In today’s world, practically every aspect of human life has gone digital, from games to meetings, note-taking, and now payments. Online payments have been a thing for some years now, and their reach has continued increasing year after year.
Speaking on the subject, Bill Gates once said, “The future of money is digital currency.”, and we are seeing this future happen in our time.
Online payments were the final hurdle in making the world’s digital marketplace, and that hurdle has been crossed now. Canadians use online digital payment systems for almost everything now. With the number of options available, there is always a payment method to pick from and make online deposits and withdrawals easily.
In this article, our expert lists out the most popular online deposit options used in Canada and why so many people trust them. You can also learn the important features to look out for when picking a payment method to use here — whether you’re funding your casino account or curious about how to win the lottery and claim your prize securely.
Factors Considered When Picking a Payment Method
With new payment methods popping up on a daily basis, a lot of users have a problem picking one option from the thousands available as their preferred method.
The method every person uses depends on their preferences and where they are transacting. This is especially true when using online casinos, where parameters such as transaction speed, security, convenience and, in some cases, anonymity are important.
Before settling on a particular payment system, it is worth assessing its reliability and compatibility with the chosen gaming platform. For those who are interested in analyzing operators with a high percentage of payouts, a review of https://casinocanada.com/casinos/best-payout/, which collects data on available options and withdrawal features, can be useful.
These are some important features to assess before you start using a new online system for making deposits and withdrawals:
- Security
- Fees
- Transaction Speed
- Technical Support
- Availability in Canada
- User Experience
Most Popular Payment Methods in Canada
From the traditional payment methods to all the new alternative deposit systems, Canadians always have a number of options to pick from when making transactions online. Every method has its advantages, so every user picks their preferred service based on their needs. In terms of general use, all these options meet the basic requirements, like security, availability in Canada, and widespread use.
Digital Wallets
Since digital wallets hit the online marketplace, they have made payments a lot easier for users. These online wallets can be linked to traditional bank accounts, so they serve as payment gateways from the user to the merchant. Alternatively, some of these platforms allow users to store money on their software and make deposits to and withdrawals from merchants easily.
Some of the most popular options in this category for Canadians are:
- Paypal
- Apple Pay
- Neteller
- Google Pay
Pay By Card
Since the first American Express Card in 1958, people around the world have used cards for all kinds of payments digitally, at ATMs, and using POS(Point of Sale) terminals. Today, cards are widely used for online payments because of convenience and security.
The cards are linked to your bank account, so with just the card details, the entire deposit process is sorted. In addition, the transfer will not be completed without your security code or a one-time PIN, so your money is always safely stored in your account.
VISA and Mastercard are the most popular card service options across the world. However, in addition to these services, Canadian users can also process payments using services like American Express, Interac, and Discover.
Pay By Bank Transfer
Most banks allow users to make transfers from their accounts to other Canadian accounts easily from the comfort of their homes. Direct bank transfers are a very popular method for making deposits, especially among users who are not interested in trying out new financial tools.
Some bank transfers could be processed and forwarded to the online merchant immediately, while some others might take up to 24 hours.
Pay with Cryptocurrency
Cryptocurrencies have not been fully accepted as a payment method, but a lot of Canadians still use them for some online payments. For instance, cryptocurrency deposits and withdrawals are very popular among online bettors because they offer anonymity, cross-border capabilities, instant transfers, and low fees.
Besides casinos, only a few other online merchants accept crypto transfers, but wherever crypto is accepted, some users are ready to pay. Also, there are thousands of crypto tokens available, so merchants that use crypto only accept payments through the popular methods.
These are the common crypto options accepted for online transactions in Canada:
- Bitcoin
- Ethereum
- USDT
- USDC
- LiteCoin
- Solana
Rick Falkvinge, Founder of the Swedish Pirate Party, has been quoted as saying, “Bitcoin will do to banks what email did to the postal industry.”
With the way the industry is growing, it’s not impossible to see this prediction become reality in the years ahead.
Final Thoughts on Online Payment Methods for Canadians
Making digital transfers has become the norm in Canada because of all the new technology that has been launched to make the process secure and convenient for users. If you’re looking for the right payment method to use, you can’t go wrong when using one of the reliable and popular options that a lot of Canadians already use.