New payments became a necessity as the popularity and request for online casinos go through the roof. In the past, you could only place a bet with a street bookie by completing a form from the bookmaker and placing your bet. If you wanted to play in a casino, you must be physically present to take a seat to enable you to play your favourite game.
All of these have changed, thanks to modern mobile technology with its integrated advancement payment methods that prove invaluable for both customers and New Casinos UK all across the country. Mobile payments have changed the narrative as they enable players to place a bet from the convenience of their mobile device.
Payment with credit cards now forbidden in the UK
For years, credit cards were the preferred payment method for most online casinos and their players. However, starting from April 2020, The UK Gambling Commission placed a ban on payment via credit cards, citing the huge credit card debts accrued by online gamblers in the country as the justification for such ban. Therefore, online casinos must look for an alternative payment method to the banned credit cards.
Debit Cards Top the List of Payment Methods
Most gamblers make deposits and withdrawals through debit cards because they are more comfortable with using this payment method than others. Their choice is influenced by the ease of using the payment and withdrawal method.
While the government has banned credit cards, online casinos still accept debit cards across the country. For ease of use, most mobile casino sites allow their players to store their card details at zero cost online. This may be the ideal way to handle payments for years to come.
Cheques and Bank Wire Transfers are History
Bank wire transfer is arguably the most secure payment method for online transactions. However, this payment method, alongside cheques, is no longer accepted by online casinos. While these payment methods support safe transactions, they are very slow, a drawback that undermines their usefulness for online transactions.
For instance, it takes up to 7 days to complete payments via bank wire transfers unlike via debit cards where payments can be confirmed within minutes. With people’s increasing hatred for delayed transactions, gamers don’t have the patience for time-consuming transactions. Hence, this has signaled the end of cheques and bank wire transfers.
E-Wallets Have Revolutionized Payments processing
A growing number of online casinos have come to terms with the importance of eWallets to the gaming community, especially among mobile customers. Thus, they are leveraging this knowledge to boost their patronage.
Some eWallets, such as Neteller, PayPal, and Skrill offer tons of benefits that include but are not limited to transaction safety and speed. For instance, you can protect your transaction from fraud by funding your wallet directly from your bank account. Such transactions are usually very fast too and enable players to complete their transactions effortlessly. Hopefully, more casinos will adopt this payment method in the future as they take advantage of its ease and safety of use, among other benefits.
Is Cryptocurrency the Solution?
The online payment process has been altered by the arrival of cryptocurrency. A good number of online casinos now adopt the technology, accepting crypto-based payment options such as Bitcoin.
Security is cryptocurrency’s selling point. It is undoubtedly one of the best and safest payment options for online casinos. Gamers who pay with any digital currency can enjoy full anonymity and are not affected by the frustrating withdrawal limits that those who pay with fiat currencies are subjected to.
Undoubtedly, the payment methods for online casinos and their customers have undergone some major evolutions in recent times. Cryptocurrency is arguably the safest payment option, considering its transaction safety. Sadly, it is not as widely available as other payment options at the moment.
Hopefully, cryptocurrency will be more available in the future, allowing online gamers to use this safe payment method.