout process is vital for online businesses that want to attract and retain customers. This checkout process should be integrated into a unified shopping experience that enhances the overall customer experience.
