Paysafecard is one of the most used payment methods in iGaming. Its rise to prominence began in 2013 by replacing Ukash and joining the Skrill Group. Since then, it received the status of a premium prepaid card option at Canadian online casinos. Paysafe vouchers are available in more than 22,000 retail outlets across the Great White North, and players can also purchase them online, which adds an extra level of convenience.

Learn more about Paysafecard, how it works, and how to use it to make deposits and withdrawals at Canadian online casinos by reading on.

What Is Paysafecard?

Founded in 2000, Paysafecard is a prepaid banking method that allows users to make money transfers and online payments through vouchers. The company is based in London, UK. It offers its services under the Paysafe brand, which various national and state regulators license like  the Financial Conduct Authority and U.S Securities and Exchange Commission.

The Paysafe Group was acquired by Skrill in 2013 and became a part of the network that includes several mainstream payment providers, namely Skrill, Neteller, and Ukash. In 2015, Ukash vouchers were replaced by Paysafecard.

How Does Paysafecard Work?

To make payments with Paysafecard, you need to purchase the system’s prepaid voucher and top it up with funds.More than 20,000 outlets in Canada sell Paysafecard, so you should find one in your vicinity quite easily, regardless of where you live.

You can look up the address of the nearest Paysafe retailer via the operator’s official website. Just click on the ‘find sales outlets’ tab, enter your address, and the map will pop up showing the nearest place where you can purchase the voucher.

In Canada, Paysafecard is available in denominations $10, $30, $50, $100, $150, and $250. When making casino deposits, you can transfer funds from up to 10 cards simultaneously. Deposits don’t have to be made in a lump sum —  whatever sum is left over from your transaction can be used later on.

When you buy the card, it will contain a 16-digit PIN code, which you’ll provide to the casino operator when depositing.

How to Deposit With Paysafecard at Canadian Online Casinos?

Here’s a mini step-by-step guide that will show how to fund your casino account via Paysafecard:

1. Buy a Paysafecard voucher (or more) at your nearest retailer.
2. Open a casino that accepts Canadian players and supports Paysafecard as a payment method.
3. Sign up for an account.
4. Go to the cashier and select Paysafecard from the list of available payment methods.
5. Type in the amount you want to deposit and your 16-digit PIN code.
6. Confirm the payment.
7. Your deposit will settle almost instantaneously.

Unfortunately, Paysafecard is a deposit-only banking option, meaning you’ll need to use some other payment processor to cash out your winnings. Your chosen casino will likely offer the following payout methods:

• Interac
• Mastercard
• Visa
• Cheques
• Bank wire

Advantages and Disadvantages of Using Paysafecard

Paysafecard is one of the most commonly used banking options in Canadian online casinos. An addition to strong brand recognition, the system boasts a few qualities worth pointing out:

• Extremely easy-to-use — Unlike most other payment methods, Paysafecard is readily available when you purchase your voucher. You don’t have to create accounts or go through time-consuming verification checks.
• Completely anonymous — When making casino deposits with Paysafecard, you don’t have to provide extra personal or billing details, just the 16-digit PIN code. Even if someone steals your card, you won’t lose more than $250 since this is the voucher’s upper limit.
• Better bankroll management — Since it’s a prepaid card, Paysafe gives players better control over their spending. You won’t be able to spend more than you can afford to lose, which is sometimes the case with those that use credit cards for their casino expenditures.

However, it’s not all roses and sunshine with using Paysafecards for casino payments, as the provider has a few notable weaknesses:

• Not available for cashouts — It’s not possible to transfer funds from your casino account back to your already used Paysafecard voucher, and this is by far the biggest limitation of this payment method. That said, you have to choose other means of withdrawing your casino winnings.
• Low payment limits — The most you can deposit with Paysafecard in an online casino at once is $2,500, and that is if you purchase ten vouchers. This makes it a poor payment option for Canadian high rollers.

Mobile Use

Paysafecard offers standalone apps for iOS and Android users, which you can download either via the provider’s website or the respective app stores. The apps offer the same features as the main site, like checking the balance on your voucher, participating in promotions, and more. And since all Paysafecard casinos are mobile-friendly, this means that you can do most if not all of the action on the go.