Visa has long been a cornerstone of online casino payments, providing players with a trusted and widely accepted method for funding their accounts and withdrawing winnings. However, over the past decade, new alternatives, such as a growing number of e-wallets and cryptocurrencies, are reshaping how players transact. Despite this shift, Visa remains dominant in online gaming transactions, thanks to its security, familiarity, and global reach.
The popularity and market share fluctuate from market to market, and it is clear that different countries have different payment preferences when depositing online casinos. To learn more about Visa’s popularity in the expanding Canadian market, we reached out to Christoffer Ødegården. He heads the marketing efforts at Bojoko.ca, where they track Canadian casinos that accept Visa and monitor search volumes and user activity tied to Canadian payment methods.
In this interview, he shares his insights on Visa’s role in online casinos and how the payment industry adapts to emerging alternatives.
Visa remains dominant, but more casinos adopt an ever-enlarging list of alternative payment methods. How do you see Visa’s role evolving as these new options gain traction?
Visa has been part of the backbone of online casino payments for years, and it continues to hold a strong position because of its familiarity and reliability. Players recognize Visa as a trusted method for everyday transactions, and that trust extends to online casinos. The security it provides, including fraud protection and encryption, makes it a preferred choice for many.
That said, the rise of alternative payment methods is undeniable. It used to be that the big e-wallet alternatives were just Skrill and Neteller, but the list just keeps growing. In many markets, Trustly, for instance, is huge, and, of course, in Canada, there’s Interac. You really can’t launch a casino in Canada without Interac. Well, some do, but you shouldn’t.
Now, there are also cryptocurrencies, which have exploded in Canada. There are just so many full or hybrid Crypto casinos catering to Canadian players, and the interest is huge. Then you have e-wallets like MuchBetter, which is particularly known for crypto but also works with FIAT.
While these new options are gaining traction, Visa still plays a critical role. Many players feel comfortable using it because they already use it for other online purchases. The key to moving forward is how Visa adapts to the demand for faster transactions. There is a real risk for Visa as the generations change and people are more inclined to crypto and e-wallets. However, Visa is still highly relevant for now and will continue to be relevant in the foreseeable future.
With a growing number of payment methods available, how should players approach choosing one when selecting an online casino?
The first question is whether they already have the payment method. This is where Visa cards have a huge advantage. Who doesn’t have a Visa? The fact that Canadian players can’t use PayPal for casino transactions is also an extra boost, as PayPal is the most notable e-wallet in the world. For new players, in particular, Visa has a big advantage.
Of course, that all changes if players use Interac, crypto, or any other common payment method in their day-to-day lives. Generally, players are more wary of putting their Visa details into an online casino than using these alternative methods, as they often deem them to add an extra step of security.
Then, there are the more experienced players who do additional research and pick more niche payment methods, often methods that are more focused on iGaming and with favorable terms.
Players can pick casinos based on payment methods in two ways. The first is to find a casino they like, see what payment methods it allows, and sign up if it allows one of their usual options.
The other is to actively search for casinos that accept a specific payment method, such as Visa, eCheck, Interac, or another alternative. It is actually not that common to search for Visa casinos. These searches are only in the hundreds. Meanwhile, searches for eCheck, Interac, MuchBetter, etc., are in the thousands. The reason for this is likely that most players just assume Visa is available, and it often is.
How widely available is Visa at Canadian online casinos?
Based on Bojoko’s internal statistics from the casinos we have reviewed, Visa is accepted by more than 90% of all casinos listed. However, around 5-8% still have not partnered with Visa. While it is fairly safe to assume that most Canadian casinos accept Visa, it is never a guarantee. Players should always double-check the available payment methods before signing up at a casino to ensure their preferred option is supported.
How do you see Visa adapting to the changing landscape of online payments, especially with the increasing popularity of alternatives?
I don’t think Visa is doing enough to keep up with the rapid changes in the online payment space. While it remains one of the most trusted and widely used methods, competitors like e-wallets and instant banking solutions are outpacing Visa in terms of speed and flexibility. Players today expect instant withdrawals, and Visa’s traditional processing times simply don’t match what newer alternatives are offering.
Additionally, cryptocurrencies are gaining traction because they provide privacy and fast transactions, yet Visa hasn’t taken significant steps to compete with these innovations in the online casino sector. While Visa has the infrastructure and reputation to maintain a strong position, it needs to take the competition more seriously. If Visa doesn’t adapt by offering faster payouts and integrating better with modern digital payment solutions, it risks losing ground to the alternatives that are already reshaping the industry.
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