Best three payment methods at casinos
Three Payment Gateways
It is a known fact that a majority of punters consider ease of banking as a vital metric while choosing an online casino. It is also true that the ease of banking has increased multifold in the past few years. There has been a steady increase in the standards of banking in the iGaming industry. The transaction time has reduced drastically while the payment validation process has simplified. A number of new payment gateways make it possible to transact instantly and anonymously. Payment gateways like cryptocurrencies, Pay by Phone Bill Casino, and prepaid cards don’t require the players’ identity. For those who don’t want to share banking details with online casinos often use e-wallets, which acts as trust buffers.
A good majority of mobile online casinos offer free banking while few brands charge specific gateways, mostly during withdrawals. On average, withdrawals from online casinos are lengthy and time-consuming. For new players, identity verification is done before making payments. Naturally, we find a majority of player complaints revolving around withdrawal time in online casinos. As the industry saturates, withdrawal time will be the next game changer. Some online casinos are already prioritising withdrawals to end the gaming experience on a happy note.
However, the thrust for change is also coming from outside with the rise of novel gateways like cryptocurrencies. Bitcoin has made deep inroads into the iGaming industry and is one of the fastest growing payment gateways. New generation punters prefer bitcoin become of its anonymity, security, and transaction speed. Being a deregulated currency, bitcoin payments don’t require currency conversion charges. Usually, cryptocurrency payments in online casinos are free of transaction charges. However, there are some limitations of using bitcoin, the most prominent being its volatility. The price of bitcoins fluctuates a lot and this can affect punters in the long-run. The second disadvantage is the lack of simplicity. Players require basic technical knowledge to process bitcoin banking. It’s worth noting that players making deposits through bitcoins will be paid back in bitcoins. Some casinos and bookmakers “convert” bitcoin payments into pounds for easy operations but pays back in bitcoins.
Payforit is another unique form of payment gateway, often used by UK punters to deposit small amounts from their mobile carrier balance. Payforit is a consortium of UK mobile companies that allows users to send payments from their current bill cycle. Both pre-paid and post-paid customers are allowed to deposit funds. The bill will appear in the monthly account statement. Vodafone, O2, EE or Three, users can access Payforit banking at online casinos. Virtual operators like Lebara and Virgin also allow phone payments. However, punters cannot withdraw funds through Payforit and will have to choose a separate gateway. Usually, online banking is available along with the pay by phone option.
UKash is the next big thing for online casino payments. The company was launched in the UK and has an amazing retail presence. Currently, more than 420,000 stores, gas stations, ATMs, and retail outlets accept UKash cards. UKash was merged with PaySafeCards, which is a pre-paid card. UKash also offers cash codes, which can be redeemed at any payment point which accept UKash. The gateway is also backed by an e-wallet, which lets you transact money through online banking and also store your excess balance for a limited time. For the iGaming community, UKash is a big boon because of its simplicity and speed of transactions. It is also a good option for mobile gamers as the gateway has its own app, which makes it easier to validate your payments. UKash is an open-ended payment gateway and can be used to both deposit and withdraw funds.