What are the best payment methods for online casinos?
Regardless of where you are in the world, the ability to access information and do things digitally has become unbelievably quick and easy. Technology is advancing at a rate that humans struggle to keep up with. Even more reason for companies and industries to keep evolving and innovating to remain current and appealing to their target audiences.
One industry that has benefited from the speed of technological innovation is the online casino industry. Software providers have taken advantage of machine learning, IoT (Internet of Things) and Artificial Intelligence to enhance graphics, create realistic soundtracks and improve the way users make payments on online casino platforms, and with strict regulation safety has been paramount with additional license checks and KYC procedures being common.
It was only 30 years ago that online casino action was thrust into the mainstream. Before then, people would take their cash to their local casino and physically pay to play. Fast forward 30 years to the present day, and the physical has slowly transformed into the digital. Since 1994, thousands of online casinos have been created and established themselves on the online market, all offering a vast range of ways to make payments.
Over time, fiat money has been transformed into a variety of online payment methods, all quick and efficient to use, whether paying in or receiving winnings. Of course, it’s possible to use recognised debit and credit card options to play at casinos. These, however, are being challenged by the sheer amount of quick, dependable, and safe methods that have become available in recent years.
Apple arrived in the online payment market as a huge reputable name and more importantly, one heavily recognised and used by millions around the world. Therefore, the transition to using Apple Pay for online casino action was seamless for Apple customers, old and new. Apple Pay has become one of the most popular avenues to deposit money at an online casino and many establishments accept Apple Pay as a primary means of paying
The speed and secure nature of transfer with two-factor authentication coupled with the increasing number of online casinos accepting it potentially gives Apple Pay the edge over its other payment method competitors.
However, if the introduction of Apple Pay in 2014 as a replacement for chip and PIN transactions was considered revolutionary, then Cryptocurrency is and continues to blow people’s minds. The digital currencies, of which there are tens of thousands on the current market, are quickly becoming more recognised and used in everyday society.
The advantages of using cryptocurrency also provide evidence that it could be a good payment method for online casino play. The decentralised nature of the currency means that users drive the popularity of the coin, and therefore it’s the users that determine which coins are more useful and more trustworthy than others. Nowadays, crypto transactions can be processed instantaneously. Due to the blockchain technology implemented and the design of crypto wallets with private keys, payments are extremely secure.
There is one fairly large caveat when it comes to depositing using cryptocurrency in the UK, however. At present, casinos that rely on cryptocurrencies for gambling are unregulated in the country, so it’s not currently possible to legally play at a crypto casino. There is a silver lining though, as many reputable and UKGC-regulated casinos do accept deposits using Neteller. Using this digital wallet, you can convert your cryptocurrencies into fiat money, and use this platform to deposit safely and securely.
Other payment methods have also seen huge changes to match growing online payment demands. For example, E-Wallets have come a long way, payment platforms like PayPal are still amongst the most popular in the world and offer similar expedited speeds for paying and withdrawing, and are still heavily featured for many online sites. Similar platforms like Skrill and the aforementioned Neteller are available widely to more than a hundred countries, offering the same speed and security too.
For online players, their job is to keep up with the evolving nature of payment methods so that the process for them is as seamless as possible. This way, users can get to the playing floor as efficiently and effectively as they can. While the older-fashioned methods still exist, the benefits and advantages of newer methods are worth keeping an eye on.
In the case of some online casinos trying to take advantage of quicker ways to get players through the virtual door, there are even bonuses attached to depositing via a certain method. The more payment methods available, especially newer forms, the more potential bonuses (welcome, deposit match, daily) there will be on offer for players. There is only one winner in this situation.
The online casino industry is spoiled by the plethora of options available for making payments on their platforms. Whether a user favours the old-fashioned debit/credit card, cryptocurrency or Apple Pay, the vast number of options means there will be a payment method for every user.
