With the rise of smartphones and easy access to the Internet, gambling online has become a popular hobby around the world. Most people who love to play slots and card games for real money are increasingly choosing sites with reliable payment methods.
If a casino makes it hard to deposit and withdraw money, its chances of survival are minimal. In this article, we’ll explain the importance of payment methods in shaping the online casino experience. Let’s dive right in.
#1: Real Money Casino Gaming
Payment methods like Visa, MasterCard, and GPay make it possible to play slots and poker online for real money. Without digital banking, everyone would be playing slots online using free chips.
Payment methods provide an extremely necessary service in the iGaming sector. They act as a link between your money and the casino. They help you deposit funds to a gambling site reliably and securely.
The best payment methods have low minimum limits. You can deposit from $1 using most cards and digital wallets. This means you don’t need a big budget to play casino games online.
Some of them have extremely low fees. You could send $1000 or more while paying less than $10 in fees. Low charges make digital banking efficient—money goes to the intended source and not to an intermediary.
#2: Fast Deposits and Withdrawals
Depositing and withdrawing money at online casinos used to be hectic. Now, the process is fast and smooth all thanks to modern digital payments. With most credit/debit cards and e-wallets, depositing money to a casino site is instantaneous.
All you need is to create a casino account and head to its payments page. Select your preferred deposit option and follow the process. If you have money in your credit/debit account, the payment process is usually quick and seamless.
To be clear, payment methods don’t offer the same exact processing speeds during withdrawals. If you win money at a casino and cash it out through Visa or MasterCard, it could take up to three days to receive your money. Traditional wire payments take much longer to process withdrawals.
If you want to receive gambling winnings fast, choose an online casino that accepts eCheck payments. Electronic checks take less than 24 hours to process gambling payouts, making them faster than cards and traditional wire payments.
#3: Convenient Banking
Digital banking makes online gambling convenient. Think about this. If you want to play slots online, you need a payment option available where you live. In most places, you can use MasterCard and Visa conveniently.
If you don’t have access to these cards, you can use one of many digital wallets that provide their services to casinos. Digital wallets work in specific regions. GPay is available in roughly 50 countries. PayPal works in 150+ regions while some are limited to a specific country.
While these companies work in different areas, they make casino gaming convenient. You don’t need access to a dozen payment methods. You just need one e-wallet that provides quick and convenient payments.
Choose a payment method that makes it easy to connect with your bank account. Ensure it’s fast and charges low fees.
#4: Mobile Payments
Online casinos have benefited greatly from the growth of mobile devices. A growing ownership of smartphones means more customers. Mobile players can access online casinos conveniently thanks to payment apps.
If you want to fund your casino account, all you need is to download a payment app like Apple Pay, Skrill, PayPal, or Trustly. With Visa and MasterCard, you don’t even need an app. They operate through mobile web apps.
Mobile payments are playing an important role in shaping the future of online casinos. By providing convenient banking, more and more people are choosing to gamble through their smartphones.
Soon, mobile gaming will make up 70% of all casino gaming. The explanation is that online casinos are increasingly expanding in emerging markets. In these areas, the majority of people access the Internet through smartphones.
#5: Security and Trustworthiness
Online payments help you play online casino games securely. From banks to digital wallets, nearly all payment providers have tools and policies designed to keep customers safe.
For starters, many e-wallets give you an account you can secure through a password and Two-Factor Authentication. Secondly, they have policies designed to keep your data safe.
Additionally, payment companies follow strict rules about protecting users’ money. They also insure this money to eliminate any chance of losing customers’ funds.
Of course, some Fintech companies and banks go down regularly. But if you stick to trustworthy payment options, you can be assured of secure transactions. Banks provide the best security for large sums of money. For small payments to casinos, cards and e-wallets work just fine.
#6: Helping Casino Grow
Payment providers help online casinos expand in different regions. Let’s say a company launches today with the UK as its primary market. After six months of success, it could acquire licenses to operate in Europe.
Growing in Europe would be easy because gamblers in this region use the same payment options available in the UK. All the casino would need to do is market its services to beat competitors.
When expanding to regions not served by popular banking options, casinos work with local payment options. For example, many casinos in India support Paytm, UPI, and Internet banking. That’s because these payment methods are extremely popular in India.
#7: New Technologies
The online casino sector has been centered on technology from the start. For many years, the industry has been embracing technologies focused on security, gaming, marketing, and customer service.
Lately, the banking industry has been creating solutions designed to enhance online casinos. Take Bitcoin as an example. This payment method allows people to eliminate intermediaries. Bitcoin also features another product—Blockchain—that can help casinos build provably fair games.
Trustly is yet another Fintech company disrupting the casino industry. The Swedish company offers a service that allows casino players to gamble online without the need to create an account.
Considering account creation and identity verification are cumbersome, no-account casinos could become the future of iGaming.
