Online slot platforms in Canada accept various payment methods. Among the options include digital wallets, simply known as e-wallets. They are a relatively new method compared to more traditional options like bank transfers and credit cards. What’s more, they offer various benefits over traditional methods. To this end, they rank among the most popular methods at online slots Ontario platforms.
Using digital wallets as slot payments already beats most other options. This will remain the case for some time, as e-wallets are already helping shape the future of slot payments in Canada. Take a look at the current benefits of e-wallet payments and their impact on the future of online slot payments.
Popular E-Wallets for Making Slot Payments
There are many e-wallets accessible to Canadians. Interestingly, while all seem to work the same, each has a unique advantage over the rest. Fortunately, many online casinos accept the most popular of these e-wallets. They include the following:
- Skrill: Popular for fast transactions and low fees. It is overall one of the most gambling-friendly digital wallets.
- Neteller: It offers high transaction limits, which makes it popular with high-rollers. What’s more, some casinos offer VIP rewards when you deposit via Neteller.
- ecoPayz: Offers anonymous transactions, hence is ideal for players concerned about their privacy.
- MuchBetter: Optimized specifically for gambling and other user-specific online transactions. It also affords some privacy, like ecopayz. Many casinos offer exclusive promos for payments made via this option.
Some online casinos accept more e-wallets than these. PayPal is also worth mentioning, as it is fast and widely accepted. However, it has a limited reach in the online gambling market. Unfortunately, many casinos just don’t accept PayPal.
The Current Benefits of E-Wallet Slot Payments
E-wallets already have many positive impacts on online slot payments. Take a look at some of the biggest benefits of using digital wallets as slot payments:
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Fast Transactions
Speedy transactions are the biggest appeal of the e-wallet casino payment method. Most gamblers don’t like waiting too long to cash out. Unfortunately, credit cards take too long; usually three days. Bank transfers take even longer; up to five days.
In contrast, cashing out via e-wallets is much quicker. Technically, you can receive your money within a few minutes or hours. However, casino policies vary, and many take up to 24 hours.
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Low Fees
Players must incur charges when transacting via credit cards or bank transfers. The fees can be substantial, especially for high-rollers. Fortunately, many e-wallets don’t charge transaction fees for online gambling transactions. However, it is still worth noting that some casinos charge processing fees for withdrawals, which are separate.
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Currency Conversion
Gambling isn’t entirely legal across all Canadian provinces. To this end, many Canadians still play slots at offshore casinos based all over the world. Depending on the location, different casinos accept different currencies. For instance, European casinos mostly accept euros. This can be problematic when using traditional payment methods. Fortunately, e-wallets let users convert Canadian dollars into different currencies.
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Exclusive Bonuses
Nothing is as appealing to online slot players as bonuses. Casinos have different requirements for offering bonuses. Interestingly, some offers are based on the payment method you use. For example, a deposit-match offer could only be limited to deposits made via Skrill. A cashback offer could also only apply to Neteller users. Offers based on payment methods are increasingly common, and many are usually based on e-wallets.
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Accessibility
Like credit cards, digital wallets are like a standard payment method across most online casinos. This means that you can use them at multiple casinos. Moreover, they are easily accessible; many even have apps that you can load into your smartphone. Essentially, you can use digital wallets as slot payments on any platform and from anywhere.
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Responsible Gambling
Overspending is one of the biggest setbacks of gambling addiction. Unfortunately, some players just can’t help themselves. What’s more, bank transfers and credit/debit cards have high transaction limits. So, what’s to stop them from overspending? Fortunately, some e-wallets have in-built transaction limits to help you control your spending. Additionally, methods like Skrill have pre-paid cards for further controlled spending.
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Security
Getting your finances compromised is the last thing you want when making online slot payments. Fortunately, most payment methods are reliably secure, including digital wallets. Many e-wallets use two-factor authentication (2FA) to protect your account; it would be impossible for anyone else to access your account. Additionally, they use encryption technology to secure your data and transactions.
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Privacy
Many Canadians would rather keep their gambling activities private. However, some payment methods can betray them. For example, casino payments will always show up on your credit card transactions.
Fortunately, some e-wallets are designed with your privacy in mind. For example, some allow anonymous transactions without revealing your identity.
Additionally, most digital wallets function as a buffer between the casino and your bank account; you don’t need to share your bank details when making payments. You load the wallet separately using traditional methods like credit cards. As such, you only need to transfer this money from the wallet to your gambling account.
A Future with More Benefits & Possibilities
Digital wallets have come a long way, as has online gambling. Payment providers are always trying to refine their systems and services. To this end, there are many good things in store for the online gambling industry, including the following:
Faster Transactions
Online slot transactions are already pretty quick when using digital wallets. However, delays can arise when making large transactions. Moreover, easily avoidable complications can also cause delays.
Fortunately, this will soon be a thing of the past. Players will enjoy faster transactions with fewer or no delays or complications. Interestingly, players may even enjoy instant cashouts when playing tournaments.
Better Security & Privacy
Hackers are always trying to up their game. Fortunately, cases of hacked digital wallets are few and rare. They may be non-existent in the near future as payment providers fortify their security features. For example, encryption technology is getting better. Besides better security, privacy will also improve.
More Payment-Based Bonuses
Payment-based bonuses are already wildly popular with casino players. This is good news for casinos, as it means players can make larger and more frequent deposits. As a result, casinos will continue offering more payment-based promos, which is also good news for players. There are especially lots of goodies for high-rollers who can make large deposits.
Conclusion
Digital wallets have made it more convenient to make online slot payments in many ways. For starters, using digital wallets as slot payments is easy; you can even do it on the go. Moreover, it is cheap, and you may not incur any charges at all. It is also secure, and some methods even let you make anonymous payments.
The future of digital wallets in online gambling looks even better! You will enjoy faster and more secure transactions. Moreover, you may qualify for more bonuses, depending on the e-wallet you use.
