Modern punters are very concerned about the issue of security. It’s especially important when it is connected with finances, which is why the choice of an option for transactions at Internet casinos is important.
Nowadays, there exist many payment tools, which are accessible in gambling houses for replenishments and withdrawals. There’re common global options and those which vary, depending on the country.
The Rules for Transactions at Online Casinos
It’s crucial to know about the conditions which a certain gambling facility has concerning various types of transactions. Thus, in most cases, replenishments of an account are allowed without verification. It’s just enough to create a profile and confirm it.
The situation with payouts is different. Every reliable casino uses advanced security measures to protect user data and prevent money laundering. For the sake of punters’ security, online platforms require obligatory verification of players’ accounts. Thus, their customers are to provide copies of certain documents to prove their identity.
In addition, a major part of gaming establishments has a rule under which punters should withdraw winnings using the same payment tool, which was selected for the replenishment. That’s why it’s recommended to think about a comfortable option for you beforehand.
Popular Types of Payment Tools
Surely, every country has unique options which are comfortable for the residents. However, we can distinguish several so-called universal categories, which are supported for players from various countries:
- Bank Cards: the most widespread are Visa/MasterCard. They can be globally used, so such an option is one of the common for web gaming facilities. Such a tool guarantees the highest level of protection, ease of use, and the possibility to make deposits & withdrawals. In addition, the majority of people worldwide have a bankcard, so there’s no necessity to create anything new to replenish a gaming club’s balance.
- Electronic wallets: it’s one of the favorite tools among modern punters due to the ease of e-wallet creation and comparative anonymity. The accounts might be tied to phone numbers or emails. In most cases, no banking details are required, so players can feel safe and sound.
- Prepaid cards: it’s a fast and absolutely anonymous tool for balance replenishment. One of the examples is Paysafe casinos. To make a deposit, it’s necessary to purchase a voucher with a certain money amount and activate it in a ‘Cashier’ section of your casino. The biggest disadvantage is that prepaid cards can’t be used for payouts. However, some of the companies offer related payment systems with e-wallets.
- Wire transfers: to use this option, a punter needs nothing but a checking account. Both replenishments and withdrawals are supported. However, the processing time for each transaction is quite long and might take up to 7 days. In addition, such a tool requires providing all the banking details.
- Cryptocurrencies: it’s one of the latest trends in the world. With cryptocurrencies, for instance, Bitcoin, Litecoin, Tether, and others, punters can preserve their anonymity and even create anonymous profiles with no personal information required to provide. In addition, cryptos have a tendency to grow; so many users today invest in various types of them.
Payment Options Used in Different Countries
| Country/part of the world | Payment tools | Details |
| Europe | ● Visa/MasterCard bankcards
● Sofort (used in Austria, Belgium, Germany, Holland) ● PayPal (the most famous among punters in the UK) ● Multibanco and its MB Net Internet system (widespread in Portugal)
|
Talking about Europe in general, we can say for sure that bankcards are the most popular option for the residents of the majority of European countries.
It’s important to mention that in many states, it’s allowed to use only debit bankcards to replenish online gaming clubs’ balance. Thus, credit bankcards application for such a purpose is prohibited in the UK, Germany, and a few other jurisdictions. |
| Canada | ● Interac (this popular payment system began offering e-transfers in 1996; over 60% of residents use the system)
● Gigadat (this payment tool is preferable for deposits at online casinos; there’s an auto-deposit option provided) ● PayPal (it’s the least popular system compared to the previous ones – about 6 million people apply it) |
The country has a well-developed banking system. However, bankcards are not the most important tool for online transactions (including replenishments of gaming clubs’ balance). Interac and its connected system Gigadat managed to win the hearts of the majority of people in the market. The payment tools managed to defeat not only bankcards but also PayPal thanks to the security and high speed of transactions. |
| Latin America | ● Wire transfers
● Boleto Bancário (it’s a Brazilian most popular payment tool, which is officially regulated by the central bank) |
The countries of the region are very different from the ones located in Europe. People in Latin America aren’t used to bankcards. In fact, less than 19% of the residents actually have them. Thus, for profile replenishment, local punters prefer wire transfers. Such an option is also connected with problems because not every bank supports transactions to and from online casinos. It’s connected with the low level of trust towards the gambling industry. Thus, punters should find a bank, which supports such payments. In general, it’s possible to apply mobile and online banking for transactions as well. |
| Southeast Asia | ● 2C2P (It’s the biggest payment tool in the region, which accepts payments from clients with/without credit bankcards)
● Paysbuy (It’s an Asian alternative for PayPal) ● Thaiepay (A widespread payment tool in Thailand, which allows transactions with the help of MasterCard/American Express/Visa) ● Cryptocurrencies |
In general, Asian people prefer e-wallets as a payment tool. The majority of systems allow making international payments from bankcards and local checking accounts, which is very comfortable. |
| Africa | ● M-pesa (a popular tool for mobile transfers applied by the residents of Tanzania and Kenya)
● GTPay (this is a payment tool developed by the leading Nigerian bank to allow faster payment with the help of debit bankcards issued by Interswitch-participating banks) ● RAVE (a fast and secure solution for businesses and individuals) |
African people are too far from credits bankcards. Very few people have bank accounts or credit bankcards. The residents of the area prefer mobile banking, which is developing very fast. Local banks create effective tools for the fans of slots betting and other gambling activities. |
| India | ● BHIM (with the help of Unified Payments Interface, several bank accounts can be added to make comfortable financial operations through one app)
● PhonePe (the system guarantees secure operations with credit/debit bankcards, e-wallets, and a special Bharat interface) ● PayTM (the number of customers of this system are over 24 million). |
Indian people have bankcards but they prefer using integrated systems for fast and secure payments at Internet gaming facilities. There’re many apps, which support the usage of several bankcards/accounts in one app, so the financial operations become very comfortable. |
Every country has its own peculiarities. For gamblers, it’s a number one issue to choose a reliable and comfortable payment tool, which will support both replenishments and payout operations.
When selecting a suitable option, it’s required to consider a few vital aspects, which are:
- Processing time for various operations (replenishments are usually instant, while withdrawals can take more time depending on the chosen options)
- Fees taken by a payment system (casinos don’t usually take any fees)
- Supported currencies
- Deposit and payout limitations (they are indicated in the ‘Terms & Conditions’ section of your online gambling house).
Observe the options, which are accessible for your region, and make the right choice to feel safe and enjoy fast and transparent transfers.
