Why Canadian Merchants Are Turning to Pay by Bank in 2026

February 19, 2026

“I’ll e‑transfer you.” Canadians say it all the time: to share rent, cover dinner, or pay a friend back. But now that same behaviour is redefining online checkout. Increasingly, consumers are using pay by bank solutions from trusted payments platforms such as Clik2pay to pay for everything from laptops to concert tickets.

This isn’t just a trend, it’s a shift in how Canadians expect to pay. Rather than remove cards from the equation, pay by bank adds more flexibility, letting shoppers pay online the same trusted way they already move money every day through their banking apps.

DOWNLOAD NOW: Canadian Payment Trends Report 2026

Why Pay by Bank Is Growing Fast in Canada

According to the Canadian Payment Trends 2026 report, online transfers, including those powered by Interac e‑Transfer®, show the fastest five‑year growth of any payment category in Canada.

Key Highlights from 2024:

Online transfers grew 16% in volume and 23% in value.
Canadians made 22.5 billion payments worth $12.2 trillion.
Interac e‑Transfer usage jumped 175% in five years.

For Canadian consumers, sending funds directly from a bank account is an everyday habit. Bringing that same behaviour into the eCommerce checkout experience is the natural next step and one that aligns perfectly with modern expectations for speed, security, and convenience.

Why Shoppers Feel Safer Using Pay by Bank

Trust drives adoption. For many online shoppers, it’s not about whether Pay by Bank is interesting—it’s whether it feels secure.

The data confirms this:

58% of Canadians view Interac e‑Transfer as secure (compared to 41% for PayPal).
76% worry about fraud when shopping online.

Through Clik2pay’s Pay by Bank experience, customers simply:

Select pay by bank (Interac e-Transfer) at checkout.
Approve the transaction within their own banking app.
Complete the payment with bank‑level authentication.

No card numbers. No stored credentials. No complicated sign‑ups. It’s the same trusted experience Canadians already rely on, only now, it’s integrated directly into Canada’s best payments for eCommerce.

Why Merchants Are Making the Shift

For merchants, Pay by Bank usually starts as an additional payment method—and quickly becomes a strategic advantage.

Top reasons merchants are integrating Clik2pay’s pay by bank solution:

Up to 50% lower payment processing costs compared to credit cards.
Elimination of chargebacks and reduced fraud exposure.
Faster, more predictable settlement for improved cash flow.

High‑value transactions such as electronics, travel, or event tickets often hit card limits or trigger declines. A pay by bank option powered by a trusted payment processor such as Clik2pay helps merchants recover those sales and give customers a more seamless path to completion.

What’s Still Holding It Back? Awareness.

Despite clear benefits, many Canadians aren’t yet familiar with Pay by Bank. In fact, 60% of customers say they would use it if they understood how it works. The obstacle isn’t hesitation, it’s education.

Merchants can accelerate adoption by:

Adding clear checkout messaging such as “Pay directly from your bank, no card required. Approve payment securely in your banking app.”
Reinforcing that credentials are never stored or shared.
Highlighting that all authentication happens within the customer’s trusted bank.

When shoppers know what’s happening and why it’s secure, pay by bank becomes an easy yes.

Get the Full Picture

DOWNLOAD NOW: Canadian Payment Trends Report 2026

As the best payment platform for Canadian eCommerce, Clik2pay is helping merchants move confidently into bank‑direct payments.

FAQs

Q1. What is pay by bank in simple terms?
It’s a payment solution that lets customers pay for online purchases directly from their bank account by confirming the transaction in their own banking app.

Q2. Why is Interac e‑Transfer so central to Canada’s payments landscape?
Interac e‑Transfer usage is up 175% in five years. Canadians know and trust it, making it the foundation for seamless Pay by Bank experiences at checkout.

Q3. Is pay by bank secure enough for eCommerce?
Yes. Payments are processed using bank‑level security, with approval and authentication handled entirely within the customer’s bank environment.

Q4. Does pay by bank replace cards?
Not necessarily, it complements them. By adding a direct‑from‑bank payment option, merchants can reduce fees, minimize fraud, and boost conversion rates.