New Online Payment Systems for Betting

Among the most annoying aspects of gaming online are delays in deposits and withdrawals. Players are mistaken, however, if they think the main cause of slow transactions is casino management greedily holding on to cash in order to earn a bit of additional interest. In fact, quite the opposite is true.

The real culprits in such cases are not casino policies but the approval processes needed for security purposes. Particularly in the case of credit cards, authorizations are required under laws to prevent money laundering, fraud and underage gambling. Also, issuing banks or credit providers may not have pre-approved debit cards for international use or online purchases. This can result not only in delays but also denials in some circumstances.

For casinos, faster funding and payouts means better service and a greater likelihood of customers remaining loyal. Most of the well established casinos would prefer to enable quick deposits and withdrawals. However, they have been shackled by otherwise well-intentioned laws that cause funds to get “stuck” during the electronic journey between financial institutions and casino accounts.

That will not be the case in the near future. More and more online casinos are now offering instant payments and payouts with just a single click, thanks to innovative virtual financial systems and so-called eWallets. These electronic payment intermediaries are welcomed by both casinos and players alike, because they enable transactions through a virtual bank account, sometimes in as little as a few minutes and rarely in more than 24 hours.

Among these new online payment systems are NETeller, Moneybookers, Click2Pay, InstaDebit, Ukash, Paysafecard, ClickandBuy and PayPal. Enabling speedy deposits and withdrawals, they also offer a new level of privacy and security, because in many cases personal banking information is never revealed to the gaming site or any other third party.

Another trend is toward localization, as new financial institutions seek to better serve the players based in a particular country or region. POLi is an online payment system developed specifically for residents of Australia and New Zealand. GiroPay focuses on citizens of Germany, and WebMoney has its clientele primarily among citizens of the Russian Federation and other Eastern European countries.

One of the very latest such services is Asia365. Set up especially for players on bet365 sites, it can be used to transfer funds in RMB from Chinese bank accounts by using corresponding debit and ATM cards directly into any of seven different types of bet365 player accounts. The method is offered only to players who have Chinese accounts with participating Chinese financial institutions.

In much the same way, iDeal serves players in Holland and Dutch baking institutions, Nodea serves Northern Europe, and Boleto Bancário is a preferred option in Brazil. And being local does not preclude going global—not by any means. Postepay, the prepaid rechargeable card issued by Poste Italiane, is available primarily at Italian post office branches and designated kiosks, but it is accepted by no fewer that 426 gaming web sites around the globe.

The next step, of course, is mobile banking so that smartphones and other portable devices can be used with ease to make transactions with gaming sites. The service known as PayBox already allows customers in the United Kingdom and Austria to make deposits into player accounts using their mobile phones. It links the consumer’s mobile phone to a stored value account that can be accessed using the phone’s keypad. Money is transferred to a designated payee in a manner similar to a debit card for the ultimate in ease and convenience.