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Numerous tech advancements have made way for innovative payment solutions in the last few years. The rise of blockchain technology has laid the foundations for cryptocurrencies. Multilayer encryption and tokenization have raised the cybersecurity bar, making it more complicated for digital criminals to do their dirty job.
Such a dynamic environment has also influenced domestic payment markets. That’s how we’ve come to Instadebit – a once Canadian-only payment method now available in other countries.
This is a guide to the Instadebit payment solution, with an overview of its practical uses.
Instadebit Defined
Now that we have credit and debit cards, cryptocurrencies, and digital wallets, why would anyone want to use a domestic-only payment method?
For starters, Instadebit is handy for payers who want additionally enforced transactions, security-wise. Instead of sharing banking data with the merchant you’re buying from, there’s an interstation – your Instadebit account.
Once you’ve registered this account, enter your banking information, so that the money that needs to be paid to the merchant’s account is transferred from your valid bank account, through the Instadebit mediation. The key prerequisite for approval of an Instadebit account is possessing a bank account opened at any financial institution in Canada.
Who Uses Instadebit?
Customers use this payment method in different fields, from eCommerce and travel booking websites to gaming and iGaming platforms. The latter is especially interesting because Instadebit benefits punters mostly in terms of its short deposit time. An iGamer simply selects this payment option on the game provider’s website, enters their login data, and the allocated amount of money is withdrawn from their bank account to the iGaming profile, through their Instadebit account. More and more online gambling platforms accept this payment option, as shown in the shortlist here. Techopedia’s analyst Khadija Bilal highlights that more and more online casinos offer Instadebit as their payment option, enticing players to make immediate deposits and start playing their favourite games.
How Do Instadebit Refunds Work?
When you’ve paid a product or service through Instadebit by mistake, or forgotten to cancel a subscription, it’s refund time. The customer informs the merchant in question that the related payment has been executed against their will, asking for a refund.
If the customer agrees to pay back the money in question, the customer will receive the money within 3-5 banking days.
It takes the same amount of time for money to get into your account in the case of withdrawals. Let’s say that you’ve been successful at your iGaming sessions and now you want to transfer the gathered goods to your bank account. Once you’ve selected the Withdraw option, you’ll wait between three and five office days.
Instadebit and Personal Data Security
A recent report published by the Harvard Business Review has shown that the number of hacker attacks unexpectedly spiked in 2023. Many companies have been migrating their data to the cloud, but not all of them have done their homework accordingly. That’s why there were numerous cloud misconfigurations, leading to data breaches and financial damage.
Logically, data security is one of the first concerns when people think about payment methods. Active since 2003, Instadebit has proven to be a reliable and secure provider of online payments so far.
To be more precise, Instadebit’s users’ payment data is never shared with merchants. The fewer third parties have access to people’s banking information, the merrier, i.e., the safer for customers in question.
During the user registration process, this payment method requires that the payer submits the last four digits of their Social Insurance Number and date of birth for the sake of data verification and further protection. It’s important that Instadebit confirms your identity so that they can handle your payment data without disclosing it to merchants.
As for the communication between Instadebit and its users, all messages and transfers are transmitted through the 128-bit encryption system, ensuring that both users and their delicate data are fraud-proof. The privacy features and transactions are supervised and handled by VeriSign – a major security certification enterprise.
What’s more, Instadebit fulfills the information security compliance requirements proscribed by the American Institute of CPA’s Service Organization Control.
Conclusion
Primarily used in Canada – but also spreading to some other countries, such as the USA and the UK – Instadebit has become one of the most widely used payment methods in the Great White North. Even though Canadians haven’t ditched credit cards and cash, Instadebit, digital wallets, and cryptocurrencies are becoming increasingly popular across its provinces. What’s more, Internet users can find Instadebit as an accepted payment method in various contexts, from international eCommerce websites to offshore casinos.
As its managers keep pace with modern cybersecurity features while maintaining its simplicity, this payment method is bound to continue attracting payers from all walks of life, as a guarantee of quick and secure online transactions.
