Understanding Payment Preferences in Canada's iGaming Market: An Interview with Joonas Karhu, CEO of Bojoko.ca

We have seen the iGaming sphere explode in Canada, and understanding players' payment preferences is crucial for any platform seeking to succeed in this competitive market. 

In this exclusive interview, Bohdan Lytvyn speaks with Joonas Karhu, CEO of Bojoko.ca. This website has positioned itself as a leading comparison platform, helping Canadian players navigate the world of online casinos with confidence. 

We will discuss the unique payment trends in Canada, the challenges faced, and what the future might hold for this dynamic market.

Payment methods are a crucial aspect of the iGaming experience. In a previous interview, Bojoko.com's Head of Marketing, Christoffer Ødegården, emphasised the importance of payment methods in the UK. What insights do you have from Bojoko.ca on how the situation in Canada compares?

Payment methods are critical in any market, and Canada is no exception. You can not think the same payment solutions will serve you well in each market. 

Interac, for example, is immensely popular in Canada but is not one of the key payment methods in the UK. This is because different payment solutions have built up support and familiarity in different countries, and that trust translates directly into user confidence when engaging with online casinos. While credit and debit cards are still widely used, the convenience and security of Interac have made it the go-to option for many. 

We see this from our own page covering Canadian online casinos that accept interac on Bojoko.ca. Thousands of Canadians actively look for these casinos every month, which is no small number, especially for casinos that do not wish to lose market share. Other payment methods like eCheck and Trustly are also key, while both the UK and Canada share a love for Pay by Phone Payment methods.

It's interesting that Interac plays such a significant role. How does this preference impact Bojoko.ca's approach to the market?

As an affiliate, we advise our affiliate partners on the trends and opportunities we see. It is clear that casinos without Interac lose players, and this is also the message we give to our partners. We also ensure that the Canadian players looking for Interac casinos can easily find and compare them on Bojoko. We have an individual page catered to these players, as mentioned already, and we also highlight what casinos have Interac in our reviews and content. 

How do you see mobile payment solutions evolving in Canada? Are there any particular trends or technologies you're watching?

Mobile payment solutions are on the rise in several markets. There is a growing interest in paying by phone bill in Canada, and we're seeing Boku stand out. Boku has already built up a presence across multiple markets and is clearly the go-to for Canadian casinos wishing to get in on this trend. They are not alone, however, and competitors like Siru are waiting in the wings. 

Let's talk about the user experience. How important is the speed of transactions when it comes to payment methods, and how does this affect player satisfaction?

It is not a black-and-white issue. Transaction speed is incredibly important for player satisfaction, but many players will trade it for familiarity. Younger players, in particular, do, however, expect quick and seamless transactions, whether they are depositing funds or withdrawing winnings. 

Slow processing times can lead to frustration and even deter players from reusing a particular platform. That's why at Bojoko.ca, we emphasise casinos that offer fast and efficient payment processing, especially for popular methods like Interac. It's about offering the right payment options and ensuring that these options work smoothly and efficiently.

With cryptocurrency's increasing popularity in various markets, how do you see this trend affecting payment preferences in Canada?

Cryptocurrency is definitely on the rise, and we've noticed growing interest among Canadian players. However, it's still not as mainstream. What we are seeing is that there is a very large number of crypto-friendly and crypto-only casinos, but most casinos operating in Canada have not quite gotten there. 

We have clear overviews of crypto-casinos and the currencies they support on Bojoko, and help crypto-oriented players choose between these brands. Yes, there are more and more of them, and yes, I suspect this trend will continue. 

However, I don't see it becoming as mainstream or widespread as Visa or Interac anytime soon. Looking at Bojoko.ca, we have 189 casinos listed as accepting Interac and 95 casinos listed as accepting Bitcoin, the most popular cryptocurrency. That's about half the presence of the more conventional solutions.