What Are Canada’s Top Payment Rails For Businesses?

What Are Canada’s Top Payment Rails For Businesses? cover
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What Are Canada’s Top Payment Rails For Businesses?

May 17, 2024

Canada has several payment rails that meet the specific needs of businesses. The country offers various methods for accepting payments. These include Interac e-TransferⓇ, Electronic Funds Transfer (EFT), and credit card networks. However, on the horizon is the eagerly awaited Real-Time Rail (RTR), which will enhance the speed and efficiency of fund transfers across the nation. Let’s explore the current and future rails in Canada.


Interac e-Transfer is commonly used for instant and secure money transfers. It is popular for businesses because 90% of Canadians have used Interac e-Transfer to send money. Interac e-Transfer’s Request Money feature was built for businesses. It simplifies the invoicing and payment processes, which results in better cash flow management and communication with clients. 

The Electronic Funds Transfer (EFT) rail plays a crucial role in facilitating the majority of business transactions between financial institutions in Canada. EFT is favoured for its simplicity and low cost. It also supports various financial activities such as payroll deposits and preauthorized bill payments. 

Credit Card Networks such as Visa and Mastercard are widely used in Canada for payments. Businesses can accept credit cards for everyday transactions, as they are widely used but also have high fees. 

The Real-Time Rail (The Future) stands as the much-needed change in Canada’s payment landscape. This rail is designed to facilitate real-time fund transfers, promising faster and more efficient transactions. The Real-Time Rail has great innovation potential, as all transactions are guaranteed and settled in real time. 


In Canada, different payment methods cater to consumers’ preferences and needs. Each payment rail has a specific purpose in the diverse payment landscape. While Interac e-Transfer and EFT dominate the current landscape with their efficiency and simplicity, credit card networks continue to be a familiar but expensive choice. 

The Real-Time Rail’s arrival will boost Canada’s fintech industry, bringing faster and more innovative financial transactions to the country. As the financial ecosystem evolves, Canadians can look forward to enhanced options that prioritise speed, security, and efficiency in the ever-evolving world of payments.

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