The online casino iGaming industry has been growing steadily in Canada ever since it was formally recognized and allowed in 2009. Thanks to the fact that Canadians are allowed to play in online licensed offshore casinos, the value of the iGaming industry has exceeded C$30 million.
Simultaneous to the expansion of online casinos occurred the creation of different online payment methods, both the ones operating locally and the ones operating internationally. Given that payment transactions are vital to fast payout casinos and the industry as a whole, we have come up with the list of the most reliable payment methods you can use to have safe and enjoyable gaming experience.
Credit and Debit Cards
One of the reasons credit/debit cards remain very popular among online casino players is that they are entirely safe with SSL encryption methods, and allow players to make instant deposits in almost all online casinos. Since VISA and Mastercard remain the leading bank card providers, you probably already own one. These companies usually issue different types of cards: prepaid, debit, and credit cards. A small advantage here goes to VISA, since some casinos won’t let you make Mastercard withdrawals, and will allow VISA withdrawals instead.
The prepaid cards are frequently hailed as the safest of the three options since you don’t need to set up a bank account or use the same PIN for each transaction like you have to do with credit/debit cards. Most of these cards can also be topped up multiple times, but that would mean going to the bank in order to transfer the funds.
Due to their widespread and safe usage, credit and debit cards are more convenient options, even though you will have to provide personal details to online casinos when completing the transaction. Still, bear in mind that we are talking about the leading card issuers in the world, so your safety will be maintained at all times.
Canada’s Instant Banking System Interac
Canada has produced its own version of the VISA payment processor, dubbed Interac. Interac is a homegrown Canadian product with incredibly fast processing times that uses CAD as currency and is widely available to Canadians. It is a payment system with more than 30 years of tradition, backing its success and making it so appealing to online casino players. Interac
offers different subsystems with unique characteristics, such as Interac e-Transfer and Interac Online, which most players use to make casino deposits.
Interac sends you the chosen security question that you need to answer before completing your transaction, so an extra security layer is ensured.
Prepaid Electronic Vouchers
Except for the prepaid cards mentioned earlier, there is another way of making a casino payment safely and fast without disclosing your banking details. Yes, you have guessed it. We are talking about prepaid vouchers, such as Paysafecard. Paysafecard and other prepaid cards are, in fact, plastic cards with different value denominations, ranging from 5 to C$100 per card.
The card features a unique 16-digit PIN you need to insert to make a casino deposit. These cards are also reloadable, so you can use them several times over and have your deposits complete instantly.
On the other hand, the downside to prepaid vouchers is that they can’t be used for withdrawals, so you have to choose a different method for your payouts.
Air-Tight Security With Instant Banking Systems Another ultra-safe banking method for online casinos is Instadebit. This online banking system performs rigorous checks during the registration process. It requires players to insert banking details, personal information, social security numbers, and different sensitive data so that the system can link your bank account to it and verify that you are who you say you are.
If it seems that giving away this data is a security threat, just note that it is how you stay protected, as these are not shared with any third parties and, by verifying your account, the casino ensures only you have access to it.
Conclusion
These new digital payment methods have shaped the iGaming industry’s outlook and have become an integral part of online casinos. The methods we have mentioned here are all trustworthy and safe, but you also need to do your part and not disclose any sensitive data to anyone. Keep your banking details between a bank and a casino, and you have laid a foundation for the successful and fun casino experience.