The evolution of secure payments in the online casino industry has been relatively slow-paced. There have not been any big sudden revolutionary jumps from one system to something brand new.
The march of progress has instead been incremental, shifting from older and slower systems to the gradual integration of newer digital payment systems. But even the older, established options like bank deposits are still completely relevant in today’s industry.
Bank transactions are undeniably classic and familiar to all, but they definitely lag in payment processing speed. That’s why every online casino player should be aware of all possible payment solutions. The pages at Haworthvillage about PayPal and other payment methods offer a wealth of information for players, as an example. Will we stick to this combination of classic ways of paying and newer mobile options in the coming years? Let’s explore this question.
Where It All Began
Back in the early days of online casinos in countries like Spain and the UK, things were limited to the use of credit cards and bank transfers to fund online accounts. While bank transfers are accepted today, and are a secure, easy and well-trusted secure choice for players, the landscape of credit cards has changed.
The UK banned the use of credit cards for online gambling in 2020 in an attempt to curb problem gambling. A petition in Spain to ban credit cards in i-gambling was raised in 2020, but as yet, the country hasn’t completely followed in the UK’s footsteps with a blanket ban. Instead, recent reforms blocked credit card deposits for players aged between 18 and 25 and players who hit certain criteria for losses.
Debit cards, taking a direct payment from a bank account also provided a fantastic earlier option for online casino deposits. Visa and Mastercard debit cards are accepted pretty much everywhere and are one of the most used methods today.
Digital Payment Services Rise
PayPal broke the barrier for digital payments, as one of the first e-wallets to establish themselves. Along with them, Neteller and Skrill formed sort of a power triumvirate of e-wallets for use at online casinos and they are all still massively popular options to this day.
With payment options like bank cards and accounts linked to an e-wallet, they form an excellent option for deposits and are typically a lot quicker for withdrawals than standard options like debit cards and bank transfers.
Another key factor about using e-wallets is that they keep a customer’s financial details anonymous. They act as a go-between between a payment source and the online casino, so while a bank account may be linked to an option like PayPal, by using the e-wallet, the casino will never see the account’s details.
In contrast, using a bank account directly for a deposit at an online casino means the details would need to be shared with the operator.
Mobile Payment Solutions
Much bigger than cryptocurrency for online casino deposits right now, and really the biggest of the new wave of options, is mobile payment solutions. With a mobile phone giving access to casino play on the go, mobile payment solutions like Apple Pay, Google Pay and mobile carrier billing, have become go-to options.
Topping up an online casino account, just with a few quick taps of the screen, is a model of convenience. There’s a lot of security embedded in the payment platforms through encryption, and mobile phones themselves also benefit from the likes of biometric authentication for an added layer of protection.
The Future of Online Casino Payments
Cryptocurrency has been around for well over a decade, and one of the biggest, Bitcoin, began in January 2009. So while this is a newer form of payment but not that new, it’s a good indicator that change takes a lot of time in this area.
While some casinos do accept bitcoin for deposits, in many countries like the UK, it’s an unregulated currency and therefore isn’t offered by operators holding a UK licence. But regardless, it is still one form that is most likely going to be the game-changer for the future.