Do you ever get excited by the idea of a trip to the bank? No one does. Banks are boring places where you have to wait in line. Payment methods may not be the most exciting subject out there. Still, Canada is making leaps and bounds in digital payments.
The simple reality is, we don’t need banks anymore. Technology has come to a point where we no longer need these dinosaur institutions. Canada happens to be leading the way while we say “bye bye, banks!”
If you’re bored to tears by the idea of going to the bank, keep reading. Canada’s got some new and innovative ways to make digital payments. Here’s what you need to know if you enjoy online shopping or playing in online casinos.
E-Wallets
If you've ever used Paypal, you understand the basics of an e-wallet. E-wallets, aka digital wallets, are computer or mobile applications that make cashless payments. It stores your debit or credit card information so you can pay with a tap of your phone or a click of a button.
Some of the most popular e-wallets available in Canada are:
● Skrill
● ecopayz
Since e-wallets are great for making easy payments, e-wallets are one of the most popular casino payment methods. Online casino players like e-wallets because they streamline deposits and withdrawals. They also offer great data protection for players, so it's the preferred method of payment for users concerned about privacy.
Credit/Debit Cards
Credit and debit cards are pretty simple. They both are cards that connect to your account that you can use to make payments.
Now debit and credit cards work a little currently. A debit card takes money directly out of your account. With a debit card, you cannot spend more than you already have in your account.
A credit card creates a charge that you can then pay off at the end of the month. Credit cards allow you to expand your purchasing power and build credit. However, credit card interest can rack up quickly, so credit cards must be used carefully.
Both credit and debit cards have the advantage of being backed by well-established companies. Visa is being famous for being accepted almost anywhere in the world.
People like debit and credit cards for global purchases. A lot of credit and debit cards offer rewards for making purchases. Frequent travelers can often get credit cards connected to airlines that offer free miles.
Pre-Paid Cards
A prepaid card is a card that you put funds on before you can make purchases. The amount you put on the card before you start purchasing is the amount you can spend. Some cards allow you to reload funds, and others are designed for one-time use.
Prepaid cards have a lot of uses. A lot of people like to use them for budgeting. They can also help you earn interest and make payments both online and in person.
Much like regular credit cards, prepaid cards can also earn rewards. Some people like to use them as a sort of safer version of a credit card. They've grown a lot in the past few years. Prepaid card use grew 34.2% in the five-year span between 2015 and 2020.
Cryptocurrency
Cryptocurrency has busted onto the scene as the latest way to make online payments. The great thing about crypto is it is accepted worldwide. A lot of online gambling sites like to use cryptocurrency as one of their main depositing methods.
There are all kinds of cryptocurrencies on the market. You may have heard of some big names like Bitcoin, Etherium, or even the surprisingly resilient DogeCoin. Gambling sites like these because they have less strict regulations than other currencies.
Cryptocurrency is ideal for eCommerce, especially online gambling.
Bank Transfers
Bank transfers can allow you to move funds from one account to another, pay bills, or even give money to friends. While it might seem complex, the actual process for making a bank transfer in Canada is really easy.
1. Connect the accounts by logging into you online bank profile and clicking "add external account."
2. Fill out the account details. You'll need to know both account numbers and they types of accounts.
3. Verify your accounts. Most will ask for a username/passwrod. Other verification methods involve sending a small amount from one account to the other.
4. Save the information if you want to make regular transfers. For things like paying bills or setting up a saving fund, setting this information makes future payments very easy.
Bank transfers are ideal for regularly made payments.
Final Thoughts
Canada is a highly developed country with a strong tech industry. Therefore, there are many ways to make online payments for things like casinos.
For those looking to compare and contrast the pros and cons of different payment methods for online gambling, sites like Digital Banking Club break it down for readers. They not only show gamers different payment methods, they also rank online casinos.
Canada has become an extremely popular site for online gambling. This is because their advanced technology makes payments and withdrawals a breeze. Canada is leading the way in online payments, and may phase out traditional banks soon!