Nowadays, online casinos are incredibly popular with millions of players around the world looking forward to trying their luck at slots, Baccarat and roulette among others. For a smooth and trouble-free online casino experience, it is crucial for players to familiarise themselves with the platform’s payment methods.
A reliable and comprehensive payment option facilitates deposits and withdrawals at the speed of one click. Given the rise of technology, there are numerous types of virtual payment methods. However, the wide variety of alternatives can be overwhelming.
In what follows, we break down some of the most popular payment methods available at most online casinos, from credit and debit cards to online wallets and more.
1. Credit and debit cards
This is one of the most popular paying methods at online casinos and on the Internet as a whole. Unlike other options listed below, using credit and debit cards — either Visa, Mastercard or American Express — is much more familiar. It’s also simple as users are only required to enter their card’s 16-digit number, card verification code (CVC) and the name that appears on its surface on the paying terminal. Overall, the operation takes a few minutes and the payment should become effective quickly.
Of course, having the card’s information stored on your browser may be risky. In addition, sharing this sensitive data on a shady website may expose you to cybercrime. Therefore, it’s important to delete your credit and debit card information from your browser and make sure that the online casino of your choice is both licensed and reputable.
2. Online wallets and prepaid cards
Also known as e-wallets, digital wallets give you the option of transferring money through a third party. Hence, it will receive the funds from your credit card or bank and transfer them to the online casino without sharing your personal data.
Compared to traditional banking, using online wallets tends to be much cheaper and more convenient. PayPal, Neteller, Skrill, Entropay, Click2Pay, Neosurf and Western Union are some of the online wallets which you can use to pay at an online casino.
With prepaid cards, you simply load money before use. There’s no need to connect it to a bank account and, in fact, many e-wallets like PayPal and Neteller offer their prepaid cards which you can load on their platforms.
3. Direct bank transfers
Direct Bank Transfers connect players’ banks to the casino site in order to instantly receive the funds. It’s a simple payment method that doesn’t involve extra fees and it’s available at numerous online casinos, which makes it convenient for those looking forward to the best online pokies in Australia.
4. Phone bills
This is a newer payment method that allows players to pay later through their phone bill. Paying through the phone bill is more suitable for those placing smaller bets, which makes the experience similar to that of buying a lottery ticket.
Cryptocurrency is a digital currency that is an alternative payment method that uses cryptography to secure transactions. Cryptocurrencies don’t have a centralising or regulatory structure; they don’t rely on banks to verify transactions. Instead, there’s a peer-to-peer system that enables users to send and receive payments.
More and more online casinos are accepting Bitcoin, Ethereum, Litecoin and Dogecoin among other cryptocurrencies.
As transactions can’t be traced back to the user, this offers greater anonymity. Additionally, cryptocurrency transactions are kept safe from fraud due to blockchain technology. However, this payment method also comes with its disadvantages. Cryptocurrencies like Bitcoin, for example, are highly volatile. What’s more, transactions done with this and other types of crypto are irreversible.
Reputable and licensed online casinos provide numerous games, including pokies, roulette, poker and many others. They also offer many payment methods, including credit and debit cards, e-wallets and prepaid cards, direct bank transfers, phone bills and cryptocurrency. So what is the best choice? It depends on your preference and what you find more convenient.