Financial technology or Fintech is a catch-all term that refers to the integration of new technology like artificial intelligence into offerings by financial services companies. Over the years, fintech has grown into a multi-billion dollar industry that is quickly transforming the way we gain access to finances.
Unlike traditional banks, finTech also simplifies financial transactions for consumers or businesses by making them more accessible and affordable. Fintech is not just limited to finance. It’s also revolutionizing the way many industries do business. An example of that is the gaming industry. In the past, gamers had to rely on traditional banks to get paid. But fintech is leveling the playing field for gamers and gaming companies by making it easier for gamers to get paid without having to go through all payment huddles
When you think about it, banking is at the heart of every gambling experience. You must deposit money to play your favorite casino games. And you need payment companies to receive your winnings owing to that backdrop, it is essential for Canadian casinos to offer well-known payment providers.
There are tons of fintech companies in Canada but not all of them process payments to gambling sites. Below is a list of the best casino payment providers in the country:
Visa and MasterCard
Visa and a MasterCard go hand-in-hand. If a gambling site accepts one of them, it will most probably support the other. That’s because these two credit/debit card issuers have near similar features.
For starters, both cards are available at all leading Canadian banks. They work the same way. But the fees may differ depending on your bank. Security Wise, Visa, and MasterCard use advanced techniques to keep you secure.
Needless to say, Visa and MasterCard are the most popular online casino payment methods in the world.
Skrill and Neteller
Skrill and Neteller come from the same company: Paysafe. Skrill started in 2001 in the UK. Neteller launched in 1999 in Canada but moved to the Isle of Man in 2004.
When these two e-wallets started, they targeted under-exploited industries like gambling and forex trading. Due to that, Skrill and Neteller are available in a wide range of online casinos.
Should you use either payment company? Both Skrill and Neteller provide fast, low cost and secure deposits and withdrawals. The problem comes in bonuses. A lot of gambling sites won’t give you a welcome bonus if you deposit through Skrill or Neteller.
In the past, Skrill and Neteller were popular targets for bonus hunters. People would open multiple accounts on Skrill or Neteller and use them to claim bonuses unfairly. Casinos learned about the loophole and stopped issuing promotions to Skrill and Neteller customers.
Flexepin
Flexepin is one of the hottest fintech startups in Canada presently. What is it all about? It is a prepaid voucher company designed with privacy in mind. You purchase a voucher, redeem it and play your favorite casino games.
You can buy Flexepin vouchers at retail stores in different Canadian cities. Or, you can top up your account online using Visa, MasterCard, Interac, or PayPal. After you make a purchase, you receive a 16-digit code with no expiry date.
To be clear, you can keep your voucher card for months. However, it attracts a small monthly fee after its recommended “Use by” date expires.
Some of the best online casinos accepting Flexepin in Canada are Betway, Jackpot City, Royal Vegas, and Spin casino. All of them support Flexepin. However, before you redeem your voucher, make sure you have done your due diligence and have selected a reliable online casino.
Interac
Interac is a popular financial payment company in Canada. It provides two major services: Debit and e-transfer. You can register for an Interac debit card and use it to make online purchases akin to using a Visa or MasterCard.
Alternatively, you can join Interac for its automated electronic transfer payments. All you need is an email address and funds in your account. Interac works with MasterCard and Western Union to facilitate smooth international payments.
E-transfer is an excellent service for casino deposits, especially if you’re a regular player. No need to log in every month. You can authorize Interac to make deposits on specific dates so that you don’t have to.
Boku
Boku is a mobile payment app best known for its ‘Pay by phone bill’ service. To expound more, Boku allows you to deposit money to gambling sites on credit. Then you can settle your bill at the end of the month.
Needless to say, Boku targets people who use post-paid phone bills. This way, the mobile payment provider can easily add your casino deposits to your phone bill. Boku is safe and convenient.
However, it provides low limits. If you’re a high-roller, you may find the company’s monthly limits inconvenient. If you’re a casual player, though, you will love the freedom that comes with depositing money to casinos even when you don’t have it.
iDebit
iDebit is a fast-growing payment provider that lets you deposit money to casinos directly from banks fast and at a low cost. You see, wire transfers are rarely fast or cheap.
The average bank payment takes 1-5 days and can cost $5 or more. iDebit solves these problems by offering instant transactions at low fees. The best part: this company also lets you complete payments as a guest. This means you don’t have to create an account.
Google Pay
Google Pay is Google’s answer to Apple Pay. It’s a mobile payment app but it does more than help you shop online. You can also use this wallet for casino deposits.
In fact, Google is increasingly getting popular at gambling sites. There’s a perfect reason. Google is well-known for its high-tech security solutions. Secondly, Google works with popular credit/debit companies.
However, it does not reveal your card numbers to casinos. Google keeps your data secure while still helping you make online payments. It also features a gift card option for people who want to make payments privately.
