Mobile payments are exactly what they claim to be: making transactions using your smartphone or tablet rather than using physical cash or cards. Mobile payments continue to grow in popularity in Canada due to their speed, convenience and ease. Not only can you use your mobile to pay online, such as shopping online or playing on your favorite mobile gaming site, but you can also use your mobile to pay directly in physical stores and outlets.
Understanding the apps that facilitate these payments and their user experience will help you decide which is the right payment method for you. So let’s take a look at some of the different options available to Canadian players.
Mobile payments essentially require you to use an application on your smartphone or tablet to make a purchase using information stored on your device. This means you don’t have to rely on traditional payment methods like cash or physical debit/credit cards.
Basically, there are several different options and how they work depends on the type of payment you choose and which app you choose.
Banking, payments and e-commerce mobile apps
Most banks in Canada offer downloadable apps for your smartphone or tablet, so you can do your banking remotely. These apps usually allow you to make money transfers such as an Interac wire transfer to any recipient’s email address to his or her address.
In addition to traditional banks, you can also send money through non-bank mobile payment apps such as Wise and PayPal.
Additionally, there is an e-commerce app. For example, apps like Uber and Starbucks allow you to order services and even pay using linked credit card information directly within the app.
If you want to use a banking, payments, or e-commerce app, first download the app and enter your bank account details. Once you’ve verified your information, sign in to your account just as you would access online banking or PayPal on your computer.
Mobile banking offers a variety of features, including check deposits, money transfers, and more. Transferring money via your mobile phone basically follows the same steps as online banking, but it may vary depending on the specific app and bank. However, an email address is usually sufficient to initiate an electronic transfer.
Digital wallets work by enabling in-person payments at physical stores. First, you’ll need to download a mobile wallet app and enter your credit, debit, loyalty, and gift card details.
To make a purchase, simply hold your mobile device near the contactless terminal. This is similar to making a credit card transaction. It relies on Near Field Communication (NFC) technology, which allows devices to communicate when they are nearby. The e-wallet then uses this technology to send the payment card information to the merchant’s terminal.
A digital wallet essentially stores all your credit and debit card payment details on your mobile device. These work in the same way by mirroring physical payment cards and offering contactless payments. Popular wallet apps such as Google Pay, Apple Pay, and Samsung Pay are the most common examples of this technology.
However, it is important to distinguish digital wallets from mobile banking and payment apps. While mobile banking apps allow virtual money transfers, digital wallets function similarly to physical card transactions and enable purchases in brick-and-mortar stores.
Below are some of the most popular mobile payment options currently available in Canada.
Apple Pay, available in Canada, is a secure and convenient way to make payments using your Apple device. Link your credit or debit card to your iPhone, iPad, Apple Watch, or Mac for fast, contactless transactions in stores, online, or within apps. Using NFC technology makes transactions encrypted and private, making it a very popular choice when looking for a secure payment experience.
Similarly, there is Google Pay, which serves as a convenient mobile payment solution for Android users. Similar to Apple Pay, you can link your credit or debit card to your Android smartphone or wearable device for fast and secure transactions. Again, Google Pay prioritizes security and uses tokenization to protect card information, making this another popular and secure payment method.
PayPal is a widely used digital payment platform that allows you to link your bank account and credit or debit card to your PayPal account for secure and convenient online transactions. PayPal is known for its buyer protection policies and ease of use, allowing you to send and receive money anywhere in the world, making it an efficient and reliable choice for consumers in Canada and around the world.
Online banking apps give Canadians easy access to their bank accounts on their smartphones and tablets. These apps are offered by almost every bank and allow you to perform all sorts of banking tasks, such as check account balances, transfer funds between accounts, pay bills, take photos and deposit checks, and manage your finances. can be managed safely. It offers a user-friendly interface that makes banking easy and hassle-free from anywhere.
So whether you’re buying online or in person, mobile payment solutions continue to grow in popularity, making it easier, faster and more convenient than ever for Canadians.