Dave Roe | Feb 25, 2023
Image: Freepik/macrovector
Payment systems are the cornerstone of online casino gambling and the most important technology currently fostering the continuity of the iGaming industry in Canada and other parts of the globe. Technology plays a huge role in differentiating casino brands and allowing operators to generate revenue. This explains why payment technology is a major topic discussed in the newly regulated Ontario market. After an extensive session with Dave Roe, the COO at Paramount Commerce, it is clear why operators are spending a fortune to ensure the efficiency of their online banking systems. In this piece, we discuss Dave Roe’s responses to understand the role of payment systems in iGaming sites, how the Ontario iGaming scene embraces payments technology, and what the future looks like.
Importance of Payments in Canadian Online Casinos
The importance of payments in Canadian online casinos cannot be overstated. Payment systems ensure efficient and secure transactions, drive player acquisition, and enhance the player experience. For instance, banking solutions allow players unlimited access to their funds through deposits and withdrawals. This is by facilitating online money movement in real-time. Some operators have gone above and beyond to increase deposit and withdrawal processing speeds to make the entire process efficient.
Canadian casinos with a strong online presence understand the immense role payment systems play in their gaming sites. By offering reliable payment solutions, these casinos can not only attract new players, but also retain existing ones.It is, therefore, crucial that no banking error is experienced when new players make their initial deposit so that operators can benefit from high conversion rates. After all, this is the only way to record a higher return on investment.
Finally, Payment systems are a crucial determinant of player experience. After all, a gratifying/positive online casino experience is partly built by the availability of payment solutions that guarantee fast deposits and withdrawals. Such iGaming platforms decrease stress levels, upsurge the number of transactions processed, and maximize profits.
According to Dave Roe, these are the aspects of why brands have multiple payment systems. In essence, if a payment option is not working, players can choose another banking solution. On the other hand, if a specific card payment or e-wallet is inaccessible in a certain region, players can easily switch to different online banking methods. By improving players’ gaming experience, operators get to enjoy a high rate of customer acquisition and retention, not to mention, enhance brand loyalty.
How Ontario iGaming Scene is Embracing Payments Technology
The Ontario provincial government announced its interest to start regulating the iGaming market in November 2020. In the fall of 2021, the government started registering companies under the governance of the Alcohol and Gambling Commission of Ontario. By April 2022, online casino gaming was in full swing. Besides VR and AR, which are the future of online gambling, payment technologies were identified as the key factors that will influence the growth of the online casino gaming industry in the province. The apparent importance of the technology has seen the Ontario iGaming scene embrace payment systems.
According to Dave Roe, Interac, Canada’s most trusted online payment system, is currently used to initiate transactions. Feedback from operators and casino users shows that the payment method ranks high. Its popularity is further promoted by the challenges experienced with card payment solutions like VISA and MasterCard. With Interac, players can make fast deposits and withdrawals safely thanks to Interac’s safety and security system. Besides, the payment option has massive coverage in the province.
Dave Rose has confirmed that operators in Ontario are working tirelessly to ensure that players have access to more payment systems, including digital wallets, which have become increasingly popular and are posing a threat to the traditional credit card market. These operators work round the clock to provide players with a more diverse range of payment options, ensuring their gaming experience is as seamless as possible. By introducing more payment options, such as digital wallets, players will have greater flexibility and convenience when making transactions. These platforms offer a more convenient and secure payment method, causing credit card companies to adapt or risk losing market share. Gaming enthusiasts at the top Canadian online casinos should expect additional online banking solutions soon.
Innovative Payments Set to Transform Canadian Online Casinos
Despite its recent initialization, Canada’s online casino gaming scene is already experiencing multiple interruptions, especially regarding payment technologies. One of the payment innovations making headlines in Canada is cryptocurrencies, an online banking solution that relies on blockchain technology for transactions. Thanks to the advent of online crypto casinos, players can now deposit and withdraw funds from their accounts using Bitcoin, Litecoin, and Ethereum. Crypto first gained traction as an investment. Currently, the payment system infringes on the online casino scene as one of the most efficient and secure payment options.
Another impressive payment trend in Canada is Embedded Finance. Embedded Finance is a unique innovation meant to enhance the overall player experience by ditching the traditional process of funding online casino accounts. For instance, you can now initiate a transaction without ditching the game. Thanks to Embedded Finance, players can use instant bank transfers or any other supported payment option to make in-game transactions. The entire process is fast, simple, and secure. You only need to find an online casino offering Embedded Finance and make in-game payments.
Bottom Line
For the best online casinos in Canada to provide an unmatched user experience and ensure the profitability of gaming sites, it is crucial to implement the latest payment technologies. Their importance is why the Ontario iGaming scene embraces online banking solutions despite its recent initialization. So far, Interac is already making headlines as one of the top banking options in the region, with innovations such as cryptocurrency and Embedded Finance being considered the future of casino payments in Canada.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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