MiFinity Canada e-Wallet Review for iGaming

MiFinity is shaking up the online casino payment scene in Canada. With Interac integration, crypto support, and partnerships with 650+ brands, it’s quickly becoming a go-to e-wallet for savvy iGamers. The growing buzz around MiFinity’s innovative features and rapid adoption has prompted eCheckcasinos.ca to take a closer look. Let’s dive into what makes MiFinity tick.

There are so many of ways to pay and get paid online these days. On the whole, credit and debit cards are the top choice among internet shoppers. For Canadian online casino enthusiasts, however, web wallets are by far the number one choice. While Canada’s banks and card issuers were busy setting up auto-rejections for online gambling payments, the founders of MiFinity were working diligently from the UK to increase brand awareness and global accessibility for an iGaming-centric online payment system.

Top Mifinity Compatible Canadian Casinos

• BluffBet
• Betinia
• Yoyo Casino

MiFinity has been around a lot longer than most people think. The company was founded in 2002, and spent years serving its native UK market before making its international surge. Now, MiFinity is one of the top-tier eWallets serving the online casino payments industry. Due to limitations in card-based payments, it’s become especially popular here in the Great White North. However, one key partnership propelled MiFinity to the top of Canadian iGaming and that was its partnership with Interac in June of 2021.

Interac is arguably the best payment method in the Canadian iGaming sphere, with many brands and sub-brands launching frequently, such as Interac by Loonio, Payper, Gigadat, and others. However, what was more attractive to MiFinity was Interac’s integration into the Canadian financial ecosystem, with over 265 financial institution partnerships. Interac is ubiquitous in Canada and has become synonymous with iGaming, much like the term eChecks.

We’ll be talking a lot more about this quality payment solution, and specifically, how to make MiFinity casino payments, in the content to come. We’ll cover things like safety and security, speed, cost efficiency, and step-by-step instructions for making deposits and withdrawals.

Mifinity Company at a Glance

MiFinity is a global payments provider offering a range of efficient end-to-end payment solutions. Here’s a quick overview of the company:

Company Type: Financial services provider specializing in online payments.

Core Product: MiFinity eWallet, which serves as the cornerstone of their services.

Target Industries (from their website):

• iGaming
• Travel
• Forex
• eCommerce
• Crypto
• Money remittance

Key Features:

• Dual licensed by the FCA in the UK and the MFSA in Malta
• Over 25 years of experience in the online payments space
• Offers both B2B and B2C payment solutions
• Supports multiple local payment options in different currencies, including CAD in Canada
• Integration with Interac in Canada, so open to Canadian players

Mission: To provide simple, smart, and secure payments to merchants and customers, aiming to become a market leader in the online payments industry.

Company Culture: Focuses on innovation, customer-centric approach, and maintaining a secure and regulated platform.

Recent partnerships (as of August 2024): Atlaslive, a B2B software solutions provider for the igaming industry, has recently partnered with MiFinity. This collaboration integrates MiFinity’s unique payment solutions, including its eWallet product, into Atlaslive’s software backend. As such, expect to see the mifinity logo pop up on more Canadian iGaming brand cashier screens in the near future. 

Recent Achievements: Won the Best Cross-Border Payments Service at the Payments Awards 2023.

Pages of interest (further reading)

• https://www.linkedin.com/company/mifinity/about
• https://www.facebook.com/mifinitypayments

What is MiFinity as a Service : Securing Global Payments in a Digital World

MiFinity is a web wallet payment service, akin to major brands like Paypal, Neteller and Skrill. The biggest difference between them isn’t how they work, but how and what types of payments they accommodate. Those big name brands stopped processing Canadian iGaming payments years ago (but some started again from 2022, in the legal space of Ontario) . MiFinity stepped in to take their place.

If you’re not familiar with the name, it isn’t because it’s so new. Founded in 2002, MiFinity has been around for two decades already. It’s relatively new to Canada, though. It didn’t begin spreading international wings until a few years ago, and has already become one of the nation’s top choices for secure, reliable, and cost-effective internet casino payments. We’ll talk more about online casinos that accept MiFinity payments below.

Key Mifinity Stats at a Glance

• Available in 225 countries
• 650+ iGaming websites supported (full list of live brands here)
• 75+ Payment verticals integrated
• 20+ languages supported

Registering Your Free MiFinity Account

You can sign up your eWallet account either by visiting the MiFinity website, or by downloading the MiFinity App, available for Android and Apple iOS. Just click the sign Up button and follow the instructions.

MiFinity works like any other web wallet. It’s like a digital bank account, where you can send, spend, receive and store real money. Thus, signing up an account means you’ll need to supply some personal information; name, address, phone number, email, etc. You’ll also have to verify your identity, in compliance with KYC/AML protocol.

Once your account is created, you’ll set up your new wallet. This is another painless process, in which you make a few selections, like currency of choice. You can also link any IBAN bank account at this point, if you wish. Doing so allows you to use MiFinity without prefunding the wallet. The funds will come directly from your linked bank account. Or, you can choose from the many alternative ways to fund your MiFinity eWallet (see Funding Methods below).

Why Do I Have to Verify My ID?

As a licensed and regulated payment processor, MiFinity adheres to strict, government-mandated anti-money laundering policies. That means added protection for you, and requisite ID verification for them. Photo ID, bank statement, utility bill – all the usual stuff to prove you are who you say you are. It’s annoying, sure, but remember, this is how you’re protected from identity theft and financial fraud.

From there, you can load funds into the wallet, then use them to pay for things online. You can send money, receive money, transfer money to another MiFinity account, even trade and buy crypto currency.

Ways to Fund Your MiFinity Account

Mifinity supports a multitude of funding options. I’ve listed each one below, per the Mifinity website. I’ve also taken the liberty of highlighting (and in some cases, linking to reviews of) popular methods available in Canada. Please see the Fees and Rates section further down for additional information on transfer costs.

MiFinity eVouchers

MiFinity recently launched its own proprietary line of virtual vouchers. Users can purchase a MiFinity eVoucher online, then use it to top-up their MiFinity web wallet. You can learn more about MiFinity eVouchers, and where to buy them, here.

How Secure is MiFinity eWallet?

Security and fraud protection are at the forefront of the MiFinity payment platform. The company employs the latest state-of-the-art security and encryption technologies to quickly and safely process payments. According to the website:

“MiFinity complies with PCI DSS Service Level 1 regulations so you know our systems are regularly audited and secure. Our eWallet and all transactions are encrypted and secured with SSL (Secure Socket Layer) technology which protects your information and data. Our IT systems are protected by state of the art firewalls which build a barrier between the internet and our internal systems.”

MiFinity Security Centre

Can I Gamble Anonymously with MiFinity?

Unfortunately, no. All that regulation and security has its perks, but it also means there’s no chance of keeping your activity under the radar. If you’re looking for a more privacy-oriented payment method, may we suggest prepaid cards or crypto currency.

Speed of MiFinity Payments – Instant!

MiFinity eWallet payments are fast and reliable. Depositing to your online casino account is instant, assuming the funds are available for transfer. The only thing that might take a little time is setting up your account and and verifying your identity, but that’s a one-time deal.

Receiving money to your MiFinity account can take anywhere from a few minutes, to a few hours. If you’re requesting an online casino withdrawal, you also have to account for the operator’s ‘process pending’ time. Casinos take an average of 12-48 hours to processing a payment; the ‘pending’ period before the payment is approved. The time it takes MiFinity to process reception of that payment does not begin until the casino initiates (processes) the transfer.

Cost of MiFinity Canada – Rates and Fees

Web wallets thrive on fees; some more so than others. As usual, account registration is free. MiFinity is known for being one of the more affordable eWallets for Canada online casino enthusiasts. We’ve put together a table of all fees associated with MiFinity, including loading, sending, receiving and withdrawing funds. This list is current as of writing. For possible rate changes, and a complete list of deposit payment methods available in all eligible countries, please visit this page: MiFinity Fees.

List of MiFinity Fees

How to Deposit at MiFinity Casinos

With a MiFinity eWallet, online casino deposits couldn’t be more simple and secure. All you have to do is choose MiFinity as your payment method, enter the amount of money you want to deposit, and log into your MiFinity account to approve the purchase. The complete step-by-step procedures are detailed below.

*There are dozens of deposit options offered to fund your MiFinity account, however, since this is a Canada focused piece, we will study their Interac deposit methods.

Making Interac e-Transfer Deposit for Canada via Mifinity:

The main Interac products they support (for deposits) are:

• Interac e-Transfer
• Interac e-Transfer Request Money

The incoming fee is 3.5% + C$0.75 for both. Full details an be accessed on the Gigadat site.

We will also link to two official videos from the Mifinity Interac page that details the process for these specific deposit modalities.

• How to make a deposit via Interac e-Transfer (Youtube MiFinity Channel, unlisted)
• How to make a deposit via e-Transfer Request Money (Youtube Mifinity Channel, unlisted)

MiFinity Casino Withdrawals

The number one reason web wallets are so popular among online casino gamblers is that you can use them for both deposits and withdrawals. Anyone who makes an online casino deposit with a Mifinity eWallet should have the option to withdrawal their casino winnings back to that same eWallet account. This is very convenient because it streamlines the process. Modern Canadian iGamers have become accustomed to using different deposit and withdrawal methods, which can quickly make things complex.

Withdrawals are very similar to making a deposit. Choose Mifinity from the list of withdrawal methods, enter the amount to cashout, and follow the instructions to confirm the payment.

Note that the time it takes for the funds to appear in your MiFinity wallet will vary greatly by the casino’s ‘process pending’ policy. Most casinos wait anywhere from 12-48 hours before approving and initializing a payment. Once this pending time is over, you can expect the money to arrive in your MiFinity account within a few minutes. At most, it could be a few hours, but only if the payment processor is receiving a high rate of transactions at that time.

When your funds arrive, you may want to send them to your bank. You can send money to an IBAN bank for free, or pay a small fee to withdrawal with Interac, Visa or MasterCard. It takes about 1-3 business days for the funds to arrive.

How to Cash Out with MiFinity

Making Interac Withdrawals for Canada via Mifinity:

Again, there are two main products offered here for withdrawals, namely:

• Interac e-transfer
• eCashout

The key point here is that the fees are flat, at C$4 per withdrawal. Again, we will link to two official videos from MiFinity, from Youtube, for you understand the process more fully.

• How to withdraw funds using Interac e-transfer (MiFinity Youtube Channel, unlisted)
• How to withdraw using eCashout (MiFinity Youtube Channel, unlisted)

Mifinity Pros and Cons

Pros:

• Supports multiple currencies and local payment options
• Accepts cryptocurrency deposits and withdrawals
• Fast transaction times, especially for deposits
• Dual licensed by FCA in the UK and MFSA in Malta
• Available in over 225 + countries (as of this writing)
• 24/7 customer support
• Won industry awards for payment services excellence
• MiFinity eVoucher is widely available to purchase from 12 major partners, including; Dundle, OffGamers, Kinguin.com, Recharge.com and ReloadHero.com
• For Europe, Free Virtual IBAN with funds cleared on the same day for transactions.
• Now offers an affiliate program

Cons:

• USA in list of non-serviced countries
• Fewer merchant partnerships compared to larger e-wallet providers (however at the top for iGaming)
• Account inactivity fee applied monthly after 12 months
• Interac e-transfer and Interac eCashout fees of C$4 relatively high, so recommended for larger sums only. For example, on a C$50 withdrawal, this fee represents 8% of the transaction.
• Limited direct bank transfer options for withdrawals in many regions
• 1.8% crypto withdrawal fee competitive for e-wallets, but still higher than crypto exchanges or dedicated crypto casinos.
• Despite partnering with 650+ brands, it seems MiFinity still has lower brand recognition/ Google searches compared to some long-established e-wallet competitors. That’s why we are writing articles like this one, to hope to bring more awareness to emerging niche deposit options. Payz and Skrill have become associated with iGaming in the Canadian player psyche, and it’s time for some new entrants, like MuchBetter and MiFinity.

Mifinity Official Explainer Video

This video is public on Youtube so sharing if it helps some readers understand the Mifinity product and its offerings better.

Recommended MiFinity Casinos Canada

Our eCheckCasinos.ca team is made up of real people, with real experience gambling. We investigate every brand thoroughly before signing up or depositing. Our committment in building this website is to pass that same level of integrity on to you, our readers. We do not promote any site we don’t personally use.

With that in mind, we put together this short list of reputable Canadian casinos that support MiFinity deposits and withdrawals. You can click on the name of any casino on the list to read an in-depth review of its features. However, please note that this list is not exhaustive, considering the large number of MiFinity-compatible brands (650+).

BluffBet Mifinity Offering/Review

Bluffbet is a new rising star in the Canadian iGaming market, and one of the select brands offering Mifinity as a deposit modality (as well as a Jeton and Muchbetter, which are e-wallet competitors). The details are as follows: the min deposit via Mifinity on Bluffbet is 15CAD and the max deposit is 3,750 CAD. No delays and instant processing, according to their website. It seems the max deposit limit is capped at 1/3rd of competitors MuchBetter and Jeton (10,000 CAD each), but this should be enough for the vast majority of iGamers. Of note that Mifinity had the higest min-deposit limit of the three as well.

As a brand, Bluffbet’s not messing around when it comes to variety. They’re packing over 4,000 casino games from top providers like Pragmatic Play, Play’n GO, and Evolution Gaming. Sports fans aren’t left out either, with a sportsbook covering everything from hockey to esports.

Their welcome bonus is above industry average – 100% up to $750 plus 150 free spins for new players. And for the high rollers, there’s a VIP program with personalized offers and a dedicated account manager.

All in all, Bluffbet keeps things simple with a clean, easy-to-navigate site that works smoothly on both desktop and mobile. They’re licensed in the Curaçao, so you know they’re playing by the rules if you choose them as your Mifinity casino.

Betinia Mifinity Offering/Review

Betinia, a newcomer to the Canadian online casino scene, has quickly gained attention for its integration of MiFinity as a payment option. Launched in February 2024 for the Rest of Canada market (excluding Ontario), Betinia stands out by offering MiFinity alongside its impressive selection of over 1,500 games. 

The limits on the screenshot above may need to be updated (the max one specifically) because it seems the one in the cashier is higher and matches the max limit from previous casino brand: Bluffbet.

These two brands, Bluffbet and Betinia are very new and yet both chose MiFinity as a partner of choice. Their decision highlights MiFinity’s growing reputation and appeal in the iGaming industry, particularly among emerging operators. 

Yoyo Casino Mifinity Integration

As you can see highlighted in red, YoYo casino has also completed its integration with MiFinity.

As a brand established in 2017, YoYo Casino is relatively recent. Yet like the previous two brands, it has quickly embraced modern payment solutions, including MiFinity. This brand offers players a diverse gaming experience with high-quality products from leading software providers such as Amatic, iSoftBet, NetEnt, and Microgaming.

YoYo Casino’s integration of MiFinity aligns with its commitment to providing secure and efficient payment options for its users. The casino’s support for cryptocurrencies through MiFinity, including Bitcoin, Litecoin, Ethereum, and Ripple, showcases its adaptability to the current day financial trends.