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Importance of Payment Methods in Online Casinos

Although many online casinos offer bank transfers/wire transfers, banks on the other hand have always been reluctant to provide proper banking services to online gambling operators in the Philippines. To some extent, the law also prevented them from providing these facilities, in fear of the transferred money being used for gambling.

To deal with this issue, gambling operators have come up with far more innovative and convenient ways of payment methods that players can choose from. This development in online banking has made the culture of standing in a queue to transfer funds to your favored online casinos, absolutely irrelevant and old school.

The more payment options an online casino Philippines has, the more likely it is to attract a customer. The customer will, of course, choose the one which best serves their purpose of playing, depositing money, and winning casino games.

Without depositing the money, a player will not be allowed to play in online casinos. It is very important to note down that a different set of conditions and terms will be present for each payment method for withdrawals and deposits.

The following payment options are currently available in most online casinos:

Debit or Credit Card

Perhaps the easiest way of transferring money to online casinos is by debit or credit cards. Over the years, some of the more prevalent cards have shown great consistency with their secure payment services. 

The most popular of them would be American Express, Visa, and MasterCard. If you are using any one of these cards, the only thing you have to do next is going to the depositing page and fill out the necessary information before making or withdrawing money. Note that the information required to be filled out will vary from country to country.

Once money has been transferred, your account will show the change immediately. It is also essential to keep in mind that almost all credit cards require you to pay the charges after each transaction.

Here’s a list of some of the most used debit and credit cards used in online casinos:

Visa

Being one of the most used credit cards for its suitability to all kinds of purchases, Visa has long held its place as one of the best networks for online payments throughout the world. One big upside to using Visa is that you do not have to ever worry about your card getting declined because almost all online casinos have Visa as one of their payment method options.

MasterCard

If there is another credit card company in the industry that is giving Visa good competition, it would be MasterCard. Players can easily deposit or withdraw money using MasterCard for online casinos because it is one payment option that is very reliable, secure, and widely recognized by online casinos.

American Express

Because of the rigid laws against gambling in America, an Amex card is only accepted by a handful of online casinos. Despite being an A grade credit card, an Amex card will not be helpful if one is to transfer real money from casino games. 

Play+

Play+ has recently seen a considerable amount of players using their card payments option for funding sports or online casino accounts. This is an alternative method of payment made available to the public due to its popularity in US-based online casinos. Making transactions at online casinos via Play + can be done by either using a Play+ Card or a transfer.

E-Wallets

Surging in terms of popularity in the digital world, E-Wallets are great for making transactions at online casinos. What’s best about E-wallets is that they allow users to store their card information at their convenience.

This means that in case a user has multiple cards, they can store their card information and select whichever card they want for their transactions via digital banking methods. Some of the most widely accepted E-wallets include PayPal, Neteller, Skrill, etc.

PayPal

More prevalent among Europeans and North Americans, PayPal was first bought by eBay in the year 2002. PayPal has a dedicated customer base who have kept the particular E-Wallet in business for years now. Even though online casinos accept transactions through Neteller and Skrill more, PayPal is still recognized by a few online casinos.

Neteller

This start-up digital payment method has been in association with transactions from sportsbooks, poker rooms, and online casinos for quite some time now. If a few digital payment methods have seen a considerable amount of success in the iGaming industry, Neteller would be one of them.

Neteller has relocated its business and currently steers clear of handling transactions in the US. Even though it hasn’t gone back to the success it had back in its glory days, it is still used by the players in the British Isles and Europe.

Skrill

Skrill has been competing against Neteller since it was founded back in 2001. Initially known as Moneybookers, Skrill is now regulated by Financial Conduct Authority in the UK. If online casino players are seeking to make secure transactions, Skrill is the way to go.

Moreover, it is more common to find Skrill as a payment method option than Neteller and PayPal these days. Interestingly, Skrill and Neteller are both owned by the Paysafe Group.

Cryptocurrencies

As of now, Bitcoin and Ether are the two cryptos that are commonly seen as payment methods in online casinos.

Bitcoin

Being the first decentralized currency, bitcoins are great for buying goods and services anonymously on the internet. Nowadays, it is also available in online casinos for making transactions a lot easier.

Ether

Slowly gaining popularity due to its anonymous transactions, fast processing, and international transactions, Ether also has quite the number of users relying on it for their day-to-day transactions in online casinos.

Apart from cryptos, mobile payment options are also booming these days in the online casino industry. Mobile payment options like Boku and Zimpler follow an easy payment option for transferring funds.