When it comes to making payments online, Canadians have a lot of options. Depending on your needs, you may want to explore credit card alternatives like gift cards, PayPal, or a prepaid card. If you’re planning on buying something from a merchant that doesn’t accept online payments, you might consider using cash or a cheque. Or you might want to explore using an e-wallet (or virtual wallet). An e-wallet is a virtual account you can use to make payments using the internet without the need to register a separate account with the merchant. Each e-wallet service offers its own unique set of features and perks that can come in handy if you’re planning on making a large number of purchases. E-wallets have also made their entry into the online casino Canada world of gambling. There are several casinos that offer their customers the benefit of using e-wallets.
You’ve probably heard about cryptocurrency at this point. You might have even heard that this is the future of online payments. The future is now, though. Cryptocurrencies have gone mainstream. And, with that, so have e-wallets. These days, it’s not uncommon to see people using their smartphones as their wallets. There are plenty of e-wallets out there, though. That can be a bit overwhelming.
That’s why we’re here. We’re going to tell you about the best e-wallets out there. Keep reading to find out more. E-wallets are like regular wallets, but they run on the internet instead of locally on your computer. This means they’re safer than regular wallets. Because they run on the internet, e-wallets are more convenient. You can store your money online instead of on a computer. This makes it easy to access your digital assets from any device. Here’s a list of the best e-wallets in Canada.
Coinbase
Coinbase is the largest cryptocurrency exchange. It’s also one of the most popular e-wallets in the world. You can use it to purchase cryptocurrencies with U.S. dollars or Canadian dollars. If you use it to buy crypto with CAD, you have to do it at Coinbase’s exchange rate. There’s no fee for buying or selling on the Coinbase platform. However, you will pay a fee if you transfer your coins out of the exchange.
Apple Pay
One of the most famous e-wallets in Canada is Apple Pay. If you want to purchase a product or service, you can easily use your Apple wallet at any retailer that accepts this mode of payment. In recent times it has been noticed that a lot of Canadian stores have started to accept NFC payments.
Just like any other wallet, all you need to do is add your credit or debit cards to the Apple wallet app on your iPhone, and once you do so, you can start using your Apple wallet in order to make payments for purchases. Similar to other wallets, you would need to ensure that your cards are authorized on the banking app before you can start using the wallet.
Since securities are of utmost priority, the app is protected by a passcode, Touch ID or face ID. Most big banks recognize the Apple face as a legitimate way of making payments.
What makes one of the best wallets in Canada? It also serves as a platform that allows you to store movie tickets, boarding passes, and concert tickets, eliminating the use of paper. Apple Pay boasts of a streamlined and high secure payment system, and it can be used with the Apple watch as well. Amongst the two downsides, it is only available on devices that run on the iOS software, and it cannot store gift cards or loyalty words for you to use at a later point.
Kraken
Kraken is a cryptocurrency exchange platform and e-wallet. It offers more than just trading, though. You can also use it to buy and sell cryptocurrencies for Canadian dollars. That’s right. You can use Kraken to store your digital assets, too. That makes it a great e-wallet option for people who want to keep their cryptocurrency holdings secure.
Google Pay
Another very famous and widely used e-wallet comes from the software giant- Google's portfolio of offerings. Google Pay which was earlier known as Android Pay, provides an excellent mode of payment in the digital space. You can use this mode at any NFC terminal, and one of the intriguing features of the wallet is that it runs both on Android and iOS platforms. Widely accepted by a majority of Canadian banks and financial institutions, Google Pay supports a lot of loyalty programs and gift cards that attract more users every day.
Samsung Pay
Similar to Apple Pay, the tech giant Samsung also has an e-wallet as a part of their product offering. If you own a Samsung phone, you have access to Samsung Pay. Add a card, be it debit or credit and start using the wallet to make your purchases. The best feature that Samsung Pay provides is that it is compatible with any and every payment system that accepts and validates the use of credit cards.
What does that mean? It essentially means that even if a machine is not NFC enabled, Samsung Pay still allows you to use the digital wallet to facilitate your purchase. The technology it uses is referred to as the MST, which is short for Magnetic Secure Transmission Technology. The wallet is limited to only Samsung phones; it still offers loyalty programs and gift cards and is a widely supported tool that is recognized by several Canadian financial institutions.
Summing up
If you’re looking for a way to store your money and make transactions easy, then an e-wallet might be a good option for you. They’re generally more secure than regular wallets and easier to use. So, we advise you to first explore all the possible options out there before you decide on choosing the one that you like. It will give you a lot of peace of mind when it comes to your financial security, once you have done thorough research.