As businesses continue to grow, we are seeing the growing emergence of online-oriented commerce. Whether these take the form of online retailers, online casinos, or mobile app stores, non-traditional payments are on the rise. Knowing the most convenient payment methods available to consumers is now more important than ever as Albertans and people around the world move toward a cashless society.
Researching the time taken by different payment methods to process transactions is very important in today’s fast-paced world. Albertans have access to several payment options for funding their different activities, be it shopping, online services or gaming.
As the iGaming industry continues to thrive, online casinos that offer fast withdrawals are growing more popular. According to Ben Horlock, this list of fast withdrawal casinos offers players the opportunity to access winnings immediately, staving off the inconvenience of slow transactions and pesky waiting times.
While Canada remains one of the largest markets for online gambling, the most popular payment methods available to Albertans vary across other industries. Here’s how they play out, according to various characteristics, advantages, and other traits that make them popular.
The most popular payment methods in Alberta can be grouped into three categories: traditional payment methods, e-wallets, and cryptocurrencies. Traditional methods include bank transfers and debit and credit cards such as MasterCard, American Express, and Visa. These cards can be used for instant deposits of CAD and other currencies as well as quick payments for point-of-sale (POS) transactions and online purchases.
Debit cards are also easy and convenient to use for transactions, with the added benefit of not attracting interest charges since funds are drawn directly from the user’s account. They are also a great budgeting tool since you can only spend what you have in your account.
Bank transfers are another popular payment method for goods and services in Alberta. People can transfer funds directly from their bank accounts to any account of their choice via wire transfer or electronic funds transfer. Bank transfers may take longer to process than other payment methods (unless facilitated as an instant payment), but they are a secure and reliable way for people to move funds and make payments.
Traditional payment methods now also encompass e-wallets such as Neteller and PayPal, which have become very popular since they were introduced to Albertans. PayPal has been around for many years, and has the following benefits:
- It is a widely accepted payment method.
- It has a responsive website and a dedicated mobile app, which is very convenient for mobile operators.
- Deposits are instant.
- It has the option to withdraw straight into your bank account.
- It has reasonable minimum deposit limits, which is convenient for even the most casual players.
- You can track your funds and see how you use them at any given time.
Although they come with many benefits, PayPal and other popular e-wallets also have some of the following drawbacks that draw consideration:
- Although widely accepted, many are not available worldwide.
- There can be some lag time between account queries and customer support responses.
- Payments and even deposits often attract fees and commissions.
As the world marches on toward more and more digitisation, another payment method worth noting is cryptocurrencies. Although not yet popular in the day-to-day lives of ordinary consumers, they are very popular in the online gaming industry. Their increasing popularity might make them one of the most acceptable payment methods one day.
However, cryptocurrencies are already proving very popular in gaming as many so-called crypto casinos and general gamers now use them for payments and to withdraw winnings. Cryptocurrencies such as Bitcoin, Ethereum, Tether, Ripple, and Litecoin are the most widely accepted at online casinos, but the list is growing. Cryptocurrencies are proving revolutionary as one of the fastest-growing payment methods on such platforms, attracting a new class of players worldwide.
Cryptocurrencies are also proving to be very competitive amongst many traditional payment methods because of the many advantages they offer, such as low transactional fees, protection of financial and personal data, reduced transaction processing times, accessibility to anyone with an internet connection, and their independence from central banks and governments. Crypto’s currently limited acceptance as a form of payment method is due to several reasons, such as the uncertainty surrounding them because of their volatility, their lack of clear regulations and guidelines, and their susceptibility to price manipulation by large holders.
As far as alternative payment methods go, Interac e-Transfer is also worth mentioning among the most popular payment methods in Canada. It allows users to send and receive money directly from their bank accounts. This facility can be used by people who have accounts with a participating bank or credit union, such as Scotiabank, the National Bank of Canada, or Acadian Credit Union, to name a few. Money can be sent via online banking or a mobile banking app and Interac e-Transfers are secure, easy to use, and accessible 24/7.
Aside from traditional payment methods and e-wallets, there are also prepaid options such as Paysafecard. Paysafecard is a prepaid card that can be bought at various retailers and used to make online transactions. It is a convenient and secure payment method for people who prefer not to use their credit and debit cards. Paysafecard is very convenient and can be used as a budgeting tool since you can only spend the preloaded amount. With this payment method, there is no need to share personal or financial information, and you do not need a bank account or credit card.
To attract customers and boost sales, modern businesses usually offer a variety of payment options to cater to different customer preferences. Customer needs are always changing, and it’s therefore become paramount for businesses to modernise with them. Providing consumers with different payment methods means businesses can remain robust and flexible. The various payment methods now in use in Alberta and other developed regions must, however, also remain secure and easy to maintain in order to be viable.
