6 Top Payment Methods Making Waves in 2017
As increasing numbers of people continue to make the transition from bricks and mortar casinos to online casinos, leading the immense growth of the global iGaming industry, new customers have an important decision to make in choosing how to transfer their funds into their new casino accounts.
The online casino payment options in 2017 are growing by the week, as casino sites seek to stamp out security breaches and fraudulent gaming entirely. They are increasingly doing so with the use of 128-bit SSL Data Encryption technology.
This method of encryption guarantees the most secure financial transactions online. SSL technology is the most common security software adopted by even the world’s largest banks, so if your chosen online casino uses this then you’re in safe hands. In order to quickly find out if that’s the case, most sites will have a ‘Security’ page or button on their navigation bar, outlining their security policies.
Let’s take a look at some of the other increasingly common payment methods with online casinos today, enhancing the legitimacy and security of iGaming throughout the web:
- Credit and debit cards
Credit and debit cards are still a very popular payment option for casino players online. In the UK, it’s thought that almost half (49%) of all online casino transactions are made using them. The main ‘pro’ is that debit cards in particular can still be linked directly to a bank account. However, the major ‘con’ is that some banks will continually decline anything perceived to be a gambling transaction.
- Pre-paid debit and credit cards
Pre-paid vouchers and cards are very much in vogue among online casinos in 2017. Sites such as Ukash and Paysafe Card are popular because they offer an additional layer of security to a debit or credit card. Combine that with minimal transaction fees and speedy payments and it’s easy to see why thousands of websites recognise this as a genuine payment method.
Fast becoming the leader of online payment methods, especially for online casinos, E-wallets are particularly beneficial for players requiring speed and ease of transactions. Casinos like using e-wallets themselves as they can process withdrawals for their customers within 24 hours rather than a number of working days for card and bank transfers. Although PayPal remains the leading E-wallet, Skrill – formerly known as Moneybookers – and Neteller are also hot on their heels.
- Bank wire transfers
Bank wire transfers tend to be the most secure financial transaction for online casinos, minimising risk for both the website and the customer. Nevertheless, the trade off with this type of transaction is that it can take up to seven working days to complete; due largely to the various identity checks that are undertaken. If it’s a particularly large sum of money, however, you may be prepared to wait longer to ensure the funds are transferred securely.
- Pay by phone
Arguably one of the newest forms of payment among online casino brands, pay by phone is pretty much exactly what it says on the tin: you pay into your casino account via your landline or mobile phone and the figure is simply charged to the phone bill of whatever device you used. Casinos such as BGO and Casumo have already cottoned on to this as a quick and convenient payment method. It’s also incredibly secure as no debit or credit card details need to be given out to make a transaction.
Last but by no means least, Bitcoin is also steadily gaining popularity as a payment method among online casinos. In fact, there are dedicated Bitcoin and cryptocurrency casinos operational, due largely to their exceptional levels of security. Bitcoin’s blockchain technology is impossible to copy, keeping a firm lid on fraudulent activity.
- Credit and debit cards
There’s no doubt that online casinos are moving with the times and away from traditional payment methods. It’s all about convenience in 2017 and initiatives such as Pay by Phone mean that players don’t have to immediately part with their funds and can wait to pay their deposits at the time of their next phone bill.