Big business for alternative payment providers thanks to online casinos

Big business for alternative payment providers thanks to online casinos

There has never been a better time for alternative payment providers. Thanks to tech developments and the everyday usage of mobile phones, digital payment methods have become the convenient, go-to choice for many consumers.

The Covid-19 pandemic has also accelerated the move towards alternative payment methods. Fears about handling cash may have been unfounded, but that didn’t stop them from creating coin shortages in many countries.

Digital wallets and other alternative payment methods are not only used for making online purchases, many people also use them when making purchases at brick-and-mortar shops as well. The convenience and choice that these methods provide to users are a key to their success.

Another reason they are flourishing is the growth of the online casino industry. In recent years, online casinos have exploded in popularity around the world. Recent changes to UK gambling laws, however, have made it illegal for customers to use credit cards to gamble. 

This has left credit card gambling sites scrambling to find alternative payment providers. Providing payment services for online casino users has become a big business that they are only too happy to support.

This article will take a quick look at some of the top alternative payment providers accessible to UK customers and then examine which ones are the best for making deposits and withdrawals at online casinos.

Most popular alternative payment providers

Alternative payment methods is a category that has been growing for years. Cash and credit or debit cards are still the standard way to buy goods and services, but that is steadily changing. Alternative payment methods are succeeding because they are more flexible and convenient for customers.

Unlike credit and debit cards or wire transfers, digital wallets often don’t require customers to have a linked bank account. Users can ‘load’ their account or link a bank card. Having this option makes these payment methods more accessible.

The most popular payment methods differ by country, partly due to the limited availability of certain methods. There are some, however, that are widely used all over the world. The most popular methods in the UK are PayPal, Apple Pay, Skrill and Neteller.

PayPal remains one of the most popular digital payment options for individuals and for businesses. It has been around for a long time and is so well established that at this point it almost doesn’t seem accurate to refer to it as an alternative payment method.

It was the first digital wallet — it was created before the term digital wallet even existed! It is highly trusted and easy to use, a combination that makes it a smart option for many consumers. Like most digital payment options, it has both a website and a dedicated app.

Apple Pay is the payment method created by Apple and standard on iPhones and other Apple products. It is a very secure and widely accepted payment method. The only issue is that it cannot be used on any non-Apple products.

Skrill is another digital wallet that has been growing in popularity. While Skrill offers all the usual features, one of its biggest selling points is that it allows cross-border currency transfers. It is part of the same company as Neteller, which is primarily for paying merchants, not person to person payments. 

Online casinos and alternative payment methods

Online casinos are thriving in today’s digital age. It is difficult to imagine how they could function without digital payment methods. Having to go to the bank every time you wanted to put money into your casino account would be time consuming and annoying.

Even more inconvenient would be having to mail a cheque to make a deposit. How few people would be committed enough to playing online slots or table games to be willing to deal with that much hassle and waiting time?

With many online casinos, one of the major selling points is the ability to withdraw your funds instantly. Even the slower payment methods usually only take a few days to be processed. This would all be a much more complicated and slower system without digital payment methods.

Digital payment methods and online casinos are a match made in heaven. Both rely on and have embraced the latest technological developments to ensure that their business is a success and protected from cybersecurity threats.

One thing to be aware of when considering which online casino to sign up with is that most of the time there are more accepted methods for depositing funds than for withdrawing them – so make sure that the methods that you prefer to use are available for both deposits and withdrawals.

Another point to note is that not all payment methods are eligible for deposit bonus matching on all online casino sites. If you are interested in taking advantage of these bonuses, PayPal is often the way to go.

Online casinos are part of a hugely lucrative industry, so it makes sense that the payment providers that service them would benefit from the arrangement as well. It will certainly be interesting to see what developments both of these industries make as payments become streamlined and casinos adopt even more advanced technology – both on their websites and in person.  

What do you think?

Written by themoneyshed

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