Payza has added another instant deposit option for our members in Canada: you can now add funds to your Payza account by Canada Post using the in-person payments system Loadhub. With a Loadhub code, you can go to any Canada Post outlet and instantly fund your Payza account using cash or Interac.
This new feature provides another instant deposit option for our Canadian members and offers a simple way to fund Payza accounts in person, using either cash or Interac. It is great for loading your Payza account to send money to friends and loved ones abroad, to make an online purchase, or to buy cryptocurrency.
How to Add Funds by Canada Post powered by Loadhub
Adding funds to your Payza e-wallet using Canada Post and Loadhub is easy. Simply print or email yourself a Loadhub code generated by Payza, then go to any Canada Post outlet to complete the deposit using either cash or Interac (credit cards are not accepted for this deposit option). You must also bring a valid ID with you when you visit the Canada Post outlet.
Here are the steps to follow:
- In your Payza account, click “Add Funds” in the top menu.
- Select “Canada Post powered by Loadhub.”
- A QR Code will be generated. Print out the code or email it to yourself.
- Take the QR code, a valid ID, and the deposit instructions to a Canada Post outlet to complete the deposit.
The Loadhub codes can be used repeatedly. You only need to print or save the code once, then you can use it over and over. You can choose the amount of funds to add to your Payza account once you complete the deposit at the Canada Post outlet.
This deposit option carries a $5 fee, with a minimum deposit limit of $10 and a maximum deposit limit of $500.
The Canada Post powered by Loadhub Deposit Option is the fourth specialty instant funding option available for Canadian Payza members, the other ones being:
Canada is like a blue chip stock. Even though it’s the world’s second largest country, Canada is sparsely populated and its e-commerce market is still relatively small at just over USD 22 billion. Nonetheless, with a stable and affluent population, the Canadian market offers a solid, low-risk, long-term investment. There is no race to be an early adopter or innovator in Canadian e-commerce. Rather, investing in the country is like putting your money in something slow, steady and reliable.
Unless otherwise noted, figures in this article are sourced from:
E-commerce is firmly established in Canada, internet penetration in the country is among the world’s highest. Interac Online is one of the most mature debit networks of its kind and more than half of the population has used it to participate in online shopping.
Canada is the single most popular market for cross-border merchants globally. According to Multichannel Merchant, 84% of international merchants said they sell to Canada, well above the runner-up, Australia, at 54%. This means that the market is highly competitive as well as attractive to international online retailers.
The eagerness for emerging technologies is clear: Canadians spend nearly twice as much time on the internet as the worldwide average of 23 hours per month; almost half have said they are ready to embrace m-commerce on wearable devices; and, 47% have said they want retailers to provide more secure mobile payment options. All this has contributed to Canada ranking #2 on the Mobile Payments Readiness Index (MPRI).
Clothing is the most popular online retail category in Canada, with 42% of online shoppers purchasing clothes, while Media Products –including books, music, film/TV, concert tickets and video games – also dominate the market, accounting for 5 of the top 10 highest-performing e-commerce categories. One-third of total Canadian e-commerce spending benefits American merchants.
As with most of the world’s e-commerce markets, credit cards are the most popular method of online payment, with MasterCard being the most popular in Canada. E-wallets account for nearly one-fifth of online transactions and prepaid cards for 11% of the total. Interac Online has received widespread adoption in the e-commerce sphere, gaining over 9% of the market in its first two years alone.
Drivers and Barriers
Driver: Consumer Confidence
The Interac network is one of the most mature national debit card networks in the world. The increased security and lack of debt concerns associated with Interac compared to credit card purchases has driven consumer confidence in e-commerce. Similarly, Canadian consumers have been more inclined to embrace new m-commerce technologies than Americans and Europeans. More than one third of the population uses mobile banking and over 5 million Canadians shop online using their smartphones.
Barrier: Shopping In-Store
New data from Statistics Canada has shown a marked reversal in the e-commerce trend, with online sales accounting for 2% of the total retail sales in the first 9 months of 2016. However, in that relatively small proportion of total retail sales, “pure-play” or digital-only retailers (including foreign merchants) dominate, accounting for about 80% of total e-commerce sales. This shows that Canadians are willing to shop online when there are no other options, but still prefer to make their purchases at brick-and-mortar shops when given the opportunity.
Driver: Cross-Border Shopping
The vast majority of the country’s population lives just a short drive away from the American border. Throughout the 20th century, cross-border shopping was a very popular weekend activity among Canadians of all demographics. By the time e-commerce came along in the 21st century, most Canadians were already accustomed to buying from international merchants. In 2014, eMarketer reported that 7 out of 10 online purchases in Canada are made from international merchants, and the majority of those sales went to merchants from the US.
Barrier: Buying Local
In the last couple of years, the Buy Local movement has moved online. In November 2016, an Ipsos survey found that 43% of Canadian consumers plan to do more of their holiday shopping at Canadian retailers than they had in 2015. The declining value of the Canadian Dollar compared to the Greenback is a big factor in this shift. With that said, Canadians still cite lower prices and better selection as reasons to buy from international merchants, so not all hope is lost.
Canadian E-Commerce Facts
- The world’s most popular e-commerce market for cross-border retailers.
- 5% e-commerce annual growth rate.
- Canadians spend the most time on the internet on average.
- More than two-thirds of online purchases are cross-border.
- Merchants offering free shipping gain a 69% increase in their conversion rates.
- 41% of Canadians cite lower prices and 23% cite better selection as reasons to buy from international merchants.
When deciding whether to expand your business across borders, it is important to consider which countries you are targeting and what benefits they offer. In terms of ease, reliability, and growth, Canada is certainly a seller’s market. As one of the world’s largest countries, its strong economy and reliable e-commerce market make it a low-risk, long-term investment with a steady return that can support future business growth.
Expanding into a new international market is a risky venture but a very rewarding one if done right. For the latest information about how you can build and maintain a strong e-commerce enterprise and keep it compatible with legislation and buying habits at home and abroad, subscribe to the Payza Blog and follow us on Facebook and Twitter for the latest industry news.
Canadian consumers can add funds to their Payza accounts directly through their online bank account via the ‘Add Funds by Interac Online’ option within their accounts. In addition, Payza Businesses worldwide can directly accept Interac Online payments from Canadian members.
Payza members can load their accounts by transferring money from their Canadian bank accounts to their online Payza accounts. Also, Payza merchants can accept payments from Canadian consumers via Interac Online.
Payza is an online payment technology platform offering access to payment services in both traditional and emerging markets, as well as a host of tools and services including: fraud screening, dispute resolution, currency exchange, global payouts and disbursement services.
Interac is a Canada-based nonprofit interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions.
Interac® Online payment method is now available to our Canadian members for checkout payments and deposits.
As part of our expansion of affordable local payment options, we at Payza are excited to announce the launch of our Interac® Online services in Canada. The Add Funds by Interac® Online feature allows our members from Canada to transfer funds from their Canadian bank accounts to their Payza account using the Interac® network. Additionally, you can now use most Canadian debit cards to pay for items sold by Payza merchants across the globe.
The low fees and rapid processing for Interac® transactions give you another fast, affordable and secure online payment method.
Low transaction fees
Interac® payments are affordable thanks to their minimal transaction fees in comparison to most other payment methods. Payza charges a flat fee of $1.50 for Interac® deposits, regardless of the amount. For transactions over $30*, Payza members will benefit from significant savings when using an Interac® debit card instead of a credit card to add funds to their account.
All Payza payments made using Interac® Online are free of charge. Just like when you shop at Payza merchants using credit cards, the amount paid using Interac® Online is final. There are no unexpected fees at the end of the month.
Great security with fast transaction times
Our Fraud Prevention Team will review all deposits within one to two business days, making the process of adding funds with Interac® highly secure. Deposits using this method are faster than bank transfers or wires and just as safe. Also, online payments made with Interac® are instant.
There is a precautionary transaction limit of $500 to further protect your card and your account.
Adding funds with Interac® is straightforward and so simple that you can get started right away. Just log in to your Payza account, click “Add Funds” in the top menu, select Interac® Online, then follow the instructions on the screen. Your deposit will be set up in no time!
* For a $30 transaction, it costs the same to add funds by credit card (5% fee) or by Interac® Online ($1.50 flat rate).
Canadian members can fund their Payza accounts or pay participating merchants, both domestic and international, via direct debit card transactions
LONDON, UK — August 23, 2016 — Payza, a leading global payment platform, is pleased to announce their integration with Interac®, Canada’s interbank network for transferring funds electronically. Canadians can now add funds to their Payza accounts directly through their online bank account via the “Add Funds by Interac® Online” option within their accounts. Additionally, Payza Businesses worldwide can directly accept Interac® Online payments from Canadian members.
Payza members can load their accounts by transferring money from their Canadian bank accounts to their online Payza accounts for a flat rate of $1.50 CAD per transaction, up to $500 CAD. Payza merchants can accept payments from Canadian consumers via Interac® Online for fees starting at 2.5% + $0.79.
“Canadians love their debit cards and use Interac®, the debit system powering Canada, 16 million times a day on average to shop online and in stores, and to send money electronically to friends and family,” explains Firoz Patel, Payza’s global executive vice president. “By providing our Canadian members with a service they know and love to easily fund to their Payza accounts, we are proving our commitment to delivering preferred local payment options to our global customer base, one market at a time.
“We are also giving our business members, both inside and outside of Canada, a new way to attract and retain Canadian consumers by removing some of the friction in the purchase process,” continues Patel. “Although Canada is a relatively small market, with Canadians predicted to spend $39 billion online by 2019, cross-border dominates the industry as 7 purchases out of 10 are made to international ecommerce merchants. Making that international purchase a little bit easier on the Canadian consumer and more affordable for the merchant just makes sense, and we’re proud that Payza can provide that solution.”
Payza is a leading online payments technology platform used by licensed entities around the world. Payza’s highly secure platform provides businesses and consumers with convenient and flexible solutions for sending and receiving payments worldwide. The company offers access to payment services in both traditional and emerging markets, as well as a host of tools and services including: fraud screening, dispute resolution, currency exchange, global payouts and disbursement services. With millions of members, Payza offers its services around the world in 21 currencies and is proud to provide its merchants around the globe with a complete solution for accepting payments and managing their businesses.
Payza is a wholly owned subsidiary of UK-based MH Pillars Ltd. and operated by Mazarine Commerce Inc. in Canada.