Top Banking Methods in the Online Casino Industry

What are the deciding factors when you pick an online casino to play for real money? Is it the neon lights that welcome you, or does a specific game developer motivate you to join? Perhaps it is the incentive of a lucrative welcome bonus. Apart from selecting a licensed and reputable platform to play at, there are other important considerations. One factor that is extremely important and very often overlooked is the payment solutions available.

It is the not-so-sexy aspect of playing for real money, but it is also the make-or-break point in the circle of gambling entertainment. Most experienced punters who frequent online casino platforms know which deposit and withdrawal solutions work best for them. However, novice users may assume that all casinos will have the right options available, and sometimes, only consider this once it is time to make their first deposit.

Jurisdictional legislations vary from one country to the other and this can sometimes cause a divide in the global online casino industry. Therefore, payment solutions are not a one-size-fits-all scenario.

We know that the main reason you enjoy casino entertainment is to break away from everyday stressors, so we’re giving you a breakdown of the most popular and reliable payment tools right here.

 Why Are Payments Methods So Important?

When we rate online casino experiences, one of the determining factors is how efficient they are at processing money. If the deposit and withdrawal process is seamless, it helps to create loyal players because the customer’s experience is the highest priority.

Trusted gambling platforms adhere to directives from the applicable gambling authorities and they know their players want the most convenient payment options.

Making haste with a payment solution can cause unwanted delays and frustration, which will detract from your relaxing entertainment experience. Be sure to know about the major solutions offered to make an educated decision when you create your profile.

 6 Popular banking options

✓ Debit Cards

One of the most popular and widely accepted payment options is debit card payments. Most online casinos will accept your VISA and Mastercard. When depositing money and withdrawing funds, you get to control the limits that are linked to your bank account. Something to consider is whether you will need to convert currency from your bank to that of the casino, as this will cause additional fees for your account. Some banks reward their patrons for using their VISA or Mastercard through a loyalty points program, so you can get a little more out of transacting this way.

✓ Credit Cards

Many casinos accept credit cards, like VISA, Mastercard, Maestro, American Express, and others. Although financial institutions may offer reward systems for using a credit card to transact, there usually are hefty interest rates linked to credit funds.

Players should proceed with caution when gambling with borrowed money. It is always important to incorporate your gambling expenses into your monthly budget, and even more so if you plan to use a credit card to pay.

In the UK, they strictly prohibited credit card payments, as per the UK Gambling Commission. Other countries like Sweden, Australia, and Ireland also ban credit funded wagers.

One reason it is so risky to gamble on credit is that it becomes tricky to keep track of how much you spend. Should you decide to use your credit card, apply the safer gambling tools provided by online casinos like setting a deposit limit.

✓ Wire Transfer

One of the safest and most popular high-roller options is a wire transfer. The majority of online casinos will accept wire transfers and usually allow sizeable amounts. A downside for this type of transaction is that it could take a while to process, as transfers from one bank to another aren’t always immediate.  

In certain countries, wire transfers are the most popular form of payment. Latin American punters prefer this means of transacting above all the others. A report issued by Mastercard in 2020 showed that only 55% of Latin American adults have a bank account.

In Brazil, players make use of Boleto Bancário where they can deposit cash at a branch that will transfer the funds to an operator’s account.

✓ E-wallets

This is exactly what it sounds like. An electronic wallet where you can keep your money to use as you please. E-wallets are a favourite because it’s an efficient way of transacting. It usually has low charges for users but allows for speedy deposits and withdrawals.

Skrill is one of the most popular suppliers worldwide and offers transactions in almost 40 currencies in over 200 countries. Other popular e-wallets are PayPal, ecoPayz, Ozan, and NETELLER.

✓ Pre-paid Cards

One of the well-known pre-paid cards used globally is Paysafecard. Most online casinos accept it and the system is really easy to use. An important perk of using Paysafecard is that you remain anonymous, and it does not link to your bank account. Because you only deposit a set amount, pre-paid cards allow you to stay in control of your bankroll. The downside of using pre-paid cards is that they usually have deposit limits.

It is super easy to load funds onto these cards as well. All you need to do is use cash or your debit/credit card at the pay point to load your desired amount. You can either purchase a card in-store and use a 16-digit pin code for making your deposit, or you can download the Paysafecard app and use the QR barcode for payments. Casinos can transfer your winnings into the card, should you choose to do so.

✓ Open Banking (Instant Bank Transfers)

These service providers allow players to make a payment on the platform they are signing up with. It securely and rapidly links with your bank account to transfer funds. It usually incorporates your bank’s authorisation system with the process, so you need to approve the transaction on your banking app. There are usually no costs involved for the player.

Some of the top service providers are Trustly in Europe, iDeal in The Netherlands, and Citadel worldwide. In Germany, Austria and Belgium, the most popular open banking gateway is SOFORT.

Open banking is a secure way for patrons and merchants to move money into each other’s accounts. The systems use APIs and open-source technology to provide speedy transactions with increased security and transparency.

 Mobile Payment Apps

Today, over 80% of the world’s population use smartphones and most of us prefer transactions that can take place from the palm of our hand. mobile casinos are on the rise because of this, and it only makes sense for payment solutions to move in the same direction.

The most popular payment method in India is PhonePe, an app that uses the country’s BHIM app for fast and secure transactions. The country’s National Payments Corporation provides infrastructure for the UPI-powered (Unified Payments Interface) system that allows citizens to integrate multiple bank accounts into one app.

Smart payment apps like MuchBetter and Euteller have revolutionised deposit and withdrawal solutions in igaming. Some mobile payment apps are compatible with smartwatches for more convenience. Mobile apps do sometimes charge a fee for transactions, so be sure to read the fine print.

 Cryptocurrency

Bitcoin was the first alternate currency and today we have a list of cryptocurrencies to choose from if we choose to trade in the blockchain tech world. Several reputable online casinos accept cryptocurrency for deposits and some encourage patrons to take withdrawals in this form.

The main reason players choose cryptocurrency is because it offers a private, secure, and cost-effective way of transacting. Not to mention that the speed of transactions in the blockchain world is unsurpassed.

Crypto has another advantage of being decentralised but punters need to understand the blockchain world a little more in-depth before buying into it.

 Choosing the Best Way to Wager

Access and pay-out time would probably be the top factors to measure when selecting your means of payment. Like with any choice, the pros need to outweigh the cons. Once you know which licensed casino you will make a deposit with, you can explore the options they have available.

The most secure and popular methods listed above should be available at the most reputable casinos. Debit Cards and E-wallets are popular for good reason and you can’t go wrong with those two. Always read the conditions before making a deposit, because the casino may charge certain transaction fees for some payment methods.

You may wonder how safe all of these are. Rest assured that casino platform providers and payment providers make it their highest priority to present highly secure payment solutions. SSL data encryption technology ensures that the payment process has extra layers of security to protect sensitive information.