The Payment Source Blog

Throughout the years, consumer shopping habits and forms of payments have taken a digital shift. In 2020, close to half of Canadians reported using e-commerce platforms for online purchases, accounting for 477 million transactions (see source). This shift to e-commerce has forced the growth in digital payments; but, traditional digital payments are not inclusive for all Canadians.

Esports is seeing rapid growth in Canada. Online gaming alone is a $40+ million dollar industry with online gamers spending roughly $200 a year on new online games and over $120 a year on in-game items (see source), such as cosmetics, battle passes and tokens. While online transacting is convenient, many consumers aren’t comfortable entering their financial data. In fact, 59% have reported to feel more comfortable using a payment method where they don’t need to share their financial details with the merchant (see source). This is just one of the many benefits of using online payment products to make these types of purchases.