Online casinos first emerged in the mid-1990s, but over the past 25 years, the online gambling industry has witnessed a large number of changes. One of the most important transformations has been in online payment services. Bookmakers now accept a wide range of payment options that offer various advantages to customers. Let’s consider the options on offer beyond debit card transactions and bank transfers.
Skrill and Neteller eWallets
One of the most important innovations has been in the development of eWallets, such as Skrill and Neteller. Demonstrating the reliability of these methods is the fact that mainstream casinos, such as Paddy Power Bingo, accepts both of these eWallets for depositing and withdrawing funds on their slots and table games. Offering a wide range of payment possibilities can give bookmakers an important edge in a competitive industry. One advantage of Skrill is that deposits are immediate, although it should be noted that withdrawals can take up to 24 hours in some circumstances. Players should also be aware that deposits with Neteller take a period of one to four hours to process.
Another demonstration of the reliability of the Skrill eWallet is that it has been around since 2001 and the company now allows its customers to buy cryptocurrencies such as Bitcoin, Ethereum and Dogecoin from their local fiat currency balance. Rupinder Singh, Senior Vice President, Digital Wallets at Paysafe told FinTech Magazine: “After a surge in overall activity in the industry we’re seeing more interest in cryptocurrency than ever from our digital wallet customers, both current and new.” Consequently, there is the potential for an increasing number of bookmakers to accept cryptocurrency payments in the future. This would transform the landscape of online casinos.
The PayPal eWallet
PayPal has extended its payment services for online gambling as an increasing number of online bookmakers now accept PayPal deposits and withdrawals. The benefit here is that deposits are immediate, although withdrawals can take between four and 24 hours. The importance of companies such as PayPal is highlighted by a Guardian report that only one in six payments are now made in cash.
Rapid transfer is a real boon to casino customers. As the name suggests, this option provides a fast bank transfer payment when, for example, players deposit and withdraw from online betting accounts. All that is required is to select the Rapid Transfer logo which is shown on the cashier page in order to be taken to the Rapid Transfer page, where the bank used for the deposit or withdrawal has to be selected. Players should be aware that Rapid Transfer is only available in selected countries, but this does include the United Kingdom.
So, we can see how the wide range of payment services on offer has transformed online gambling. eWallets such as Skrill and Neteller provide fast deposits and withdrawals, while the Rapid Transfer option offers an important benefit to customers with instant financial transactions. As Skrill now allows its customers to buy cryptocurrency with currencies such as GBP, there is every chance that this will be the next big development in the field of payment services for online gambling accounts.