Canadians are increasingly willing to ditch cash, and the average number of e-wallet transactions has grown exponentially. Customer preferences force sellers to introduce the right transactional infrastructure, especially when it comes to online shopping or casinos.
The use of cash is on the decline, and the use of digital payment instruments is on the rise, which Canadians today show to be especially appreciative of for both e-commerce, web-based, and in-store transactions. Continue reading this article to learn everything you need to know about the rise of cashless transactions in Canada.
The growth of digital payments is favoured by various factors, as per a recent analysis by Accenture, related both to government measures aimed at discouraging the use of cash and to more strictly technological and social aspects. The new post-pandemic normal has gotten us used to limiting physical interaction as much as possible, and that includes using cash to handle payments. Indeed, for years credit cards were already gaining ground on cash, but the combination of the Covid-19 pandemic and mobile payment apps has given an unexpected boost to this cashless trend.
This trend can be easily observed in online shopping, but especially in online casinos. As you find out from casinoscanada.com, Interac online casinos are the most common in the Canadian market. Interac is used for both deposits and withdrawals.
The overall adoption in online gambling is primarily due to the increase in available options, which today include not only traditional credit and debit cards but also virtual wallets and mobile applications. Paying online is getting simpler and takes just a few seconds, all without giving up the protection of your data and money.
Operators in the iGaming sector, in particular, have invested heavily in recent years in collaboration with intermediary companies capable of fully protecting users. Not by chance, among other things, when evaluating the gaming platform to register on, one of the first aspects to consider is precisely that of accepted payment methods.
At this time, it is interesting to note which digital payment instruments are most successful in our country today. An e-wallet is the name of the virtual equivalent of an item that almost everyone has – a regular wallet.
This is an account created with one of the independent payment operators through which you can perform various types of transactions, including transferring funds or paying for online purchases.
Since it is a "wallet", with it, we can perform actions such as:
Some e-wallets also allow you to set up a prepaid card – physical and virtual – although this usually involves an unavoidable fee for its service, and cards in respective currencies are not always offered.
One of the key points, why e-wallets are so popular, is that they allow you to pay online securely, as, with them, the casino or business where you will be making the payment does not have access to your bank details.
Of course, using e-wallets has its drawbacks, as some charge high fees or are not accepted at all casinos. However, ease, simplicity, and having everything at the touch of our smartphone are something that attracts many users, and for this reason, e-wallets are one of the most popular payment methods for online casinos.
We are therefore facing a profound change in the habits of consumers of all ages and social categories, a rapidly growing phenomenon that can no longer be underestimated by those active in commerce, who are called to innovate and guarantee the widest range of alternatives to banknotes and coins.
Digitalization of financial services is a global trend. The strong adoption of payment apps to replace cash by the population is an obvious example of this. In the times when internet payments are something completely natural for most of us, it is impossible to ignore electronic wallets. So, people are starting to pay cash less and less and this can be considered positive, considering the safety and speed of transactions.
