The payment diversity exists for a reason – it is a customer demand. Online gambling is one of the best examples of this demand for payment options.
Take a look at Malta, a very popular place to register an online casino. According to the survey on online gambling customer payments distribution, in 2021, 40% of respondents preferred bank transfers, 34,7% – a credit or debit card, 13,2% – e-Wallets, and 12,1% – other options, like cryptocurrencies.
So, the question stands: why do clients prefer such different options when using online casinos? Moreover, what are the benefits of these casino payment methods? Find out more about the casinos with no deposit and free casino bonus.
Popular online casino payment methods
Let’s take a look at the most commonly used and the best casino payment methods, detailing popular choices, how to use them, the pros and cons, and the security measures in place to ensure safe transactions.
Credit and debit cards
Let’s start with one of the most well-known payment methods in the world: credit and debit cards. This payment method is one of the first that comes to mind, and for a good reason – debit and credit card payments have been around for dozens of years, with the vast majority of people knowing how to use them.
Some of the most popular options include Visa, Mastercard, American Express, and Diners Club International.
To make a payment with a credit or debit card, a person needs to enter their card details, including the card number, expiry date, CVV, and sometimes a 3D Secure password for additional security. After confirming the payment, funds are usually deposited from a credit/debit card into the online casino account.
So, what are the advantages of this particular payment method for online casinos?
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The bank cards are widely accepted across the globe, with many clients preferring them to other payment methods online;
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The cards usually allow for instant casino deposits, meaning players can start playing right away;
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Credit/debit cards are a familiar and easy-to-use payment method for most players.
There are also some disadvantages to such payment options, including:
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Money withdrawals from clients can take several business days to complete;
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Some banks may decline transactions to an online casino site as they belong to a high-risk industry.
Another crucial security feature a bank card possesses is encryption technology that allows payment details to be entered securely on a casino site.
e-Wallets
Having an e-Wallet as a payment method has become popular in recent years. And for a good reason: e-Wallets provide clients with convenience, speed, and enhanced security. In terms of online casino payment methods, some clients prefer e-Wallets because they allow depositing and withdrawing funds quickly without directly sharing banking details during the transaction.
The most well-known options are PayPal, Skrill, Google Pay, and Apple Pay.
To use an e-Wallet, a person usually needs to download the app, provide their information, and link the wallet to the bank account or card. Once the e-Wallet is set up, it can be linked to casino accounts. E-Wallets allow for quick deposits and withdrawals, and you don’t need to provide sensitive personal and financial information when making online payments.
E-Wallets use different tools to ensure the payments are safe, such as encryption, multi-factor authentication, and tokenization. For instance, data encryption protects data by converting it into a secure code. Meanwhile, multi-factor authentication is used to go through multiple verification steps to confirm that a person is an e-Wallet owner.
Tokenization replaces sensitive information with unique tokens, preventing unauthorized access. Additionally, biometric authentication, such as fingerprint or facial recognition, enhances security.
Bank transfers
Now, let’s get back to more traditional online casino payment methods – bank transfers. A bank transfer allows players to deposit or withdraw funds directly between their bank accounts and the online casino. While transfers can take a few days to process, they offer high transaction limits and are ideal for larger deposits or withdrawals from a casino account.
Note that processing times for accepting payment can vary depending on the transfer type, bank, and location.
As for other benefits:
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Bank transfers offer increased limits for casino withdrawals and deposits;
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All in all, it is a reliable and longtime payment method that is provided by most financial institutions and is widely accepted across the globe.
Still, as is the case with all online casino payment methods, there are bound to be some cons:
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For one, you might face longer processing times (up to 5 business days);
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Clients can also incur higher fees compared to other methods, making them consider other payment options.
Cryptocurrencies
Cryptocurrency is a payment method that offers something most others don’t – anonymity. It is one of the casino deposit methods with enhanced privacy, and it does not require personal or banking information.
At the same time, payments are processed quickly with minimal fees and are secured through blockchain technology. However, their volatility and varying acceptance can be a drawback. Some of the popular options include Bitcoin, Ethereum, and Litecoin.
To use a cryptocurrency of their choice, a person first needs to start a crypto wallet. Once done, a player can transfer the desired amount from the wallet to the online casino’s wallet.
Mobile payment solutions
Last but not least, the online casino payment methods that use smartphones to make payments. It is by far one of the most convenient options, as people use apps like Google Pay and Apple Pay for transactions, allowing for casual personal use and quick access to casino games.
To pay at an online casino, a player can just deposit money through the mobile phone bill or use a mobile wallet linked to the bank account.
This online casino payment method can be very beneficial:
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First and foremost, many players will find the idea of paying via a smartphone very convenient;
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This option for online casino transactions is also secure, as no bank details need to be shared during online casino deposits.
Conclusion
Selecting the right payment method for your online casinos depends on your priorities — speed, security, convenience, or customer-specific demands. It all comes down to the financial provider you will eventually choose.