All About Loonio Gambling In Canada

The Canadian gambling industry has expanded greatly in the last 5 years. iGaming is now legal and regulated in Ontario. We’ve seen a host of innovative payment solutions emerge as well. Anything from new e-wallets with catchy names like ‘MuchBetter’ and ‘Mifinity’ to crypto solutions. Gaming in the rest of Canada is also booming, with the industry generating over $15 billion in revenue and employing over 135,500 people.

Loonio is a fintech brand that emerged within this timeframe to disrupt the iGaming payment landscape. We will study why in this piece.

Best Loonio Casinos for December 2024

1. Lucky Nugget (www.LuckyNuggetCasino.com)
2. Ruby Fortune (www.RubyFortuneCasino.com)
3. Spin Casino (www.SpinCasino.com)

Loonio’s raison d’être is to address a specific pain point in the market. Modern Canadian gamers want to enjoy instant payments while taking advantage of lower or negligible fee structures. What they are is a digital payment platform integrated with Interac’s established banking network. And since 2022, Loonio has been providing secure, instant transactions to iGamers and eCommerce users worldwide.

As a service, Loonio is now utilized at WinMaker and brands from Baytree and Cadtree Limited. Their user adoption is currently much less than established processors like Gigadat (one of the three main payment processors for Canadian casinos). Yet Loonio’s userbase is steadily growing. Recent traffic analytics show a 97.43% increase in monthly visits. So our projection here at debitcardcasino.ca, is that Loonio may soon be a key player in the iGaming deposit sphere.

On this page, we’ll highlight its advantages and features. We will also give you a breakdown of how to use it for deposits and withdrawals. All of this with a focus on Canadian iGaming platforms of course, although you can use it for online shopping as well. Lastly, we’ll go through an actual step by step deposit to make this more practical for readers. Thanks for reading.

What Is Loonio e-Transfer?

Loonio is a payment gateway that utilizes Interac’s infrastructure to facilitate payments. When you make a transaction through Loonio, you’ll see it labeled as “Interac e-Transfer® Request for Money” in your casino’s cashier section. You will see the Interac branding because they operate through Interac’s established network in Canada. Other locales of operation are not currently on offer, for example Loonio is not supported in the United States. Same with Interac, it is not a service you will find in America. USA banks rely more on the ACH system.

How the Service Works for online gambling

When you initiate a casino transaction with Loonio, you’re actually using a three-step process:

1. The casino’s payment interface
2. Loonio’s processing system
3. Interac’s e-Transfer network

This means that when you select “Interac e-Transfer® Request for Money” often labeled as “Best Choice for Canada”, in the casino’s cashier, it’s actually Loonio that acts as the payment processor. The way they do it is by using Interac’s established banking connections to complete your transaction. However, remember that Loonio and Interac are separate entities.

It is Loonio that processes payments using Interac’s system. Here’s a way to remember this. Think of Interac as the highway and Loonio as the entrance ramp (and guidance system) – they handle your access to the highway and make sure you get on safely, and then to your destination.

Loonio Bank Connectivity

Loonio doesn’t maintain direct relationships with banks. Managing individual partnerships with hundreds of banks is not really practical. Instead, Loonio leverages Interac’s existing connections to Canadian financial institutions. This means that you can use any bank that supports Interac e-Transfer, which includes most major Canadian banks and credit unions.

Let’s talk some numbers here. The Loonio.ca website lists well over 100 Canadian banking partners and credit unions, while Interac’s network claims to connect to more than 250 financial institutions overall. That’s quite a lot when you add all the bank local branches and sub-branches.

Features and Benefits of Loonio™

Loonio was launched in 2022 and has made quite a name already in the Canadian online gambling market. Especially with their branding “fast and secure payments for winners”, and their adoption by major casino brands like Jackpot City Casino, sponsors of the Toronto Raptors. Here’s a look at what to expect from using the financial service:

• Simple and user-friendly – We found Loonio quite easy to use. It also supports two-way payments at online casinos. The interface isn’t complicated (especially if you’re already an Interac user). You only need to fill in some basic information in online forms to complete the process.
• High-grade security – One benefit of Interac’s partnership with banking institutions is the top security system. Your transactions are carried out with strong banking security protocols.
• Instant settlements – With Loonio, you’ll get quicker access to your funds as processing is done instantly by virtue of Interac’s current network (with RTR still pending in Canada). Your deposits and withdrawals are settled in minutes once the operator has concluded internal checks.

Loonio compared to other payment processors

*Data accurate as of December 2024. Fees and processing times may vary by casino.

Understanding Payment Security

Both Gigadat and Loonio use Interac’s existing banking network which has its own built in security. But each of these two fintechs add their own layer on top of Interac’s already robust infrastructure.

Gigadat for example uses the NIST Cybersecurity Framework across their entire payment infrastructure. This means they have a holistic approach to security that covers everything from transaction processing to data protection.

When it comes to bank coverage, Gigadat has integration with Canada’s “Big 6” banks (RBC, BMO, TD Bank, National Bank, Scotia Bank, and CIBC) and their many sub-branches so they have nationwide coverage.

Through their respective banking partners, both providers have bank level security which is typical of Canadian financial institutions. This is called “bank grade”. iDebit relies more on this bank level security but also has its own proprietary payment gateway. Canadian financial institutions typically use either 128-bit or 256-bit encryption standards. However the former is more common.

Both standards, when properly implemented, provide strong protection for financial transactions. The NIST framework employed by Gigadat ensures systematic security through multiple layers: identification of security risks, protection of assets and data, detection of potential threats, response protocols, and recovery procedures.

Sources: NIST Cybersecurity Framework documentation, provider websites, Canadian banking security standards

How to Play at Canadian Casinos That Support Loonio

Despite being a new iGaming payment solution, several renowned online casinos in Canada already offer Loonio. Here are practical steps on how to use Interac by Loonio for online gambling:

1. Choose a Loonio-supported casino – Baytree Interactive’s casinos are some of the sites known for supporting Loonio online banking. There are others of course. But if you want to stick with Baytree, you can choose from Gaming Club, Lucky Nugget, Ruby Fortune, Spin Casino, or Spin Galaxy.
2. Click the deposit icon – After logging into your account, visit the online banking section and click the “Interac® (Best choice for Canada)” option. This is the first choice in the “stack” of deposit options you typically see. They likely do this because it’s the deposit system with the least amount of chargebacks and/or the lowest fees, while also being convenient for players. To us, it actually says a lot that Loonio usually shows at the top of the stack. Not speaking to the fact that it’s also labelled as “best choice for Canada”.                                                                             
3. Enter deposit amount – This one is self-explanatory. Simply type in your preferred deposit amount or choose from the list of preset amounts. Remember to choose a value equal to or above the minimum acceptable deposit for the casino. We have a table below with the minimum Loonio deposits at different casinos, for your convenience.                                                                                                                     
4. Continue to the Interac payment window – After clicking “Deposit”, you’ll be redirected to Interac’s secure payment page. There, click on “Pay with Interac e-transfer”.                                                                                                                                     
5. Select your financial institution – On the Interac by Loonio page, choose from the available banking institutions to complete your deposit. If you can’t see your bank’s logo, you can use a search bar just underneath to drill down on the correct institution.                                                                                                                     
6. Wait for your deposit to reflect – Back in the casino’s cashier, a message will be displayed showing that your transaction is pending. It takes only a few minutes and you can hit the “Check Transaction Status” button if there are any delays.         
7. Play games – Once your funds are reflected in your balance, head to the casino lobby to select your favourite games and start playing.

Best Bonuses You Can Claim With Loonio Deposits (Ontario excluded)

When playing at Loonio casinos in Canada, you have access to all bonuses available. Many of these operators also feature regular mouthwatering promotions that you can participate in with your Loonio deposits. These are the main types available:

Welcome Bonuses

If you’ve never played at the casino, you can claim a welcome bonus after signing up for a new account. This offer is designed specially to reward new users who register, verify their accounts, and meet the minimum deposit requirements.

At Ruby Fortune, for example, the welcome package is an exclusive match bonus offer of C$750 on the first three Loonio deposits. An additional 10 daily spins are also included to give you a chance to win up to C$1,000,000.

Reload Bonuses

This promotion also matches your Loonio deposits at Canadian online casinos. Unlike welcome offers, reloads are not as large but still give you a chance to boost your bankroll with some extra funds.

VIP/Loyalty Rewards

The second you register at a Loonio casino like Ruby Fortune, you become eligible to earn rewards in the loyalty program. A VIP program is a system that features various levels, each with a set of benefits that can be received once you reach them. Some common rewards from membership include free spins, cashback bonuses, bonus credits, and more.

How To Make Withdrawals With Loonio?

Before requesting a withdrawal at a Canadian casino with Loonio, it goes to say you should know the minimum amount that can be paid out. Typically, this value is set by the operator and is not determined by Loonio. Below are simple steps to take if you want to process Loonio casino payouts in Canada:

• Visit the withdrawal section – Like deposits, you can also withdraw your winnings on the cashier/payment page at your preferred casino. You can do this from the homepage or by visiting your profile to select the “Withdraw” option. Same as with any other iGaming brand.
• Choose Loonio by Interac from the available options – Winnings are only available for withdrawal after satisfying any applicable terms and conditions. This means you should only go ahead with your Loonio payouts after meeting the wagering requirements for example.
• Enter your details – You may be asked to provide some relevant information to assist with your payment. This can include your full name or other details.
• Confirm the withdrawal – After authorizing the payment, you’ll be redirected to Loonio’s processing page to complete the process.
• Wait for processing and receive your funds – Most operators undertake internal checks and verifications as part of the processing period. Once this is complete, you can expect your Loonio payouts in your account within a few hours.

Loonio Deposit and Withdrawal Times

One of the first things that adds to the popularity of Loonio is its speed. From our checks, we discovered that the processor’s speed is in line with typical Interac purchases and transactions. This means that your account top-ups are processed in almost real time, giving you instant access to deposits to play your favourite games. There may be random security checks, but even if these happen, it won’t delay the process by more than an hour.

For withdrawals, there are underlying factors that determine how fast you receive your funds. Canadian gambling regulations dictate that AML (Anti-money Laundering) verifications be carried out on all payouts. Regardless, Loonio withdrawals rarely take more than 24 hours to clear, which by all accounts, is still very competitive across the board.

Loonio Fees, Commissions, and Limits

Are you up for more good news? The Loonio business model takes away the burden of payment commissions from the players. You just enter the amount you wish to deposit or withdraw and sit back without worrying about any extra fees being charged. We’re not sure how they turn a profit but the most obvious guess is that the operators are made to shoulder all extra costs. Winks!

When it comes to transaction limits, you can only follow what the operator allows. This implies that the upper and lower ranges are not Loonio-dependent. For example, Lucky Nugget allows a minimum deposit of just C$1 via the Interac® by Loonio option. Other casinos have theirs at a minimum of C$10, C$15, or even C$20. The payout limits also vary from casino to casino, so it’s a great idea to check this information before requesting withdrawals.

The Security and Safety of Loonio Banking

Loonio’s popularity and acceptance across Canada have been swift and for good reason. The banking service is built with the strongest security measures to guarantee safe transactions. Several factors contribute to the credibility of the service, and these include:

• Bank-level encryptions – All inbound and outbound transactions processed via Loonio’s gateway are protected by top-level security encryption software. Whenever you use Loonio, you’re connected to your bank’s secure payment portal which takes over most of the protection. The online casino does not also have access to your personal info or banking details.
• Privacy policy – Loonio keeps all user data private and does not store customer data to prevent third-party access. As part of the company’s privacy policy, only transaction-related information is stored and exchanged when it’s needed with banking networks or other financial services.

While using the Loonio payment option, you can easily tell how well-protected casino players are. The depositing process comprises three layers; the casino banking interface, Interac’s secure gateway, and Loonio’s banking platform. Combined, these layers act as safeguards against hacks and financial theft.

Canadian Banks Supported By Loonio

A look through the Loonio.ca website shows that the payment service partners with over 100 banks and credit unions. With this level of penetration, there’s no denying that Loonio remains one of the most convenient online payment options. That is for both iGaming and eCommerce, which are its two verticals of operation.

Fortunately, you’ll find most of these banks listed on Loonio’s banking interface when you want to deposit or withdraw at online casinos in Canada. These are some of the banks that partner with Interac by Loonio:

• ATB Financial
• National Bank
• Scotiabank
• Laurentian Bank
• Peoples Trust
• Motus Bank

Some Other Strong Points About Loonio’s Payment System

Loonio’s mission to be the premier payment provider in Canada has brought about some innovative solutions to the iGaming market. These are some of what you can expect while banking with Loonio:

Strong User Authentication

The threat of hacks and financial theft is real when gambling online. Fortunately, Loonio uses advanced authentication protocols to identify and track payments while preventing fraud.

Streamlined Experience

The deposit and withdrawal process when banking with Loonio is neither clunky nor complicated. You can quickly authorize your payment via a streamlined one-click interface and complete it in only a few minutes. It simply requires email and SMS verification to confirm your identity for the transaction.

No Registration Needed

Unlike some payment services, you don’t have to sign up for a Loonio account before using it at online casinos. Your bank information is all that’s required to complete the transaction.

Wide Acceptance

Payments made through Loonio are accepted at 100+ Canadian banks. As long as you have an account with one of these institutions (or any of their branches + sub-branches), you can deposit and withdraw funds with Loonio online.

No Personal Information Required

As an intermediary between traditional credit unions and merchant banks, Loonio will not share your personal and banking information with the online casino.

Security Features

Loonio offers one of the most comprehensive anti-fraud payment systems. The provider uses 128-bit encryption technology to keep your banking information private and protected. This is layered on top of Interac’s safety monitoring.

Loonio Customer Support

Although each casino site offers players access to on-the-spot assistance, queries sent directly to Loonio are also attended to. There are three support channels available on the Loonio website and here’s a breakdown:

• FAQ section: Loonio has a robust FAQ page that can be accessed on the official website. Answers have been provided to general questions in all categories. Whether it’s payment delays, incomplete transactions, or inquiries, you’ll find some information to help you take the next step.
• Email: You can reach out to Loonio’s customer support team for more personalized assistance via an official email address (support@loonio.ca). You may be asked to provide extensive details of your request, so ensure you have all information handy.

Pros & Cons Of Using Loonio

One of the best highlights of the Loonio payment solution is its ease. Whether you’re a casual player with limited funds or an experienced professional high-roller, Loonio will cater to your needs. Below are the advantages and disadvantages of using Loonio for your online casino payments in Canada:

Advantages:

• Your own online banking data (not your PID) is transmitted and stored securely using 128-bit SSL encryption and personal data is kept private.
• As a modern payment solution for online casinos, transactions are processed quickly with no extra commissions. Any deposit and withdrawal amounts entered on the cashier page are the exact values that are debited or credited to your bank account.
• Loonio payments are currently accepted at 100+ credit unions and Canadian banks. Regardless of the financial institution you bank with, there’s a high possibility that you can transact using Loonio.

Disadvantages:

• At this time, the number of interac online casinos that offer Loonio are few. Some platforms that currently offer the service include Gaming Club, Lucky Nugget, Ruby Fortune, Spin Casino, and Spin Galaxy.
• Loonio does not function as a wallet. It only acts as an intermediary between banking institutions and the online casino. It’s not like you have an online banking log in and a secure bank environment to hold funds.

Loonio vs Debit Cards as a Deposit Method

Loonio and debit cards are vastly different as deposit modalities. And they suit different Canadian gamblers.

Loonio: A Modern Fintech Option That Works For Some Players

Loonio acts as an intermediary, using Interac’s network to process secure and fast transactions. As we’ve seen before, that means your payments are processed almost instantly. Debit card payments take longer to process (a few hours on deposits, often days on withdrawals) which can be a big minus.

Concering ease, Loonio lets you get into your favorite casino games right away. No fees on transactions means Loonio is the cost effective way to put in as much as you can without worrying about hidden costs.

Debit Cards: The Old School Choice

Debit cards are the traditional way to pay, linked to your bank account. They are a straightforward way to deposit funds, with the added bonus of being accepted by almost all online casinos. But debit card transactions may incur fees depending on your bank’s policy and can take longer to process than Loonio transactions.

Security

Both Loonio and debit cards are secure. Loonio uses Interac’s bank grade encryption + its own robust layers and doesn’t store customer data. Debit cards are secure but users must make sure their card details are protected to prevent unauthorized access. There are risks like phishing in particular that Loonio users are automatically shielded from.

Ease of Use

Loonio’s integration with Interac means you don’t need to create an additional account so it’s a no hassle option for those who want simplicity. Debit cards require you to input card details for each transaction which can be a pain for some players. Nowadays CCs also send SMS with OTP codes for verification which can be problematic if you happen to have no signal. I’ve been frustrated by this numerous times personally, mostly when vacationing in the remote countryside.

Availability and Acceptance

Loonio is growing but not as widely accepted as debit cards at online casinos. Hence, debit cards are the default choice for many players because of their widespread acceptance and familiarity.

Summary

Loonio is a great payment service for Canadian online casino players, albeit being more of a niche deposit method.

Transactions are fast and easy with no fees or commissions. If you want safe, secure and good banking Loonio is the way to go.

Author & Expert Opinion by Adalene Lucas

For most Canadians, picking a suitable payment service for online gambling is a serious decision. Loonio casinos have been praised as one of the fastest and most effective choices for Canadians. That’s why we decided to investigate this new fintech company on our website DebitCardCasino.ca. The first thing we discovered is that Loonio works through Interac. At first it wasn’t clear. The reason is that you don’t see the Loonio logo displayed in the cashier section when you want to deposit funds.

Only after clicking on the “Interac (Best choice for Canada)” option and following the deposit process will it be clear that you’re using Loonio. Compared to the benefits, this is certainly a small disadvantage. But the best part? No hidden charges, just straightforward payments.

FAQ

Who can use Loonio in Canada?

Loonio is available and accessible to all Canadian residents who are 18 years of age or older. And 19+ in Ontario. It’s also important for casino players who want to use the service to own and operate a bank account with a Canadian financial institution.

How safe is it for me to use Loonio in Canada?

Loonio is a very safe payment method for your online casino transactions in Canada. The payment solution maintains state-of-the-art security by leveraging robust bank-grade encryption technology on transactions and personal data.

Can I choose to use Loonio at any Canadian online casino?

No, you can’t. Although there are some Canadian online casinos that support Loonio, not all are currently accepting it. So far, we’ve found that some platforms operated by Baytree Interactive support it. These are Gaming Club, Lucky Nugget, Ruby Fortune, Spin Casino, and Spin Galaxy.

What is the minimum amount I can deposit with Loonio at Canadian online casinos?

There is no minimum deposit limit placed on transactions using Loonio. However, the casino will require you to make a minimum deposit on your account to access bonuses and games. Ensure you check the specific casino requirements before proceeding.

How long will it take before I receive my winnings through Loonio?

The exact time varies depending on the online casino. Typically, withdrawals from the casino via Loonio will take no more than 24 hours. The reason for delays can be anything from the casino’s internal checks or AML verification procedures.

Is Loonio better than other payment methods in Canada?

We consider Loonio one of the best payment methods at online casinos in Canada. There are, however, other payment methods that compare favourably to it. Loonio particularly does well in terms of security, speed of transactions, privacy, and wide acceptance by banks, making it one of the top choices among Canadians.

How much should I expect to be charged when using Loonio for payments?

Loonio deposits and withdrawals are processed without the inclusion of fees or commissions. You also don’t need to register or have an account with Loonio before using it for your casino payments. Simply go to the cashier and select the ‘’Best choice for Canada” option to get started.

Can I save funds using Loonio like an e-wallet?

No, you can’t. Loonio does not function as a wallet and cannot be used to hold funds like a bank account. The service only works as an intermediary between Canadian banking institutions and online casinos. Fortunately, there are over 100 of these banks that support payments made by Loonio and you can have an account with any of them. Some Canadian financial institutions that support Loonio are ATB Financial, National Bank, Scotiabank, Laurentian Bank, Peoples Trust, and Motus Bank.

Can I authorize payments using Loonio at online casinos through my mobile phone?

Yes, you can make your payments using Loonio with a smartphone or tablet. Loonio is designed to integrate fully with the casinos that support it. As long as the casino is mobile-compatible, then you can transact with Loonio easily. Alternatively, if you access the site using a PC, you can still pay with Loonio.

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