The Benefits of Contactless Payments for Canadians in the Gaming Industry

Contactless payments have streamlined how we transact nowadays. We are significantly more efficient and have more time to spare thanks to the payment technologies. These means of transacting are especially present in the gaming industry. In fact, contactless payments are one of the main reasons why gaming companies have managed to grow over the past 2 decades. Unfortunately, it’s possible to use this technology to scam people online, which is why regulations are a necessity.

People have been wronged in the past, and some of them found out the hard way why unregulated online casinos can be a problem. Luckily in Canada, users have access to reputable sites that comply with their regulatory framework. These operators also allow players to use Interac and other payment methods popular in Canada. You can find a list of online casinos that accept Interac at https://wageringadvisors.ca/ and find out what other appealing features they have. This is one of the safest ways to enjoy your hobby. Here we will talk about modern payment methods and how they revolutionized the gaming industry. 

How Contactless Payments Make Gaming More Seamless and Convenient

One of the best things about online transactions is that they are processed within minutes. We no longer need to stand in line to order what we want. Now it’s possible to pay, and get the product immediately, provided that it is a digital product. If not, it usually takes a day to be delivered. 

It’s important to note that the existence of this technology has changed the way how games are monetized. The mobile gaming market is filled with free-to-play titles that are monetized through microtransactions. There are almost 2000 Canadian publishers in mobile gaming stores, which is around 1% of the total global market. In other words, this is a big chunk of domestic industry. 

The Increased Efficiency for Casinos

Contactless payments are amazing for online gamers who live in more remote areas. Many Canadian provinces don’t have gambling establishments, so the only option is to play online. This means there are no additional costs for gas, and you don’t even have to leave your house. It’s also good news for a provider that doesn’t need to open a shop in your neighbourhood. 

Of course, there are lots of limitations when it comes to contactless payments, but for an average consumer, they are barely noticeable. However, if you hit the jackpot and win hundreds of thousands, then there might be some additional steps involved before you get access to your winnings. That being said, most players use low deposits and common game strategies to win, so jackpot withdrawals aren’t exactly the concern. These are rare situations, and unfortunately, most players will never deal with issues related to withdrawing a jackpot.

Safety and Security

Without contactless payments online casinos would be incredibly difficult to regulate. The reason why digital transactions are embraced is that it’s easier to track the flow of money this way. Land-based casinos were constantly used by criminals to launder money because they accept cash. This is almost impossible to do if you are playing online. 

The Use of Prepaid Cards or E-wallets

The reason why contactless payments made online gaming more accessible is thanks to e-wallets and prepaid cards. It’s possible for someone who doesn’t have a bank account to add funds to a card or e-wallet and use them on online games. Moreover, some of these transaction methods are compatible with SMS payments, which means whatever you purchase is simply added to your phone bill. 

Prepaid cards and e-wallets also allow users to remain private when transacting online. What’s more, these are some of the cheapest ways to transfer money, as there are often no additional fees. Canadians have access to several prepaid cards and e-wallet providers:

• PaySafeCard
• Skrill
• ApplePay
• GooglePay 
• PayPal

These payment methods are available in almost any online casino, and they can easily be used for making purchases in mobile games. 

Impact of Contactless Payments and Emerging Technologies on the Future of the Gaming

Cryptocurrency transfers are transactions on the blockchain, and this technology has also seen its use in gaming. One of the trends that it spawned is so-called play-to-earn games, where players can obtain an in-game currency that can be exchanged for real cash. 

That being said, other companies have played around with these concepts as well. One such example is the WoW token that is available in World of Warcraft. It allows players to exchange their in-game gold for store credit on Blizzard’s BattleNet app. This may become a thing in Metaverse if VR gaming finally sees a boom. If there are online casinos in the Metaverse that work on virtual currency, maybe it will be possible to use that currency as store credit for other digital goodies in Metaverse.