Top 5 Payment Providers Offered by Canadian Online Stores 2023

What are the Top 5 Payment Providers with the Highest Penetration in the Canadian eCommerce Market by 2023?

In the Canadian eCommerce landscape of 2023, payment provider penetration (percentage of stores offering the provider among available payment methods) showcases a clear hierarchy dominated by traditional card services. VISA and Mastercard lead the pack with impressive penetration rates of 97.7% each, highlighting the widespread trust and acceptance of these well-established providers within the Canadian eCommerce market. American Express follows closely behind with a penetration rate of 72.5%, indicating a significant presence in the market. The data also reveals the growing influence of e-wallets, with PayPal achieving a penetration rate of 65.0%, showcasing the increasing popularity of mobile-driven financial transactions among Canadian consumers. Discover trails behind with a penetration rate of 34.7%, demonstrating a preference for other card providers in the Canadian eCommerce landscape. This data from 2023 underscores the evolving nature of digital payment landscapes, with traditional card providers maintaining dominance while newer digital methods gain traction, driven by consumer demand for convenience and innovation in payment technologies.

Main Facts: Dominant Payment Providers in Canadian eCommerce Market 2023

• VISA and Mastercard dominate the Canadian eCommerce market with a penetration rate of 97.7% each in 2023.
• American Express follows closely behind with a penetration rate of 72.5%.
• PayPal leads the e-wallet options with a penetration rate of 65.0%, significantly ahead of Discover at 34.7%.