- October 18, 2023
Traditional Payment Methods: Credit and Debit Cards
Credit and Debit cards are issued by the local banks from where the online gamblers are living. These two payment methods have been around for years already and have been used for online payments even before online gambling became a thing.
To use credit and debit cards, online players may see options like VISA or Mastercard and click one of those options. Once they’ve chosen which kind of card they have, online gamblers will now have to fill out their card information to use their card to deposit money on the online gambling platforms. On some occasions, online gamblers may be asked to log in to their online bank (if they have any) after submitting their card information.
Online gamblers in the United Kingdom are known to use debit and credit cards commonly instead of other payment methods. Other countries that accept debit cards as a payment method are India, Africa, and Southeast Asian countries. However, some countries in Europe, like Germany, banned online gamblers from using credit cards as their payment methods.
On the other hand, Latin American countries and Africa are rarely seen to use credit cards as payment methods.
That said, here are the advantages and disadvantages of credit and debit cards as payment methods that you should be aware of.
Credit and Debit Cards Pros
- Can be both used for deposit and withdrawals
- Widely recognized
- Fast processing/Real-time Payments
- Convenient and ease of use
Credit and Debit Cards Cons
- Risk of fraudulent transactions one credit and debit card information is stolen
- Some websites do not allow credit card
E-wallets: Convenient and Secure Transactions
E-wallets or electronic wallets are digital wallets downloaded on mobile phones or accessed through websites. People can use e-wallets to store their money, wherein they no longer need to carry their cards or cash around. All they need to have to get the e-wallet application or have access to its website. Examples of e-wallets are Paypal, Gcash, Paymaya, Google Pay, Apple Pay, Venmo, Skrill, Neteller, and Alipay.
To add money to your e-wallet, you can use your bank or over-the-counter payment, wherein they’ll pay a retail store to deposit money on their e-wallet account. E-wallets are quite popular in Southeast Asian countries and are the most common payment method for online gamblers in these countries.
To use e-wallets to gamble online, players are required to log in on their e-wallet accounts. Most of the time, this includes submitting the phone number or email associated with their e-wallet account. Once submitted, players should verify that they indeed own the e-wallet account. To verify their identity, most of the time, this is done by submitting a code sent by the platform on their phone number or email address.
That said, here are the advantages and disadvantages of e-wallets as payment methods that you should be aware of.
Financial info is stored on a secure server
Has more flexibility
Offer bonuses and promotions for using it
- Risk of hacking
- Risk of losing access if login credentials is forgotten or account is frozen
- Not all currencies are supported
Limited e-wallet funding options
- May impose fees for converting currencies
- Withdrawals may take several days to process and reflect on the player’s account
Bank Transfers: Reliable and Trusted
Bank Transfers are different from credit and debit cards as a mode of payment. With a credit or debit card, you will need to know your card number and security code. But with bank transfers, what you need to know is your bank account number itself, which cannot be seen on the face of your cards.
Additionally, with bank transfers, you have to go to your local bank personally to deposit your funds on the gambling platform. If you have an online bank account, then you just have to go to your online bank website or open its mobile application to transfer cash from your bank account to the online gambling platform.
So bank transfer is quite different when you are using your credit and debit cards. But the money you are going to use for the three of them is coming from your local bank. Bank transfer is believed to be the most secure payment method because it is you yourself who is going to transfer the money. Additionally, you won’t have to give your financial information like phone number and credit or debit card number to the gambling platform. Therefore, your sensitive information will remain hidden, thus, decreasing the chances of fraud.
That said, here are the advantages and disadvantages of bank transfers as payment methods that you should be aware of.
Bank Transfers Pros
Good of larger deposits because of its high transaction thresholds
Secure and reliable
Bank Transfers Cons
- Have to go to your local bank to personally deposit the money if you don’t have online bank account
- Withdrawals of money can take up to several days to process and reflect
Prepaid Cards: Anonymity and Control
Prepaid cards, just like credit and debit cards, people have a physical card. But the difference is that prepaid cards are not connected to your bank account. Additionally, unlike credit cards, the money you will be using is your own money that you have loaded or deposited on your prepaid card. With credit cards, the money you are using is money you borrowed from your local bank that you will have to pay eventually with interest.
But with a prepaid card, it is like a debit card but not associated or connected with your local bank. This means your spending limit depends on how much money you loaded on your prepaid card. You can load and reload your prepaid card online or at an ATM machine. Additionally, prepaid cards can be reloaded and used as much as you want until it expires.
To pay using a prepaid card, you will need to submit your prepaid card number, just like credit and debit cards.
That said, here are the advantages and disadvantages of prepaid cards as payment methods that you should be aware of.
Prepaid Card Pros
Financial detail are secure
Accepted by many gambling websites
Prepaid Card Cons
- There could be monthly fees
- May not be available in some countries
Cryptocurrencies: Secure and Efficient Transactions
Cryptocurrencies use blockchain technology, making it hard to hack or change. This type of money is digital assets that are commonly invested by people. People can buy, sell, and trade their cryptocurrencies to other people to gain money. Think of it as a stock exchange. People will earn profit from their investment. Examples of cryptocurrencies are Bitcoin, Ethereum, Tether, Stellar, Litecoin, and Zcash.
But besides investment, cryptocurrencies can be used as a mode of payment in an online gambling platform as well. Once you created your crypto wallet and bought cryptocurrencies, you can now use it to gamble online.
To use cryptocurrencies to gamble online, you need to find the option to send cryptocurrencies on the online gambling platform. Choose the kind of cryptocurrency you have and enjoy playing.
That said, here are the advantages and disadvantages of cryptocurrencies as payment methods that you should be aware of.
- Value of the cryptocurrency can fluctuate
- Irreversible transactions
The iGaming industry is an ever-changing industry. Not only players but operators stay informed about emerging and evolving market trends, like payment methods, to adapt to changing industry dynamics.
As the iGaming industry grows in population and more countries start legalizing it, gambling platforms and their operators should take into consideration all these popular payment methods when it comes to online gambling. Not all countries allow these payments to be used to pay for online gambling. That’s why it is good to always have alternative options for your online gamblers.
The online gambling industry benefits from offering a variety of payment methods to cater to the preferences and needs of different players. Having multiple options enhances convenience and accessibility for a wider audience.
Additionally, each player may have different preferences and comfort levels with specific payment methods. Some may prefer the ease and anonymity of prepaid cards, while others may lean toward the efficiency and privacy of cryptocurrencies. The availability of diverse options caters to individual needs and ensures a positive user experience.
With TC-GAMING, you can provide any payment method seamlessly. TC-GAMING’s API integration platform allows online gambling operators to add different banking and payment methods to their online gambling platforms. TC-GAMING also widely applies new technologies and concepts, constantly updates and upgrades the platform. This includes the current trends in payment methods.
So whether you are already an online gambling operator or an aspiring one, choose TC-GAMING to provide any popular payment methods for your online gamblers. By doing so, both operators and players can enhance their online gambling experience while keeping up with the latest advancements in payment technology.