If you’ve been keeping up with the iGaming scene around Durham, you’ve probably noticed a big change: credit cards are fading out, and fintech is taking their place.
The nascent Ontario iGaming scene is quickly adopting new fintech solutions, making traditional payment methods like PayPal, Visa and Mastercard seemingly obsolete. This is driven by a need for more responsible gambling features.
In this article we will cover this trend and share the best iGaming payment alternatives of 2024.
How iGaming Deposits Are Changing
Ever heard of Loonio, Gigadat, Payper, or Mifinity ? You may be missing out.
If you’re a serious iGamer, it’s time to wise up to the times and adopt payment methods that protect you from overspending or binge gaming in the future.
All the brand names mentioned above set fixed spending limits, they don’t allow you to gamble on a credit. The first three of them (Loonio, Gigadat, Payper) are payment products based on Interac, the famous service in Canada, that I’m sure you’ve all used countless times.
And Mifinity is a new market-leading ewallet (it’s not as mainstream, and you can read more about it here). Along with their competitors eZeeWallet and MuchBetter, these three brands are making PayPal obsolete for gambling. While a few Ontario brands still accept PayPal, it comes with high fees and is far from ideal for iGaming.
If you haven’t thought much about how to fund your online gaming accounts, now’s the time. Fintech companies are developing around Durham and in the greater Ontario region. Their new products such as Interac by Loonio or FastPlay are becoming the main way to deposit, withdraw, and manage money on gaming platforms.
Why is this happening, and why are alternative payment methods (APMs) surpassing credit cards for iGaming ? Let’s break it down in this article.
Why Credit Cards Are Losing Ground
Credit cards are being used less in Ontario’s iGaming scene because of stricter rules and safety concerns. Regulators want to make sure players are gambling responsibly. The UK has implemented a ban on the practice. In general, credit cards make it easy to overspend since you’re using borrowed money, which can lead to debt. Fintech offers a safer way to control spending. When you use a modern ewallet like eZeeWallet, there is simply no credit line. You can only pay what you have.
How Fintech is Changing the Game for iGaming Payments
So, what’s fintech? It’s short for financial technology. Doesn’t sound that scary when you break it down into two words, does it ? And it’s changing the way we handle money online. Instead of traditional banking methods like credit cards, fintech platforms use digital solutions. These tend to be faster, more secure, and—here’s the big one—more responsible.
The big fintech players in the iGaming space are digital wallets like Payz, Instadebit, and even cryptocurrency platforms like Bitcoin. These services give you real-time control over your funds, making deposits and withdrawals quicker and more transparent than ever before.
Why Fintech Is Taking Over
Why is Fintech becoming the go-to payment for Ontario iGaming? Here’s why:
1. Instant Deposits and Faster Withdrawals
Credit card withdrawals usually take 3 to 5 days to process. Let’s be honest here, nobody wants to wait that long. Thankfully, the presence of fintech alternatives makes it a game changer. What took days before can be processed in just a few hours.
In addition to this, you may utilize your digital wallet or cryptocurrency. These platforms will provide you with the fastest transactions, nearly instant.
2. Enhanced Security
It is common knowledge that credit card fraud is very rampant in the online gambling world. To prevent yourself from falling for these scams, you can lean into fintech. Fintech now has multiple layers of security like encryption and two-factor authentication. The presence of these advanced measures keep your money safe and protected.
What’s great about fintech is it does not require you to share sensitive credit card details. Instead, your transactions are processed through secure gateways that keep your banking information private.
3. Better Budget Control and Responsible Gaming
Ontario is known for prioritizing responsible gaming, especially since it regulated its provincial market in 2022. With this in mind, Fintech is the perfect match when it comes to budget control as digital wallets let you set stricter limits on your spending.
The use of a credit card means borrowing money and might lead to overspending. You may use fintech to avoid this problem. Fintech connects directly to your available funds helping you track and control your budget easier.
Some fintech platforms even let you set deposit limits or pause transactions at certain times. Similar to the responsible gambling measures implemented in online casinos. This feature gives players more control over their gaming habits.
4. The Rise of Cryptocurrencies
One of the most exciting fintech developments in recent years is the rise of cryptocurrency. This phenomenon is projected to make a big impact on Ontario’s iGaming scene. Bitcoin, Ethereum, and Litecoin cryptocurrencies are now being accepted by more gaming platforms. However, this is currently the exception and not the rule in Ontario. You may not be able to find licensed sites that offer this yet. I ran a quick search, and it seemed most of the brands listed on affiliate sites were located outside of Ontario.
However you need to understand that e-wallets like Muchbetter or Mifinity can be funded by crypto, so crypto can still be used indirectly. I anticipate wider adoption in the legal ON market soon, however.
Crypto offers a combination of speed, security, and privacy for players. The money moves directly between you and the casino, as there is no bank or middleman involved. This reduces waiting time and ensures that deposits and withdrawals are completed in minutes.
The greatest advantage of using cryptocurrency is anonymity. It is one of the most secure ways to manage your funds as you don’t need to share your banking information with the bank.
How Crypto Could Benefit Durham and Ontario iGaming Players:
- Lightning-fast transactions: Deposits and withdrawals can happen within minutes.
- Enhanced privacy: There is no need to share personal details with the casino.
- Low fees: Crypto transactions often come with lower fees compared to traditional banking.
Again you might not be able to find ON licensed sites that offer this, but it seems this payment option will be more widely adopted in the near future.
Are Cryptocurrencies the Future of iGaming Payments?
Cryptocurrencies are starting to gain popularity as an iGaming mode of payment. But the real question is, will they fully replace fintech options? Probably not, at least not yet. Crypto may work well for tech-savvy people but a lot of players are still in the process of learning digital currencies.
For now, cryptocurrencies and traditional fintech solutions like digital wallets will continue to exist alongside. As more people become comfortable with using crypto, time will come for it to dominate the iGaming payment landscape.
What Does This Mean for Ontario iGaming Players?
The shift from credit cards to fintech isn’t just a passing trend but becoming a new normal for the players in Ontario. As gaming platforms phase out credit cards, you’ll likely need to adapt to using digital wallets or cryptocurrencies to keep playing. The good news? These new payment methods are faster, more secure, and give you better control over your money.
Pros of Switching to Fintech for iGaming:
- Instant transactions: Say goodbye to waiting days for your money to move.
- Better security: Your sensitive banking info stays private and protected.
- More control: You can set limits, track your spending, and stick to a budget.
Looking Ahead: Is This the End for Credit Cards?
While credit cards aren’t gone yet, their role in Ontario’s iGaming space is shrinking fast. The rise of fintech signals a shift toward more secure, transparent, and responsible gaming practices. And with more casinos embracing fintech options, the days of using your credit card for online gaming might be numbered.
That said, the transition isn’t bad news for players. If anything, it opens the door to a better, more streamlined experience. You’ll still have plenty of ways to fund your account, but now they’ll be faster, safer, and more in tune with your financial goals.
Fintech Revolution is Here
The fintech revolution is here, and it’s making credit cards look like a thing of the past for Ontario iGaming. From faster transactions to better control over your money, fintech solutions are changing the game in ways that benefit both players and operators.
If you haven’t made the switch yet, now’s the time. Trust me, once you’ve experienced the ease and security of fintech, you won’t miss your old credit card at all.
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