The popularity of online casinos has exploded over the past few years. As the Covid-19 pandemic forced us all indoors, many discovered the fun, exciting world of online gambling, and enjoyed the immersive, interactive experiences made possible by modern live dealer casino software.
However, unlike physical casinos where payments and cash transactions are instant, online casinos still face difficulties with payment processing and authorization. This is the result of a number of issues, mainly the range of different payment methods players use, with casinos requiring systems in place to handle them all, and technological limits that work to slow down transaction times.
As technology develops, we are seeing these payment processing times fall. Players can now enjoy increasingly efficient transaction speeds, making for a far more realistic experience. We’ve broken down some of the fastest payment methods for casinos and looked at the benefits and drawbacks of each. Keep reading to find out more.
E-Wallets
E-wallets are fast becoming the most popular payment method online, with many online casino platforms aware of the benefits they can offer and integrating them with their websites.
E-wallets are specifically designed for online use and as a result offer the fastest and most efficient way to make payments. E-wallets are linked with player bank accounts and can be used to make payments for a range of online services. Payments made with e-wallets are usually instant, and they offer players a number of desirable protective measures and security guarantees.
The most common e-wallet in use is PayPal, which has widespread integration across almost all reputable UK online casinos. PayPal’s speed, efficiency, and security measures such as the Buyer Protection Scheme make it an increasingly popular choice for online casino players.
Recently, different e-wallet options have began gaining traction. Skrill, Neteller, and Apple Pay are now also widely used, each of them offering similar advantages in terms of speed and safety.
Crypto
Cryptocurrencies have been touted by many experts as the future of online payments. They offer near instant transaction speeds, low transfer fees, and improved security measures when compared to more traditional methods. Crypto is decentralized and does not require oversight by a governing body. This means that they can be used from multiple global locations without incurring cross-border payment costs, making them an attractive choice for international players and platforms.
Crypto also offers players improved security and anti-fraud capabilities. Payments and user information are stored on the blockchain rather than on the casino platform, making them far less vulnerable to data breaches or attacks from cyber-criminals.
However, despite these advantages, crypto remains a relatively niche payment method and is not yet widely accepted throughout the online gambling industry.
Debit Cards
Debit cards might seem rather old fashioned after hearing about the above methods and their many benefits. They do, however, remain extremely popular as an online casino payment method, and are a viable option for players.
Almost everyone has a debit card, so there is no need to set up additional accounts to play at an online casino. This accessibility is one of the driving factors behind the methods popularity, while it also offers security and safe transaction procedures.
While making deposits with debit cards are often instant, withdrawing winnings can be a longer process. Withdrawal pending times can be as long as five business days in some instances, which can somewhat cheapen the thrill of that big win.
Prepaid Cards
Prepaid cards are an increasingly popular choice for making payments with online casinos. They offer an easy-to-understand method that does not requiring the divulging of personal or financial information.
PaysafeCard is one of the best options available. It is in use in over 40 countries worldwide and can be purchased from numerous shops and retail outlets. Players buy a card with a pre-set amount of money on it and unique code, they can then input this code with their online casino of choice and see the balance added to their account.
Prepaid cards are now widely accepted with most online casinos and can be the perfect option for those unable or unwilling to use the aforementioned methods.
Phone Bill Payments
Phone bill payments involve players making deposits through their network provider to top up their online casino accounts. This type of payment is particularly useful for mobile casino users, deposits tend to be instant while withdrawals can take several business days.
One unique advantage of phone bill payments is the ability to set up regular deposits, reducing the need to manually process transfers in the future.
Conclusion
For online casino players today, there are numerous options available for depositing and withdrawing cash. For more the more tech-savvy among us, crypto is often considered the best way to go. However, e-wallets are a perfectly viable alternative, while debit cards, prepaid cards, and phone bill payments are all adequate options as well.
