Online casinos have experienced incredible growth in the past five years, and their development has long surpassed the state of land-based venues. After the global lockdown that took place in 2020, more and more people got into the habit of playing online casino games such as free spins, instead of visiting physical establishments. Convenience is surely the greatest factor behind this change, but the wide variety of payment methods offered by online casinos also made a noticeable difference, so let’s go over the major ones:
Credit and Debit Cards
Credit and debit cards are surely among the most popular transaction methods among online punters, and this is largely due to their convenience. Such cards are easily accessible in Europe and the United States, and almost all virtual operators include them on the list of payment options they support. As for the users, all they need to do is provide the required card details and the funds will be transferred in just a few minutes. The most popular among these are MasterCard, Visa, American Express, and Union Pay. These credit and debit card vendors are not only well-known and reliable, but they also provide users with an extra layer of protection.
Bank Transfers
Bank transfers have been the primary transaction method in online casinos for a long time, and it is still supported by all the major platforms. The main reason why operators continually stick to wire transfers is their strict KYC (Know Your Customer) procedures that prevent various illegal activities such as money laundering. However, wire transfers often take several days to complete, and not all users are willing to wait that long. But despite that, they are still a popular method among punters who are not familiar with more innovative technologies, and those who live in countries with a pretty limited selection of transaction options.
Virtual Credit Cards
Virtual cards are quite similar to credit and debit cards, but they exist only in the online world. This payment method started getting attention in the early 2000s when e-commerce began taking off, and it keeps bringing benefits to all sorts of online industries, including iGaming. Using virtual credit cards for gambling is fairly simple, as they are usually associated with existing accounts, so they can easily be preloaded with a particular amount of money. The majority of the cards are issued by banks, other financial institutions, or even online gaming platforms. The fact that users do not have to carry a physical card with them reduces the risk of having it lost or stolen. Moreover, virtual credit cards offer fast and secure transactions, as well as hassle-free currency exchange.
Cryptocurrencies
Cryptocurrencies are gradually entering all sorts of markets, and online gambling is no exception, as this innovative payment option is clearly here to stay. Digital currencies are actually exploding in popularity, and there are several reasons behind that. Firstly, they offer extremely fast deposit and withdrawal processing which is paired with pretty low transaction fees. Next, they offer non-returnable transactions that protect users from fraud. Finally, cryptocurrencies use advanced encryption that guarantees the safety of both personal and financial data. The leading online operators have already embraced the use of Bitcoin and other similar currencies like Ethereum, Litecoin, and Tether.
E-Wallets
Currently, e-wallets are one of the fastest-rising online payment options out there, and in 2022, they reached a worldwide usage of 49%, together with mobile wallets. This rise was driven by the increased demand for contactless payment options during the pandemic, as well as the widespread need for high-speed transactions among users who have less patience for slow-operating systems than ever. Besides the speed which is an obvious benefit, many e-wallets also feature high levels of security, since they act as a middle-man between online gambling sites and user bank accounts. Digital wallets like PayPal, Neteller, and Skrill and widely accepted across the world, as well as in the majority of online casinos.
The online gambling industry has gone through some turbulent times in the past few years, but all the changes it witnessed helped it further develop and grow. Thanks to various tech innovations, today’s virtual casinos offer a variety of convenient payment options that keep players coming back for more.
