Online Casino Payment Methods in 2020
The online casino industry has gained a lot of limelight over the last few years. When it comes to rising popularity behind online casinos, there are majorly four factors that are doing the job – 24/7 accessibility, unlimited gaming opportunities, games available for every budget and bankroll, and lastly the convenience of payment methods. The online casino operators these days are paying attention to these key areas to enhance the players’ experience, each time they visit the platform. Here we are going to highlight the last area, the range of payment methods used frequently in online casinos in 2020.
Payment Policies of Online Casinos
Presently, online casinos like Leo Vegas and Jackpot City are performing more strict checks and verifications than ever before. These parameters are necessary to prevent fraud and identity theft. For instance, the players have to submit their formal ID proof before being able to withdraw funds. Unless the players have confirmed their identity and location, they won’t be able to access the account and funds. Additionally, casino policies have also become more transparent than ever. Nowadays, a reputable casino rarely charges an extra amount on things like a commission or any sort of fee. However, it is still advised to read full terms and conditions.
Top Online Casino Payment Methods 2020
The online casinos across the world have incorporated dozens of payment methods for the deposit and withdrawal of funds for the convenience of the players. Mentioned below are the top payments of 2020.
Credit and Debit Cards
Credit and debit cards have been the most common payment methods used by the majority of online gamblers online. The topmost debit and credits cards include MasterCard, Visa, American Express and more. The majority of payments made using credit and debit cards are transferred instantly, generally with zero fees or commission payable. Whereas, the ideal time for the withdrawal process takes 3-5 working days. The withdrawal process is also 100% free of any kind of commission.
E-Wallets are increasingly becoming a popular choice among online casino players. Using this mode of payment also offers an additional layer of protection and gives insurance to the players against potential cybercrime consequences.
Also, some of the leading eWallets like Skrill and Paypal use some of the robust security measures, making the payments quicker, convenient, and safe. Also, PayPal is quite selective in terms of deciding the providers to allow and process gambling transactions using its services. Hence, to the casinos where Paypal payments is a payment option, is a quality stamp on its own.
The availability of these Ewallets varies from region to region. However, all the major gambling markets have adopted a range of digital wallets services, which are quite safe to use.
Bank or Wire Transfer
Bank Transfer is one of the widest used methods for gambling transactions by the casinos across the world. Most gambling sites worldwide support this method for the deposit and withdrawal of funds. As the name suggests, this method involves the transfer of funds directly from one bank to another, unlike debit or credit cards.
There is a constant debate about the security of transactions in this method. It is not seen as the most reliable and secure method like credit/debit cards or eWallets. Moreover, it takes three to seven days in case of bank transfer to process and it also incurs processing fees or commission than any other payment method.
Cryptocurrencies are emerging as a new method of online payment in the online gambling world. The currencies are available in a 100% virtual form and provide the gamblers with anonymity and discretion than any other payment method. Also, this method of payment is completely decentralized. Additionally, cryptocurrencies are considered as assets of great importance and high value. Bitcoin is known as one of the most volatile cryptocurrencies over recent years. The value of cryptocurrencies fluctuates widely, which sometimes is also seen as its downside. However, buying and utilizing cryptocurrency at the right time brings a lot of profits.
So these were some of the top payment methods adopted by online casinos in 2020. Since these methods vary drastically from casino to another, labelling any one method as better is quite difficult. There are certain pros and cons associated with these methods, make sure to go through them before selecting anyone.