Personal Finance Tips

Top payment methods in Canada: A guide on best ways to pay

Nicholas Chia

25.08.25

Read time 2 minutes

Wondering what the most popular ways to pay are in Canada? Explore the top payment options and choose wisely.

Canada, with a population of around 41.55 million people, has a GDP of approximately 2.23 trillion, making it the 9th largest economy in the world. The official currency of Canada is the Canadian Dollar (CAD).

A highly developed service-based economy, with major industries in natural resources (oil, gas, minerals), manufacturing, and finance. It is deeply integrated with the United States through the USMCA agreement, which is its largest trading partner by far.


Country	Canada
Population	41.55 million
GDP (USD)	2.23 trillion
Global Ranking	9th
Currency	Canadian Dollar (CAD)

What is the main payment method in Canada?

Canada's national debit card system, Interac Debit, is the most popular payment method for everyday in-store purchases, with its contactless 'tap' function being the standard.¹ Credit cards from major networks like Visa and Mastercard are heavily used for online shopping, recurring bills, and for accumulating rewards points.² For peer-to-peer money transfers, Interac e-Transfer is the national standard, seamlessly integrated into all major banking applications.¹

How to pay in Canada

Each country has its own way of moving money, and choosing the right method can sometimes be difficult. That’s why we have curated the most popular and best payment options for you to use in Canada.

Payment method	Description	Type
Wise	Wise provides international money transfer services. It is known for offering transparent, low-cost currency exchange rates and fast transfers. Wise uses the real mid-market exchange rate and charges a small, upfront fee, making it a cost-effective alternative to traditional banks for sending money abroad. The platform also offers multi-currency accounts, allowing users to hold and manage money in multiple currencies.	Online/in-person
Cash (Cape Verdean Escudo)	Cash is the most important and widely accepted payment method, especially for smaller businesses, taxis, and in less touristy areas.¹	In-person
Cards (vinti4, Visa, Mastercard)	The local vinti4 card scheme is the most common card for residents. International cards are accepted in larger hotels, restaurants, and some supermarkets.²	In-person
Mobile Payments	Mobile payment solutions like 'minha carteira' are emerging, allowing for digital payments and transfers, but are not yet mainstream.³	Online
Bank Transfers	Bank transfers are used for larger payments and business transactions.	Online

Is PayPal available in Canada?

Yes, PayPal is accepted in Canada.³

Cover all your international travel expenses with the Wise Multi-Currency Card

Whatever you need to buy during your trip, whether it’s a travel adapter, train ticket or an extra bottle of sunscreen, the Wise Multi-Currency Card has you covered.

You can spend like a local in 150+ countries, as this clever contactless card automatically converts currency at the mid-market exchange rate whenever you spend - for just a small conversion fee.

And for extra convenience, you can add your Wise Multi-Currency Card to your Google Wallet or Apple Wallet. Then you can travel even lighter and pay using just your phone, with no need to pack the physical card.

Get started with Wise

*Wise is not a bank. The Wise Multi-Currency Card is issued by our sponsor Bank(s), member(s) FDIC. Fees and T&C apply. See https://income-climb.live/%3C/a%3E for details.

Sources:

Interac Corp - Interac debit card and e-transfer payments hit record-breaking numbers in 2023

Payments Canada - Canadian Payment Methods and Trends Report 2023

PayPal Canada - Home

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.