Is Using Alternative Payment Methods Advised At Online Casinos?
Online casinos are one of the most powerful industries in the world. Many people today play their favourite casino games on the Internet. Famous online casinos like Mr Green Casino have managed to gain a large following in recent years, with several ways to pay in funds and withdraw winnings as an example of why the company is top of its game.
Today we are going to talk about payment methods and in particular the alternative payment methods that players can now use at several online casinos. If you too want to give it a try and use an alternative payment method at an online casino, you have come to the right place. Without further ado, let’s start analysing the alternative payment methods.
Most well-known alternative payment methods
With the evolution of technology, more and more innovative means of payment have seen the light of day in recent years. From cryptocurrencies and e-wallets to pay by phone and prepaid cards, nothing is left out.
Let us start with cryptocurrencies. Over the past few years, cryptocurrencies like Bitcoin and Ethereum have seen an amazing growth in popularity and value. Given this popularity, it was only a matter of time before online casinos started accepting cryptocurrencies as payment methods as well.
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In addition, e-wallets and pay-by-phone softwares have also gained a lot of popularity. E-wallets such as PayPal, Neteller, Skrill and EcoPayz are now fully accepted by most online casinos. The same goes for pay-by-phone software like Siru Mobile, ApplePay and Boku.
Finally, prepaid cards like the well-known Paysafecard and Nexi are also among the most popular alternative payment methods when it comes to the online casino industry.
Time frame and popularity
It is no secret that millions of people use e-wallets and prepaid cards for their online purchases every month. These alternative payment methods offer users the opportunity to withdraw money from their account to their wallet within minutes.
If we add, apart from instant payment, the huge popularity of these payment methods in our days, then it becomes pretty clear why the online casino industry has started accepting this type of payment method.
Advantages of alternative payment methods
Alternative payment methods come with multiple advantages for both users and casinos. The first and most important advantage is the fast processing when it comes to opening a new account.
Another advantage of alternative payment methods is also security. Payment methods such as Bitcoin and e-wallets have built-in authentication that uses biometric data to unlock the profile.
Last but not least, alternative payment methods offer more convenience for the user when it comes to deposits and withdrawals. With most of these methods, the entire transaction process is done in just 2 clicks.
Disadvantages and fees
However, there are also some drawbacks when it comes to alternative means of payment. First of all, cryptocurrencies are subject to some volatility, which means that you can deposit a certain amount in your online casino and the next day this amount can already be less or more.
Moreover, there are not many online casinos that offer their customers all the alternative payment methods mentioned above. That is, if you want to use 2 different alternative methods, your options are much smaller.
Conclusion
The development of technology and all the new innovative technologies such as AI, VR, etc. have managed to improve the daily lives of many people. In parallel, online casinos have started to introduce several new alternative payment methods because they have realised that these methods have a very large following.
It is more than obvious that the alternative payment methods such as cryptocurrencies, e-wallets, etc. will grow in the coming years and will probably become one of the most widely used payment methods in the world.
About The Authors
Tyrese Griffin - Tyrese started her education in the performing arts at the prestigious Alexander Hamilton Academy in Los Angeles. She returned to civilian life after serving in the United States Army as a tracked vehicle operator, and started writing short stories and screenplays, as well as directing short films and music videos. She has published six novels, which have sold over 200,000 copies, as well as audiobooks and short stories for anthologies, and has earned several awards.