Paysafe, one of the biggest digital payments companies in the world, has released an upgraded Skrill e-wallet specifically for the Ontario iGaming market.
Article Highlights
- Because so many online casinos are based in Europe, Skrill is a popular choice for Ontarian online casinos.
- The goal of Paysafe’s changes are to make using Skrill a more streamlined experience.
- Paysafe products are accepted payment methods at 75% of iGaming operators in the US as well as many in Ontario.
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This upgraded wallet comes after a study funded by Paysafe showed 73% of Ontarian iGaming customers have used a digital wallet to transfer funds to and from themselves and iGaming operators in Ontario. The upgraded Skrill wallet aims to meet the needs of these customers by prioritizing security and speed for all transactions.
The main change customers will notice is a simplified registration process that allows Ontarians to link their bank accounts to the wallet more easily.
What is Skrill and why do iGaming operators accept it?
Skrill is a British digital wallet (e-wallet) founded in 2001. By 2007, the company was already one of the biggest e-wallets in Europe. Paysafe acquired Skrill in 2015.
Skrill is still most popular in Europe, but it is now available all around the world. The e-wallet company operates in 131 countries where users can trade 40 currencies and a variety of cryptocurrencies.
Skrill’s parent company, Paysafe, has over 25 years of experience and handles over $100 billion in transactions every year through their various digital wallet subsidiaries.
In comparison to Europe, Skrill is not as popular in Canada. However, because so many online casinos are based in Europe, Skrill is a popular choice for Ontario online casinos and sportsbooks. Paysafe, Skrill’s parent company, is trying to take advantage of this fact by updating Skrill to better suit Ontarian gamblers.
Skrill’s recent growth in the US gives the company reason to believe they can replicate the same success in Ontario.
How is Skrill changing?
Paysafe has introduced numerous changes to the Skrill app in Ontario. The goal of Paysafe’s changes are to make using Skrill a more streamlined experience. UX changes are the biggest examples of this.
It is now easier for Skrill users to log in to their Skrill accounts, link to Canadian banks, deposit money, transfer money, and cash out. The strategy behind making these processes easier is by switching to a “tiled” approach of app design where everything is centralized and right in front of the user when they open the app.
Behind the scenes, Paysafe has improved Skrill’s speed, security, and also increased Skrill’s compatibility with Paysafe’s other products, such as Paysafecash eCash and Paysafecard.
A similar update was rolled out in the US two years ago. Zak Cutler, the President of Global Gaming at Playsafe, described the updated app as a “game changer” in the US. Paysafe and Cutler expect the new Skrill to be just as well-received in Canada as it was in the US.
Why target the iGaming industry specifically?
It may seem weird for a digital wallet to focus purely on iGaming, but this is something Paysafe has specialized in for two decades. Paysafe is one of the biggest partners of the iGaming and sports betting industries in the world. It developed this expertise in Europe and is now bringing it to North American markets following the legalization of sports betting and other forms of online gambling in the US and Canada.
Paysafe entered the US iGaming market in 2018 by unveiling Paysafecard, Neteller, and Skrill in that market. Today, Paysafe products are accepted payment methods at 75% of iGaming operators in the US.
Canada’s iGaming and sports betting markets are far behind the US’s so Paysafe has not yet developed itself as a preferred payment method for Canadian gamblers. However, the framework is already set for Paysafe’s growth in the US to be replicated in Canada. Updating Skrill is the first major step Paysafe has taken in Canada towards replicating their US strategy of targeting iGaming markets.
Noah Strang is an experienced sports writer having covered many professional sports leagues across North America. He has worked extensively covering the NHL and been accredited media for the Vegas Golden Knights in the past. He’s also known as one of the best iGaming writers across Canada with extensive experience covering the development of legal sports betting across the country. He was born and raised in Vancouver, BC, and enjoys taking advantage of the coastline. When not writing, you can find him watching whatever sport is on TV or playing pickup basketball.