Modern payment methods: cryptocurrency, e-wallets and new casinos in Canada

The entire iGaming industry has undergone remarkable transformation concerning how payments are processed. And unsurprisingly, the Canadian online casino space has embraced a good extent of these changes with modern payment methods. What used to be a sector dominated by bank transfers and credit cards is now powered by digital wallets and cryptocurrency. 

Notably, Сanada’s freshest online casinos are leading the charge when it comes to adopting these modern payment solutions. Over this piece, we’ll be doing a thorough overview of the modern payment methods that are gaining ground in today’s casinos. We’ll also highlight some important circumstances surrounding this shift. 

What changed: The shift 

Michael Fender, iGaming commentator: “Speed is everything. Players don’t want to wait days for a withdrawal, they want their money instantly.”

Fintech solutions have been gaining ground in many industries for the past decade or so. However, this trend does not explain the exponential demand and adoption of e-wallets and cryptocurrency in casinos. As a major casino gambling market, Canada is constantly on the path of innovation and adoption, to drive longevity. 

For most players today, a casino’s reputation is beyond what games they have to offer, but how they handle transactions. As such, fast, secure and transparent payments have become a sacrosanct in the casino business. This reality has shifted demand for fast and sustainable payment solutions. 

Furthermore, in regions like Canada, where casino gambling regulations vary by province, adopting e-wallets and crypto is a sure way to extend reach.

Adoption of e-wallets: The game changers 

On current trends, e-wallets are the most adopted payment channels by Canadian casinos. They emerged as a fast and secure alternative for users to make deposits and withdrawals, without having to link their bank accounts. 

Below are the most widely adopted e-wallet solutions in Canadian casinos:

• ecoPayz 
• Neteller 
• Skrill 
• PayPal 

With the exception of PayPal, the aforementioned channels are fast growing e-wallets with strong casino partnerships. 

The merits of e-wallet adoption 

It is only proper we explore the features that have made e-wallet adoption so spot-on in Canadian online casinos.

Convenience and flexibility 

e-wallets are one of the simplest banking solutions out there. Asides from their native wallet, users get the choice of linking several bank accounts to the same wallet. This advantage comes in handy in the fast-paced endeavour of casino gambling. No player wants the hassles of following banking protocol when it’s time to spin their favourite slot games. 

Speed 

With e-wallets, casinos are able to process deposits instantly and withdrawals relatively quicker. This rate is a far cry from traditional baking channels that could take as much as days to credit withdrawals. Surely no player wants to wait days or be queued on a withdrawal waitlist to receive winnings payment.

Rewards 

As part of user incentives, some e-wallets offer loyalty points that can be redeemed into cash vouchers. Sometimes, these rewards are offered as cashback on transaction amounts. It may not seem like much, but they’re definitely an added advantage to using e-wallets. 

Cryptocurrencies

Nassim Nicholas Taleb, Lebanese scholar and risk analyst: “Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.” 

Crypto payments sort of happened to the iGaming space. Due to its growing reach and decentralised operations casino operators were pretty swift with onboarding crypto payments. In other words, crypto’s perks were just too elaborate to ignore. 

The major selling point here is crypto’s sensational effect, with the old and young now owning crypto assets. This breeds a win-win situation as Canadian casino providers are riding on crypto’s renown to reach more users.

The merits of crypto’s involvement 

Asides from their volatility, cryptocurrency offers a lot to iGaming users. Even so, the advent of stablecoins has completely countered the effect of volatility. Let’s highlight the most solid benefits of crypto adoption in iGaming. 

Fun Fact: The first recorded Bitcoin casino appeared back in 2013, but now dozens of Canadian casinos accept multiple cryptocurrencies.

Global reach 

Since crypto is not centrally regulated, most regions in the world can send and receive tokens. This advantage gives Canadian casinos the leeway to offer their services to marginalized jurisdictions and reach more players.

Anonymity 

Crypto transactions retain a good level of anonymity for users and facilitators alike. This is possible because crypto transactions channels do not necessarily require personal information. Ideally all users required to send and receive crypto is a wallet address, not tied to any personally identifiable information. 

Speed 

With only the exception of network congestion, cryptocurrency transactions are almost instant. This caters to the need of players not wanting to wait long hours for casino deposits or withdrawals to be finalized. 

Fun Fact: Canada was among the first regions where new casinos actively marketed themselves as “crypto-friendly” to attract modern players.

Future trend in Canadian casino payments: An expert’s opinion 

Looking ahead, Canadian online casinos will likely align more with innovations surrounding payments. As long as payment satisfaction remains proportionate to player satisfaction, anything modern, fast and flexible might be embraced. This standpoint has been substantiated by several Canadian casino reviews from expert and resource person, Gerda Grinova. 

Cryptos for sure will gain more ground as casinos seek to integrate more coins, aside from the popular ones. Mobile first e-wallets will also stay their course as the most user-friendly payment options. Overall, the driving force will remain convenience and speed for local and offshore users.

Close

In the end, there’s more choices than ever for the Canadian casino user. Players have an array of payment options that cuts across card payments, e-wallets, bank transfers and cryptocurrency. The richness of these options didn’t happen overnight, it required a few shifts and a crop of casino operators willing to adopt. Today, the average Canadian casino facilitates payments with a decent range of transaction channels.

Future projections look promising as well as more fintech companies commit to creating fast and reliable payment solutions for digital business models. The Canadian online casino sector is sure to partake of whatever top innovations come on the market.