Payment options are a huge talking point in the world of casino gaming. When online casinos first began reshaping the industry, there were only a handful of options.
While debit cards and PayPal were among those, there has been a steady rise in the number of Canadian online gamblers choosing PayPal over more conventional payment methods such as credit and debit cards. Today, we’re going to explore the reasons behind this and whether it could reshape the dynamics of the Canadian market.
A Wider Choice Of Options
When online casinos emerged in the early 21st century, the market was nowhere near as vast or varied as it is today. Over time, different areas of casino gaming have established their own niches, and although PayPal has been around since the inception of online casino gaming, the growing number of highly-rated platforms that champion PayPal as their primary payment method has been a key driving force behind this recent surge.
However, as is the case with any casino gaming market, you should do thorough research, and you should have a good grasp and understanding of what it is you are looking for. Some gamers will use expert resources to decipher which platform they think is best for them. Some brands and platforms, such as talkSPORT, collate lists of their highest-rated PayPal casinos. Ultimately though, it’s about understanding the benefits of PayPal casinos and choosing the payment solution that best suits your gambling style.
Flexible Fintech – An Extra Layer Of Security
Unlike credit or debit cards, details of which are often stored on file and contain a plethora of sensitive information, PayPal transactions are linked and authorized via your email address. As long as you have appropriate security in place, such as two-factor authentication (2FA), or use an authenticator app that sends a code before you log in, the key payment information associated with your PayPal account is simply your email address.
If a casino is a victim of a security compromise or a data breach, although your personal information is stored on file, you won’t have to worry about your credit or debit card information being leaked, and having to go through the convoluted process of cancelling it and ordering a new one. This remains one of the key reasons why people opt for PayPal.
Digital currencies are becoming an integral part of digital business; it’s a case of when, not if, they will be instituted, whether it be in casino gaming or in other sectors and industries where we purchase goods and services online.
For some casino gamers, security is the paramount factor. In fairness, the majority of online casinos have robust security measures in place, and attacks by cybercriminals are relatively rare. However, for those looking to add an extra layer of security and avoid having their credit or debit card details exposed, this is a key driver behind Canadian online gamblers opting for PayPal as their primary payment method.
The Power Of A Recognizable Brand
While credit and debit cards are arguably just as recognizable as PayPal, the widespread use of PayPal helps validate it as a payment option in the world of casino gaming. It also helps that it has brought several multimillion-dollar brands under the same umbrella.
Millions of people use PayPal for everyday purchases, and it has the brand visibility and scale that the majority of the industry envies. The organization has tens of thousands of employees across dozens of countries, and one of the most recognizable logos in finance.
With this visibility comes a high level of trust, and when you combine this with our previous point about how PayPal uses emails and phone numbers to validate rather than sensitive card information, we begin to paint a picture of why more Canadian online gamblers are starting to choose PayPal over conventional payment options.
Fraud Protection And Logging Complaints
PayPal has long been a market leader in consumer safety and fraud protection. Transaction monitoring has always been an area in which PayPal excels, and the framework they have in place means that anyone who feels an online casino has wronged them, or who is experiencing delays with their payment, can immediately complain to PayPal. Their customer service facility is available 24/7, unlike those of banks, where many of their call centres will operate a skeleton staff outside core office hours.
In Canada, if you have issues with PayPal or you do not like how they are handling a complaint, you can refer the matter to the Ombudsman for Banking Services and Investments (OBSI). Since PayPal is registered and has to respond to the federal regulatory body, this also helps the company establish itself as a trusted payment route.
For instance, blockchain and cryptocurrency is developing as a promising niche within the casino gaming world, and while the borderless, decentralized and direct payment options are highly innovative, if a casino gamer has an issue in the way they do with PayPal, there’s no third-party auditor or governing body that can intervene in the way the OBSI can with PayPal – which also prompts people to opt for it as a payment method instead.
Final Thoughts
Ultimately, it comes down to choice. Some people who use PayPal will also continue to use credit or debit cards. Still, it is advantageous to have flexibility in a market renowned for openness to financial payment innovation and for integrating new ideas.
Canadian online gamblers are following a trend similar to what we saw unfold in the UK in the early 2000s. While the UK might be ahead of the curve in terms of regulating and legislating the industry, many of the patterns and behaviors that customers exhibit fall into the same broad categories.
As long as PayPal remains a prominent part of the fintech world and provides an alternative for casino gamers looking to deposit and withdraw funds, it will continue to play an important role in shaping the industry’s future.
While credit and debit cards evolve over time and become more digital, PayPal offers benefits that keep it relevant. It has been primarily digital since its inception and introduction into the casino gaming industry. Due to the company’s size and capital, they’ve been able to integrate new ideas and keep up with the times. As the casino gaming world becomes more global and interconnected, there’s no reason to believe that PayPal won’t remain as relevant as it is.
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