We live in the age of igaming and, as we all know, gone are the days when you had to go to physical casinos to enjoy your favorite games such as slots or table games. Today, everyone can play their favorite games anytime and anywhere through igaming platforms. This is possible because all online casinos have implemented modern payment solutions for players.
The versatility of deposit and withdrawal methods that online casinos offer allows players from all over the world to find a provider that suits their personal needs. However, it can be seen that casinos are regularly implementing more and more payment options to suit a growing range of players. Find out from this article everything you need to know about the plethora of payment offerings and their trends.
Wide range of payment options
Online payments are something we all deal with regualrly, whether as consumers shopping or as companies selling our products and services online. As the popularity of online transactions has grown, so have the ways to make or receive a payment. The space is also changing rapidly and one of the latest trends has been the eagerness of some ecommerce websites to accept crypto as payment.
The ability to conduct transactions with privacy and security has contributed to increased consumer confidence in the last decade or two. This has led to the rise of new industries such as the one of casinos operating online as they have increasingly added secure payment options that can be used by any type of player.
Credit cards are increasingly popular
This is the most widely used payment method in the world. Most online casinos accept Visa and MasterCard and some even accept Maestro. The main advantage of credit and debit cards is that almost anyone, anywhere in the world, can apply for and use a credit or debit card. Their main disadvantage is that more and more banks are refusing to accept igaming transactions.
A credit card also allows the player to activate various bonus promotions of a casino with the best slots. Credit cards are available for both deposits and withdrawals.
E-wallets are the best option
E-wallets are becoming increasingly popular. Thanks to their ease of use and fast payouts (usually less than 24 hours), they already occupy the largest market share of online casino payment options. However, a major drawback is that most e-wallets charge transaction fees.
Neteller and Skrill have become the most popular payment methods for online casinos. The ewallet payment method can be used almost anywhere and it is considered fast and secure. However, since relatively recently there is a new and very popular ewallet used by many gamblers.
An eCheck casino is one that accepts deposits from eCheck, „an electronic version of a paper check that provides different payment processing times and less waste” as they desacribe themselves on their official website. This is a popular payment method at online casinos in Canada and the United States. The eCheck payment process involves providing bank information, including bank account number and bank routing number, to authorize the transfer of funds from the player’s bank account to the online casino account.
The bank transfer is left behind
Accepted by most gaming establishments as one of the main payment options. Due to their strict regulations, online casinos consider them a particularly secure means of payment. Bank transfers, for example, are subject to stricter identification procedures to eliminate potential money laundering or other security concerns for all parties involved in online casino transactions.
However, screening procedures often take some time, so transactions with this payment option can take up to seven days.
Prepaid cards
The most popular prepaid card in the igaming industry is Paysafecard. It is accepted as a payment method by almost all online casinos due to its high security compared to direct deposit with a credit or debit card and low cost. Players can easily purchase a Paysafecard and enter the code printed on the card when making a deposit at their preferred casino site.
Cryptocurrency trading takes the igaming world by storm
Cryptocurrencies are increasingly accepted as a means of payment by igaming companies. This is largely due to the guaranteed security offered by Bitcoin and other cryptocurrencies. Due to their cryptographic nature, cryptocurrencies create an additional layer of security. Combined with the modern encryption technology used by many reputable online casinos, this creates a highly secure payment option. Cryptocurrencies also offer a higher level of privacy than other payment methods. Because transactions can be carried out anonymously.
Bitcoin payments can also be made quickly, sometimes even immediately. For comparison, credit and debit card payments are usually processed within three to five days. However, the exact times depend on the player’s chosen wallet and the withdrawal terms of the selected online casino. In addition to bitcoin, other popular cryptocurrencies include:
- Monero
- Bitcoin Cash
- Litecoin
Conclusion
Finally, we want to acknowledge that there will be more and more payment methods for online casinos in the future. Almost every casino these days allows you to choose the payment option that is right for you.
Many providers offer their customers secure casino payment methods. Among the online casino payment options, there should always be reputable payment methods that can be used for both deposits and withdrawals.