Safest Online Payment Methods Available to Canadians in 2023

February 21, 2023 FinTech and Alternative Finance, Fintech Services, Innovation and Resources, Online Funding / Investing Portals, Payments, Transfers, Rewards No comments

Feb 21, 2023

Online payment methods - Safest Online Payment Methods Available to Canadians in 2023

The year 2023 is just around the corner and, with it, comes sugar, spice, and everything nice. Whether you are already planning your next vacation and want to book plane tickets in advance or looking for the most convenient way to make online payments in the future, the good news is that you have quite a few options at your disposal. The safest online payment methods available to Canadians make it easy for you to carry out transactions no matter the time and location. That being said, here come our top five picks for you to choose from the next time you want to make a safe payment.

Top five safest online payment methods available to Canadians

Keep in mind that this list is merely a suggestion of the five online payment methods we find to be safe, as well as popular. Feel free to do your own research and find a payment option that works better for your needs - if the following ones don’t have what you are looking for.

PayPal

When speaking of the most popular online payment methods available to Canadians, PayPal has to be near the very top of the list. And we have to admit that there’s a good reason why people all over the world love to rely on PayPal when making online transactions.

Clearly, this is one of the safest ways to make secure deposits, whether you are the one sending or receiving money. But the safety is merely the tip of the iceberg when it comes to PayPal’s full potential and appeal. PayPal is also one of the fastest ways to make deposits and withdrawals. Deposits usually take less than five minutes to complete – that’s the kind of promptness we are talking about here.

As for who can use PayPal, know that this service is great for both individuals and businesses. There are more than 200 million active individual accounts at the moment, as well as 7 million businesses offering PayPal.

eChecks

Are you used to relying on the good old checks to make any bigger purchases? Then you will love the more modern and efficient version of them – eChecks. They are a great way to make quick, safe, and convenient transactions without ever having to make a stop at your local bank. Already sounds like the perfect option, if you ask us.

Another thing people love about it is the fact that the transaction limit is generally higher in comparison to some other payment methods. Likewise, many institutions and establishments have recognized the potential of eChecks, which is why they consider it one of the main methods of payment. Therefore, you shouldn’t have a problem finding great eCheck casinos Canada residents love, nor should you have a problem using this payment method to cover your monthly installments. What’s not to like?

INSTADEBIT

Many people simply aren’t fans of e-wallets and pre-paid cards. And we get that. For those who want to rely on the good old bank-to-bank transfers when making online payments, they might want to look into INSTADEBIT. This might be a Canadian payment option that we are talking about, but INSTADEBIT is gaining popularity all over the world.

Judging by its name, you might be able to tell what it is that people like the most about this safe payment option. You guessed it – it’s the fact that the transaction processing time is pretty fast, so you will not be left hanging for days before your payment is processed. At the same time, INSTADEBIT has high-security measures in place, so you don’t have to worry about sensitive information being stolen. Likewise, the fees associated with this payment method are rather low, so you won’t have to worry about lost money.

ecoPayz

It’s safe to say that e-wallets have taken the world by storm. They are an easy way to complete transactions without having to deal with card numbers and bank transfers. And when talking about the safest online payment methods available to Canadians, one can’t fail to mention ecoPayz – a safe, quick, and cost-effective way to transfer your funds. Whether you are hoping to pay for the perfect gift for your spouse, buy that new purse you have been eyeing, or fund your passion for gambling, ecoPayz might be the solution to all of your problems.

The way ecoPayz works is simple. You just have to fund your account through your bank with as much money as you want. You can later spend that money on online purchases, or send it to other users. Repeat the process once the funds run out.

Keep in mind that ecoPayz works in a similar fashion as PayPal. Therefore, if you are already using the latter, there might not be a need for you to open an ecoPayz account, as well – and vice versa. Although, this is something only you can decide for yourself.

Paysafecard

The fifth and final option has become increasingly appealing to people who care about their online security. Your Paysafecard is a pre-paid card that works on a 16-digit PIN code. It’s independent of any bank account, credit card, or third party. All you have to do is visit your local sales outlet, fill the card with as much money as you see fit, and don’t hesitate to start spending it to your liking.

See: Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA)

Obviously, one of the best parts about choosing this form of payment is in the incredible security that it offers. Since it’s completely independent of any bank and the pieces of information related to it, a Paysafecard presents one of the safest online payment methods available to Canadians. And because of everything that it has to offer and its long list of pros, this pre-paid card is an accepted payment option in many establishments nowadays. Of course, it never hurts to do some recon work before making a finite plan, but we have a feeling you won’t encounter problems with your Paysafecard. And if you do, you still have all of the options mentioned above to fall back on.

NCFA Jan 2018 resize - Safest Online Payment Methods Available to Canadians in 2023 The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org