Since the dawn of internet gambling, online casinos have been updating and evolving with the tide of technological trends. One of the areas that have seen massive amounts of change is the payment methods that people use to get money into – and out of – these online casinos.
Thanks to the advancement of technology, it’s never been easier for players to withdraw winnings or deposit cash to play with. From mobile payments at a G Pay casino online to e-Wallets like Skrill, let’s take a look at some of the more popular modern payment methods and how they’ve changed things:
E-Wallets
One of the biggest evolutions not just in casino payments but payments made over the internet – is the creation of e-wallets. These payment systems were created in the mid-2000s and allowed people to send money effortlessly. They act as a middleman between the vendor or casino and the person’s bank, meaning there’s no risk of financial information being stolen.
The safety and speed of e-wallets are what made e-wallets incredibly popular when they first launched. It wasn’t long before online casinos saw the popularity and started integrating them into their sites.
A number of different types of e-Wallets have emerged, with the most well-known being PayPal. This is the biggest of all wallets, with roughly $30 billion in transactions going through it every year. Another e-Wallet that was created with gamblers in mind is Skrill, which features a whole host of benefits for using it for gambling transactions.
Prepayment Cards
Prepayment cards are another relatively new system for putting funds into your online casino account. Whilst they aren’t quite as widely available as some of the other payment methods, they’re still a widely used option at the online casinos that accept them.
The way these cards work is through ‘loading’ the card with real-life cash at any of the compatible outlets. Once the card has been charged, you’ll be free to deposit that amount with the casino. You can also get both digital versions and physical versions which give a lot of flexibility.
The big plus side for prepaid cards is the fact you’re at zero risk of having any of your financial information put at risk. There are essentially two transactions going on, so the casino doesn’t have any access to your details. The big downside is that they aren’t widely accepted, and you’ll have to check with the prepayment card provider for their regulations when it comes to using them on gambling sites.
Some big names in the prepaid card space include PaySafeCard, Neosurf, and big-name card providers such as Visa Prepaid and American Express.
Mobile Payments
Mobile payments are just like the name suggests – payments are made through a card that’s linked to your mobile phone. These are also known as NFC payments or Near-Field Communication payments.
Many of the newer online casinos will offer this as a payment options thanks to its easy integration and lightning speed. You simply have to connect your account at the online casino to a smartphone app, and you’re done – it’s pretty much effortless.
One big perk of these payments is that they’re super secure. Almost all of them work off of a fingerprint, which is used to verify all payments. They’re also probably the most convenient payment system out of them all. You simply select the amount you want to pay, scan your fingerprint, and you’re done.
Whilst there are plenty of options available, the biggest two are Apple Pay and Google Pay. As the name suggests, these apply to users of iOS and Android phones.
Cryptocurrency
Finally, we have one of the newest payment methods available at online casinos – cryptocurrencies. These are digital currencies that are linked to the blockchain. This allows an incredible amount of security and anonymity whilst also being really fast.
Whilst there’s not the biggest selection of casinos that offer this type of payment, the selection is growing at a fast pace. It won’t be long until cryptocurrencies such as Bitcoin, Litecoin, and Ethereum are widely accepted, as they offer a huge amount of security for both the players and the casinos themselves.
