End To End Guide To Using Interac At Canadian Online Casinos

Online Casinos That Accept Interac (by Loonio) in Canada:

• Jackpot City : Shows Loonio as “Best Choice for Canada”.

• Ruby Fortune : Offers Loonio’s “e-transfer for Winners”.

• Spin Casino : Accepts Loonio deposits.

Interac is the single most popular payment method for depositing at Canadian casinos. It currently supersedes credit cards. The introduction of Loonio.ca as a deposit modality only cemented its dominant position in the Canadian iGaming space.

Let’s start this article with some definitions.

What is Interac ?

Interac is the main product of the Interac Corporation. Interac Corp was formed when the nonprofit Interac Association and the for-profit Acxsys Corporation were combined into a single for-profit entity in February of 2018.

Interac as a service is basically a Canadian intra-bank network that facilitates financial transactions directly between bank accounts. It offers two main products: Interac e-Transfer and Interac Online. The former is the one you’ll need for online casino transactions. The latter is typically used for online shopping and purchases.

What is Loonio ?

Loonio is a Canadian fintech company serving the iGaming deposits niche, established in 2022. Their motto is: “Super secure, super simple.” What they are is an Interac-based, Interac sub-branded payment gateway for Canadian iGaming operators. However, they don’t stop at gaming; they are into the retail and shopping fields as well.

As a deposit modality, Loonio is fast and secure. It’s very convenient to use especially when playing at online casinos. As we will see below.

When speaking about Interac, some find it confusing and others don’t understand how it works. So we’ll take the bulk of this OutlookIndia article to explain its inner workings.

Understanding Interac in its various forms: Gigadat, Payper or Loonio

It may seem a bit confusing at first because there are so many different Interac implementations to choose from, but have no fear, it’s actually quite simple. Some common methods Canadian iGamers are exposed to are : Gigadat, Payper and PayDirectNow. These are just variations on the main service which is an EFT or an Electronic Funds Transfer.

In this piece, we will first focus on Loonio as a deposit modality.

The Introduction of Loonio For Gambling Deposits

Maybe you’ve heard of the latest addition to Canadian banking, Loonio. But what is it? And what does it have to do with Interac?

Loonio is basically like an innovative extension of the Interac system. Here’s an in-depth look at how Loonio integrates with the existing Interac infrastructure and what it brings to the table:

Enhanced Security Measures

Loonio.ca offers a more advanced security framework by incorporating additional layers of protection. I mean, on top of the usual Interac security stack. This includes advanced encryption techniques and secure login protocols that ensure all transactions are conducted within a secure banking environment. The focus on security means that your financial and personal information remains confidential, significantly reducing the risk of fraud or identity theft. This is especially beneficial in online gambling where large sums of money can be involved.

Streamlined User Experience

One of the standout features of Loonio is its excellent user experience. If you thought Interac was easy to use, you should try Interac e-Transfer by Loonio. No need to remember any passwords or PINs here. Loonio also offers an intuitive interface that guides you through each step. It doesn’t get much easier to use a banking service than this. Plus, the system is designed to minimize errors and ensure that transactions are completed efficiently. We liked the email cues that guide you throughout the process and the thoughtful reminders via SMS as well.

Real-Time Transaction Processing

But here is the real benefit: Loonio provides real-time transaction processing. That’s the advantage of leveraging an established service like the Interac Real-Time Rail (RTR) system. So whether you deposit or withdraw, your money is moved instantly. This real-time capability not only enhances user satisfaction but also provides a competitive edge to online casinos that offer Loonio as a payment option. It meets the high expectations of modern online gamblers who seem to value instant withdrawals more than anything else.

Broad Accessibility and Integration

Loonio is highly accessible. It’s integrated in the network of Canadian banks and credit unions and their compatibility just grows larger every day. Their loonio.ca website boasts to already have over 100+ Canadian bank and credit union connections. Over the next few months, you’ll most likely see more and more casinos accepting Interac by Loonio.

Cost-Effectiveness

In addition to its technical and operational advantages, Loonio is also a cost-effective solution for both players and casinos. The platform typically offers lower transaction fees compared to traditional payment methods such as credit cards, where fees can be higher due to interchange fees and other charges. This cost-effectiveness makes Loonio an attractive option for frequent online transactions, including those in the online gambling sector. Fees are in some cases waived for players, so operators typically pay a licensing fee to use the payment gateway instead. At most the players may be charged a small nominal fee in line with regular e-transfer deposit fees.

User Control and Transparency

Loonio provides you with greater control over your spending by allowing you to use only the funds available in their bank accounts, thereby avoiding the pitfalls of credit card debt. This feature is particularly beneficial for online casino players as it lets you manage your gambling budget more effectively, without the risk of accumulating debt. Moreover, Loonio transactions are transparent, with users receiving immediate notifications and confirmations, helping them keep track of their spending in real-time. It’s nice to see this focus on responsible gambling.

All in all, Loonio offers a user-friendly alternative to traditional payment methods. This makes it an ideal choice for online casino transactions in Canada. Its integration with the Interac system enhances its reliability and accessibility, while its features align with the needs of both consumers and online casino operators.

How to Use Interac by Loonio at Online Casinos (or Alternatives)

To use Interac for depositing and withdrawing money at online casinos, follow these simple steps:

Depositing Funds

Funding your casino account from Interac is actually quite simple. Just follow these five steps:

1. Choose an Interac Compatible Casino: Select an online casino that accepts Interac as a payment modality. Please note that all the brands listed on this OutlookIndia page should accept Interac.

2. Go to the Cashier Section: Once logged into your casino account, head to the cashier / banking section.

3. Select Interac: There will be more than one Interac displayed. Choose the first Interac option you see listed. This is typically Loonio for Cadtree sites (Jackpot City and Ruby Fortune) and Gigadat for most other casinos. In general if you see both Interac and Interac e-Transfer, choose the latter because it’s the fastest one. And when using Interac e-Transfer, remember that you will need to provide an email or phone number along with the transfer amount.

4. Complete the Transaction: Follow the prompts to complete the transaction. You will receive an email from Gigadat or your respective payment gateway to guide you along the process.

5. Confirmation: Once the transaction is completed, the funds will be available in your casino account, typically instantly.

Withdrawing Funds

Withdrawing your winnings via Interac is equally straightforward:

1. Initiate Withdrawal: Go to the withdrawal section of the casino’s cashier.

2. Select Interac e-Transfer: Currently, only Interac e-Transfer is used for withdrawals. Interac Online typically does not support this function.

3. Enter Details: Provide the necessary information, such as your email or phone number, and specify the amount you want to withdraw.

4. Confirm the Transaction: The casino will process the withdrawal, which may take 1-24 hours depending on the casino's policies and whether your account is in good standing and verified.

5. Receive Funds: When it’s all done, the funds will be deposited into your bank account. You will then receive a notification via email or SMS.

Security and Privacy: During both processes, your sensitive banking information remains secure and private, as the transactions are handled directly through your bank's secure systems. This is one of the main benefits of using Interac.

Are There Any Other Payment Processors Similar To Loonio?

Yes, the three main ones are Gigadat, Payper, and PayDirectNow. Just like Loonio, they use established banking networks so users can easily deposit and withdraw funds while keeping everything safe and reliable.

Personally, we’ve encountered casinos that offer 3 if not 4 different implementations of Interac. Casino Rewards brands offer all three of the above: Gigadat, Payper and PayDirect. Loonio is a relatively new addition and so most casinos will not accept it at the moment. So let’s now study each of these Loonio alternatives here:

About Interac by Gigadat:

Gigadat Solutions Inc. is a leading Canadian fintech company, founded in 2013 and headquartered in Winnipeg, Manitoba. The company has established itself as a key player in the payment processing industry, particularly within the online gaming sector. With a reported annual revenue of $16.3 million in 2024 and a workforce of approximately 43 employees, Gigadat is well-positioned to continue its growth trajectory.

Key Personnel

Guy Fietz, CEO: A serial entrepreneur and pioneer in the Canadian payment landscape, Guy Fietz has over two decades of experience in alternate billing systems. He was instrumental in creating Canada's first clearinghouse for fixed-line and mobile telephone billing before transitioning to online payment solutions at a bank level.

Mark Fietz, CFO: Responsible for overseeing the company's financial operations, Mark Fietz plays a crucial role in ensuring Gigadat's fiscal health and strategic financial planning.

Gigadat’s Business Model and Services

Gigadat specializes in facilitating Interac e-Transfer transactions, providing a secure and efficient payment gateway that connects Canadian consumers with global e-merchants. The company focuses on delivering high conversion rates and intuitive integration for its clients, making it a preferred choice for online casinos and other e-commerce platforms. Most of the Canadian iGaming sites you will encounter use Gigadat as their preferred Interac gateway provider. In fact, the word “Gigadat” has become almost synonymous with gambling.

Gigadat’s Technological Innovation

Gigadat prides itself on being at the forefront of payment technology. It offers a real-time reporting engine known as BluSky, which allows clients to monitor and forecast their revenues effectively. The company is also developing new features like "Request for Funds," aimed at enhancing subscription services for merchants.

Market Position

Interac is the most popular payment method among Canadians, surpassing traditional options like Visa and Mastercard. By partnering with Interac, Gigadat ensures that its services are not only widely accepted but also trusted by millions of Canadians who rely on Interac's robust anti-fraud tools.

Challenges and Opportunities

While Gigadat primarily focuses on the gaming industry, it is exploring opportunities to expand into other sectors such as retail and e-commerce. Very similar to Loonio’s business aspirations.

Future Aspirations

Gigadat aims to remain agile and responsive to market changes by continuously automating processes and integrating AI solutions into its offerings. The company's commitment to innovation and customer satisfaction positions it well to capitalize on emerging trends in the fintech space. They are currently the leaders of the space, and rightly so, if you ask us.

About Interac by Payper, Inc:

Payper is another prominent payment processor in Canada, known for its excellent integration within the Interac e-Transfer ecosystem. It is particularly renowned for online casino transactions. It was established with a focus on enhancing the overall payment experience. Payper provides an intuitive and efficient platform for transferring funds from bank accounts to casino accounts. Here’s a closer look at what makes Payper a reliable choice for Canadian gamers:

Key Features and Capabilities

• Comprehensive Payment Solutions: Payper offers a modern payment stack that includes Interac e-Transfer, Interac Online, and enhanced electronic funds transfer (EFT) options. This variety allows businesses to cater to diverse customer preferences, ensuring higher conversion rates and improved customer satisfaction.

• User Preferences and Market Insights: According to recent surveys, 52% of users prefer using Interac e-Transfer over credit cards, and 65.5% express interest in using it for online purchases. With 90% of Canadians familiar with Interac e-Transfers, Payper capitalizes on this widespread acceptance to offer a service that resonates with consumer habits.

• Real-Time Transactions: Payper excels in providing real-time, instant Interac e-Transfers and online bank transfers. This capability is crucial for online casinos where the speed of transactions can significantly impact user experience and satisfaction.

• Security and Reliability: By leveraging Interac’s robust security framework, Payper ensures that all transactions are conducted safely. This includes advanced encryption technologies and fraud detection systems that protect users' financial information during transfers.

• Payout Flexibility: Beyond receiving payments, Payper also facilitates real-time payouts through methods such as Direct Deposit, Visa Direct, and Mastercard Send. This flexibility is beneficial for businesses needing to pay local sellers or partners efficiently.

• Customer-Centric Approach: Payper’s platform is designed to enhance the checkout experience by simplifying processes and eliminating manual reconciliation tasks. This focus on automation not only reduces errors but also boosts overall efficiency.

Payper’s Strategic Positioning

Payper positions itself as more than just a payment processor; it aims to be an integral part of its clients’ business strategies by offering solutions that drive sales and customer loyalty. By maintaining compatibility with existing credit card merchant accounts while adding preferred payment options like Interac e-Transfer, Payper provides a comprehensive solution without requiring businesses to overhaul their current systems.

Payper’s Future Outlook

As digital payments continue to evolve, Payper is well-positioned to adapt to new trends and technologies. It’s currently the underdog compared to Gigadat but it might become a key player soon. Its commitment to providing a superior payment experience is impressive. It aligns with the growing demand for secure, fast, and user-friendly transactions that iGamers demand.

About Interac by PayDirect Now

PayDirect is a Canadian payment processing company based in Toronto, specializing in facilitating transactions through Interac e-Transfer and Instant Bank Transfer. It provides merchants with the ability to accept payments directly from customers' bank accounts. Like Loonio, it offers a streamlined and secure payment experience. Here’s an in-depth look at PayDirect's operations and market positioning:

Key Features and Services

1. Payment Methods: PayDirect supports transactions exclusively in Canadian dollars (CAD) and offers two primary payment methods: Interac e-Transfer and Instant Bank Transfer. This focus on Canadian currency and banking systems underscores its commitment to serving the local market efficiently.

2. User-Friendly Platform: The platform is designed for ease of use, allowing customers to make payments directly from their existing bank accounts without needing to create a separate account with PayDirect. This simplicity enhances user experience and reduces friction during the payment process.

3. Security Measures: PayDirect leverages Interac's robust security framework to ensure that all transactions are conducted safely. This includes advanced encryption technologies and fraud prevention measures, providing peace of mind for both merchants and consumers.

4. Transaction Limits: The service accommodates varying transaction limits, with maximum daily limits typically ranging between $2,500 to $3,000 and weekly limits up to $10,000. These limits are designed to cater to different business needs while maintaining security standards.

5. Customer Support: PayDirect offers dedicated support for both personal and business clients, ensuring that any issues related to payments or withdrawals are promptly addressed. This commitment to customer service is impressive and we found it to be excellent as well.

PayDirect’s Market Position

PayDirect operates within a competitive landscape of Canadian payment processors but distinguishes itself by focusing on direct bank account transactions via Interac. They choose to cater to merchants who prioritize secure, bank-based payment solutions over traditional credit card processing. And they fill this niche very well, if you ask us.

Challenges and Opportunities

While PayDirect has carved out a niche in the Canadian market, it faces challenges such as maintaining compliance with evolving financial regulations and adapting to technological advancements in the payment industry. It is also less adopted than Interac by Payper or Interac via Gigadat. However, these challenges also present opportunities for growth, particularly as digital payments continue to gain traction globally.

Frequently Asked Questions About Interac

Why Use Interac for Online Casinos?

Compared to other payment methods, Interac offers a few solid advantages. Particularly speed and security.

1. Security

Interac transactions are highly secure, much more secure than e-wallets for example. They use advanced encryption and some serious authentication technologies. When you use Interac, your bank details are never shared with the casino, which minimizes the risk of fraud or identity theft. The use of two-step authentication processes, such as a password and a security question, adds another layer of protection.

2. Speed

And then we have the speed factor. When you deposit through Interac, your funds are instantly credited to your casino account. Withdrawals are fairly quick too. Not instant but usually processed within an hour. Sometimes it can take a bit longer depending on your account standing. Either way much faster than traditional bank transfers, which usually take several days.

3. Convenience

Interac is integrated with most Canadian banks and credit unions. So as long as you have a fairly modern bank, you will be able to use Interac. No need to pre-fund any e-wallets or anything like that. The money is drawn directly from your bank account.

4. Low Fees

The fees with Interac are very very low. You have a $0.5 fee when depositing up to $100. If you deposit more than $100, the fee is $1. Compare this to e-wallets and you’ll see why everyone loves Interac.

Which Casinos Accept Different Interac Options (Excluding Loonio)

• Casumo

• Betinia

• PlayOjo

Why Not Just Use Bank Wire Instead of Interac?

Speed! And security! Interac transfers are instant while bank wire can take a few days. Same when it comes to withdrawals. When you withdraw to Interac, it’s credited to your bank account within an hour. Whereas a normal bank wire transfer would take 2-5 days.

Are there any Limits and Drawbacks To Using Interac ?

Is Interac really all gold and sunshine? Or are there any negatives about it?

1. Regional Availability

Interac is only available to Canadians. This isn’t really a negative in this context, because this OutlookIndia article is aimed towards Canadians. But if you’re from another country, you may have similar services, such as Trustly, Poli, etc.

2. Withdrawal Restrictions

Not all casinos support Interac for withdrawals. And those that do may have limits on the amounts that can be withdrawn using this method. Make sure you look up the terms and policies with the online casino where you plan to use Interac. That being said, the casinos we have listed in this article do support Interac withdrawals.

3. Fees

The fees are not huge, but there are fees. You’ll normally get away with $0.5 or up to $1 fees.

Is Interac a Digital Wallet?

No, Interac is not a digital wallet. It is a payment system directly linked to your Canadian bank account. When you use Interac to deposit or withdraw funds at an online casino, the money is transferred directly from your bank account without the need to store funds separately in a digital wallet.

So in other words, Interac facilitates secure and direct transactions from your bank account without acting as an intermediary wallet.

Are there any good alternatives to Interac ?

To give you an even clearer picture of what Interac is, let’s compare it to some other services you may have heard of:

1. iDebit: iDebit is a similar service to Interac, in that it allows you to make online payments directly from your bank account without the need for a credit card. It is commonly used in Canada and offers a similar level of security and convenience.

2. INSTADEBIT: Another Canadian service, INSTADEBIT functions similarly to iDebit and Interac, allowing you to pay online directly from your bank accounts. Just like Interac, it also provides an extra layer of security by acting as an intermediary between your bank and the casino.

3. Trustly: Trustly is another service similar to Interac, but this one is more popular in Europe. It allows you to make payments directly from your bank account without registering for an account with Trustly itself.

4. Pay by mobile: Mobile carrier billing is an increasingly popular payment method in Canada. While not exactly an EFT, we thought we would add it here to carve out a comprehensive list of alternatives.

One common thing about all these methods is that they allow direct transfers without requiring additional registration. So they offer top security and top convenience since you don’t need to use a card or an e-wallet.

All iGaming Interac Products:

Here is the branding used by Interac that you might encounter in the casino cashiers:

• INTERAC © (Gigadat)

• INTERAC - Best Choice for Canada (Loonio)

• INTERAC © Desjardins

• INTERAC e-Transfer by Email (Payper)

• INTERAC © Instant – ALL Canadian Banks (PayDirectNow)

• INTERAC e-Transfer Request for Money

Conclusion

Loonio has quickly become a notable player in the Canadian iGaming sector. It integrates with the Interac system to offer a secure and efficient payment solution. This approach enhances user experience through real-time transaction processing and robust security measures.

By keeping transaction fees negligeable and partnering with over 100 Canadian banks and credit unions, Loonio provides both players and online casinos with a cost-effective and reliable payment gateway. Its expansion into retail further solidifies its role in the digital payments landscape. As Loonio continues to innovate, it is well-positioned to meet the evolving needs of Canadian consumers and businesses.

Important Notice: This information is provided for entertainment purposes only. Gambling carries inherent risks - please gamble responsibly and within your means. Never gamble to recover losses or if it is no longer enjoyable.

Gaming regulations differ by jurisdiction. Verify the legality of gaming activities in your area. Ontario players must be 19+ and are encouraged to access support resources like ConnexOntario.ca and BeGambleAware.org if needed.

Additional support organizations include Gamblers Anonymous, the National Council on Problem Gambling, and Gambling Therapy.

Disclaimer: The above is a contributor post, the views expressed are those of the contributor and do not represent the stand and views of Outlook Editorial.