Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
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Popular Payment Methods in the Canadian Gaming Industry
Sep 9, 2022
The gaming industry in Canada is on the upswing at the moment. Significant growth in the iGaming industry occurred during the pandemic. Every day a large number of users come to online casinos. When choosing a suitable playground for games, clients are guided by several factors at once. The number of available payment methods is the primary criterion for selecting the best site. It is essential for the client to be able to easily, quickly, and safely withdraw the received winnings from the online casino.
The player is also interested in what kind of bonuses are available on a particular site. One of the popular types of promotions is free spins Canada. The client can receive additional winnings at the play casino when using free spins. Another standard bonus is an additional amount to the deposit when replenishing the account. Most often, the promotion is valid for new customers at the first replenishment of the account. To pick up the casino win, you must fulfill the wagering requirements. Only the game for real money in the games determined by the administration is considered. The wagering conditions stipulate how much the client must spend on bets to withdraw the money.
Below, we will explain what payment methods are available at Canadian casinos. Most often, customers are offered to make a payment using Visa, MasterCard, Neteller, PaySafeCard, ecoPayz, Interac Online, PayPal, and so on.
TOP 3 popular payment methods in casinos in Canada
Online casino users often use PayPal, ecoPayz, and Interac Online for settlements.
PayPal
The company occupies a leading position in the field of financial transactions around the world. Most online casinos in Canada support this payment method. The method is suitable for customers looking for a quick way to withdraw winnings. The process of using PayPal is straightforward. Before playing casino, the user needs to replenish the account.
The client must follow the step-by-step instructions:
- The user must log in to his account using his username and password. Next, go to the "Cashier" section. The player then selects PayPal from the list of suggested payment methods.
- The client enters the amount of money deposited into the account. Previously, the player needs to familiarize himself with work conditions at a particular site. The administration indicates information on the minimum deposit amount.
- The player confirms the transaction. Replenishment of the account is instantaneous. The money will be credited to the game account within a few seconds.
After replenishing the account, the client can bet, take part in promotions and use the bonuses offered by the online casino.
How to withdraw money from a casino using PayPal
The client should carefully read the terms and conditions of a particular casino. So, he will understand what restrictions and requirements apply on the site.
To withdraw money, you need to take 3 steps:
- Go through the verification procedure. To accomplish this, the client should fill in all the questionnaire information in the Personal Account. Additionally, he attaches scans of the passport and other required documents. All photographs must be of good quality. The information will be used to compare the questionnaire data. The administration at some sites utilizes video communication for customer checks.
- The player needs to go to the "Cashier" section after passing the verification. Choose PayPal from the suggested payment methods.
- The user specifies the amount of money to be withdrawn to the account. The withdrawal amount must comply with the limits set in the online casino.
The funds will be transferred to the payment system account shortly. . The administration processes applications within 1-2 days from the submission date.
EcoPayz
EcoPayz is an electronic wallet popular in many countries, including Canada. The wallet was launched on the market in 2000 under the name ecoCARD. In 2013, the company rebranded. The wallet received a new name and expanded the list of functions available to customers. The payment method is in high demand in Canadian casinos. The wallet lets you quickly replenish your account and withdraw money without delay.
How to deposit with ecoPayz
The procedure for replenishing an account is similar to the process of using other electronic wallets. The client must ensure that a particular online casino supports this payment method.
Casino tips for depositing with ecoPayz:
- The user needs to ensure that the wallet is activated and verification is passed to confirm the owner's identity.
- The player selects the appropriate payment method in the Cashier menu.
- You have to link your casino account with your e-wallet. To complete this, the user must to follow the instructions on the screen.
- Specify the amount by which you need to replenish the account. Almost instantly, it will appear on the deposit after payment.
Similarly, transfers of winnings to an electronic wallet are carried out. Then the client can use the received money to pay for services, transfer to a bank card, etc.
Interac Online
Interac Online is one of the most secure payment methods in the country. The platform was developed in Canada. Currently, it is part of the financial and banking system of the state. Most residents prefer this system when making online payments, including for online casino settlements. With Interac Online, you can make fast, convenient, and secure online payments.
See: Bank of Canada: The Latest on Retail Payments Supervision and Survey
This method of making deposits is found in almost all online casinos operating in Canada. Since the payment method is part of the country's financial and banking system, making payments has several features. Particularly, the casino client will need to enter their bank details.
The account replenishment process itself involves the following steps:
- The client logs in to the casino and goes to the "Cashier" section. Among the available payment methods, he chooses Interac.
- Enter the necessary banking information. Before proceeding, you have to check the correctness of the entered details.
- The user specifies the amount to be credited to the account.
After confirming the transaction, the money will be in the game account. Further, the client can play gambling for real money and participate in promotions and promotional offers.
What other payment methods are supported at casinos in Canada
Several more payment methods can be used to make payments at online casinos in Canada.
Bank transfers
One of the first payment methods that Canadian gambling establishments began to support. Many customers still prefer to use it to make payments. Nevertheless, the method has several drawbacks – the funds are credited to the account only a few days after the transaction and the client is required to indicate his bank details when making payments.
Prepaid cards
This method may be the best option for gamer who does not want to disclose their bank card or e-wallet number when interacting with an online casino.
Another plus of this method is that the client gets complete control over his bankroll. He will not be able to lose more money than was originally on the prepaid card's balance. To make a deposit, you will need:
- Go to the cashier section. Choose prepaid cards from the available payment methods.
- Enter the PIN code indicated on the purchased card.
- Wait until the money is credited to the account.
Many companies distribute prepaid cards in Canada. The most famous providers are Revolut, Paysafecard, and Neosurf.
Electronic wallets
It is the payment method of choice for many Canadians. The reason for this is the availability of the payment system and the high speed of transactions. Electronic wallets are a gateway between a bank account and a merchant. The client gets the opportunity to replenish the account without disclosing his banking information. There are not as many online wallets available in Canada as there are in Europe. At the same time, payments can be made using PayPal, Google Pay, Apple Pay, EcoPayz, WebMoney, and MuchBetter. The list of supported systems will depend on the casino's features.
Mobile payments
Mobile payments are becoming more popular every day among online casino account holders. You can top up your account in Canada using operators Bell Canada and TELUS Mobility.
See: Crypto Payments Report 2022: How digital currencies are revolutionizing commerce, corporates and culture
The method is suitable for players who need to replenish their accounts with a small amount quickly. The disadvantage of this replenishment method is that it cannot be used to withdraw funds.
Cryptocurrency
Cryptocurrency is the most innovative way to deposit at Canadian online casinos. Payment with digital money appeared not so long ago, so now, not all playgrounds support this method. Clients choose to replenish their accounts with cryptocurrency due to several advantages of this method:
- Complete payment security. The client does not indicate any of his data when making transactions. There is no hazard of information theft by fraudsters.
- High speed of payments. On average, money is credited to the account within a few minutes. Withdrawal operations are also carried out quickly.
- Payments are tax-free in most countries. So the client can save on transactions.
How quickly will the money be credited to the account
The speed of withdrawing cash from Canadian casinos will depend on some factors:
- Selected withdrawal method;
- The time of the payment. Money is withdrawn faster during the day. In the evening, at night, on weekends and holidays, there are often delays;
- The casino where the client is currently playing. The more famous the casino, the faster the moderators process withdrawal requests.
Casino life hacks – choose cryptocurrency or virtual payment systems for withdrawal, so the money won will be credited to the account faster. Withdrawing money to bank cards is the slowest.
Conclusion
Canadian online casinos offer a wide range of deposit and withdrawal methods to their customers. Before conducting transactions, the client should ensure that the platform operates within the framework of the current legislation. Only licensed sites guarantee compliance with all agreements. If the client cannot solve the problem through the administration of the online casino, he can always contact the regulator. The withdrawal method is mainly decided depending on many factors. Clients need to pay attention to the speed of transaction processing, limits, and the size of the current commission.
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To Whom It May Concern,
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