The online casino industry is one of the fastest-growing industries in the world, and it is also one of the most lucrative across the globe. Another fast-growing industry is the digital payment platform which has risen in popularity over the last few years. Both industries are complementary to one another.
While the online casino industry is a popular spot for various casino games, those gambling games can only be played when there is money in your online casino account. This is where the digital payment methods come in, as it is through them you can get your money from your digital accounts to online casino accounts. Over the years, several digital payment methods have emerged and risen in popularity, with some of them having an edge over others in the industry.
Canadian online casinos implement several of these online payment methods to attract gamblers into playing the games in their libraries. Several payment methods stand out among the rest, some of the most popular payment methods in Canada are Interac Online, MuchBetter, ecoPayz, WebMoney and iDebit.
The Payment Methods in Canada
Over the years, several online payments have emerged and got lost in time in Canada. While some managed to withstand the test of time, some couldn’t cope with the regulations of the Canadian government and chose to pack their bags and leave the country. Due to this, Canadians only have access to a few of these digital payments. Although the number isn’t quite low but compared to other countries, it is limited. However, some have managed to stay and some were launched during these times and rose in popularity.
Many digital payments have risen in popularity over the years, and some of them include Interac Online, PayPal, ecoPayz, WebMoney, MuchBetter and iDebit. Research about iDebit casinos in Canada show iDebit has been around for a long time, and while it isn’t as old as Interac, it is one of the digital payments that managed to withstand the test of time.
Technology Behind Payment Methods in Canada
While the first online payments emerged as far back as the 90s, the technology behind them today can’t be compared to what it used to be back then. Over the years, payment methods have evolved to ensure secure and fast payment transactions between clients and merchants on the internet. Every web payment processing platform is always composed of three basic components.
- Merchant Account: This is usually a bank account that triggers online payment processing for internet platforms. Without this, these platforms will have nowhere to store the cash being sent to them by their customers. This merchant account can be received from a payment processing company, which is also the payment method platform.
- Payment Processor Tech: The digital platforms are always responsible for the transactions going on between clients’ bank and their expected destination. Before payments can be processed through payment methods, several questions will be asked like the validity of credit or debit cards, available funds, card limits and many more. Another function of a payment processor is to ensure security. The payment processor technology verifies the authenticity of a card to prevent fraudulent activities.
- Payment Gateway: This can be considered as a medium where transactions take place between the payment processor and the destination (an online casino account or customers’ bank accounts). The payment gateway is needed as security measures prohibit transferring data from bank to bank. So it is an important measure needed in all payment methods.
There are several technologies behind payment methods operating in Canada, and those are only the basics you need to know. As the years’ pass, technology will evolve and so will the online payment methods being offered in Canada.