Try to imagine a world in which you can’t pay for stuff online. That’s right. You simply can’t do it. That’s how important online shopping has become for us in the present, and eCommerce stores volumes grow from one year to another. With so much shopping and online payments, the need for reliable online payment options is greater than ever, and come countries decided that it’s time to develop their own customized payment options to make things easier and smoother for both the customer and the business. Today, we’re going to take a look at the best payment methods in certain countries and also touch on how these payment tools designed for online shopping found extra uses in the online gambling industry.
Canada opens the list of countries that developed unique payment options for its citizens. Interac is an interbank network that links various financial institutions. We also chose to start with Canada because this is one of the oldest systems with its roots being traced all the way back to 1984 when the Interac Association was formed. The modern version for online and electronic payments, known also as Interac Corporation, was established in 2018. In Canada, you can use Interac to pay anything from your online shopping, taxes, fines, and it’s also available at Canadian online casinos. In total, there are over 80 financial organizations taking part in the Interac Corporation, including the biggest names like Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal, or Canadian Imperial Bank of Commerce.
Switching from the Northern hemisphere to Europe, we’re taking a look at the Austrian EPS payment system. Initially set up by the Austrian government in collaboration with the biggest banks so that citizens can pay their taxes online, EPS rapidly expanded to become the most popular online payment option in the country. Short for Electronic Payment Standard, EPS is offered by all the Austrian banks and if delivers instant payments, top-security, and ease of operation since you don’t need to create an account with a third-party service. All you need to use EPS is online banking credentials. Among the biggest Austrian banks offering the service, we find Erste Group, Raiffeisen Bank, UniCredit, RZB Group, BAWAG, and Oesterreichische Kontrollbank.
For GermanWhile the discussion about these two payment options could have been kept separate, after the merger of the two companies in 2014, it makes more sense to handle them together. We’ll start by analyzing Sofort and the services it offered.
Sofort is the go-to payment option for Germany, very similar to what EPS represents for Austria. It is a direct bank transfer tool that allows German residents to pay online. From payments towards the government, online shopping, or even online casinos and sports betting websites, Sofort is the go-to payment method for Germany and Switzerland as well. Sofort was established in 2005, and it works with all the German banks, including Deutsche Bank, Postbank Volksbank, UniCredit, Commerzbank, or Dresdner.
However, the same year when Sofort started its journey in Germany, another payment option was being established across the Baltic Sea. Klarna was making its first steps in Sweden, founded by two visionaries that wanted to change the way Swedes pay for services and products online. After several rounds of successful investments, Klarna started to gain traction and began the fastest-growing payment option in Sweden. Through its excellent services, Klarna quickly expanded into neighboring Norway, Finland and Denmark.
It was 2014 when Klarna acquired Sofort, and the two companies merged to become one of the most powerful payment groups in Europe. It is now servicing over 17 countries, and it eyes the US market as well. With revolutionary products like “Buy Now Pay Later” or “ Slice It,” Klarna really gave a breath of fresh air to all online shoppers out there.
With all the advantages, Klarna quickly became a go-to method for online gambling as well. Players in Germany, Sweden, Austria, Switzerland, Denmark, Finland, and Norway are using it for their online gambling and betting accounts.