The recent explosion in the popularity of online casinos has given rise to new mobile payment methods. Not so long ago, the only way to put a bet on was to walk up the street to your high street bookmaker, take a form and place your selection. For casinos, you had to attend in person and take a seat at the table to play the game of your choice. Let’s take a look at the ways in which modern mobile technology has advanced payment methods for online casinos and customers.
Credit cards are no longer accepted
Credit cards were always a popular payment method for online casinos, but as of April 2020, online casinos in the UK were no longer allowed to accept credit cards as a form of payment. This is primarily because many gamblers were drawing up huge credit card debts as a result of playing online casino games and slots. Given credit cards were such a popular payment choice for online gamblers, they will now have to look at other ways of paying for their online bets.
Debit cards are the most popular choice
The majority of deposits and withdrawals on online casinos are made via debit card, as this is the method that most customers are used to, particularly due to the ease at which payments can be made via debit card. Although credit cards have been banned, debit cards are still accepted, with many mobile sites allowing you to store your card details online and no change is expected in this respect in the near future.
Bank wire transfers and cheques are things of the past
Although perhaps the most secure payment method for any type of online transaction, bank wire transfers, and cheques are no longer commonly utilised. Although very safe, the obvious drawback to these methods is the time it takes to deposit money or withdraw your winnings. Whereas debit cards typically facilitate payments within minutes, bank wire transfers can take up to a week. In today’s world of instant transactions, people no longer have the patience to wait that long.
E-wallets have revolutionised the way payments are processed
In recent years, the majority of online casinos have understood the importance of e-wallets to mobile customers and have utilised them to their benefit. E-wallets such as PayPal, Neteller, and Skrill, have many benefits. They are very secure, and the fact that you transfer funds into your e-wallet from your bank account provides an extra level of protection from fraud. Payments from e-wallets also go through quickly and are usually instant, with many services offering streamlined mobile applications that allow you to complete a payment in a few taps. In the future, many online casinos are likely to encourage payment using e-wallets, as it is the most convenient choice.
Is cryptocurrency the future?
The rise of cryptocurrency is changing the way that payments are made online. Many online casinos have adapted to this technology and allow customers to pay using cryptocurrencies, such as Bitcoin. The standout feature of cryptocurrency is its security, and it is arguably the best way to perform mobile online casino transactions today if you have the currency available. Customers who pay using cryptocurrency can remain fully anonymous, and they are not subject to the same withdrawal limits applied to cash transactions.
It’s evident that payment options for online casino customers have evolved in recent times. The most secure option available seems to be via cryptocurrency, but it is not yet widely available. In the near future, if we see an increase in the use of cryptocurrency in online transactions, this will undoubtedly be a good thing for online casinos.