One of the markets enjoying a lot of change is the iGaming one. Currently, within the payment sector, there are a variety of different options to enjoy. This is due to player demands, with an increasing number of players pushing for faster, more secure payments.
As such, digital wallets or eWallets have become increasingly popular. They are taking the place of more traditional banking methods in an effort to give players what they want.
Why are eWallets Popular?
As we touched on, players are looking for increasingly convenient and fast transactions, particularly when it comes to withdrawals and collecting winnings. eWallets offer this as they are very easy to use, support multiple currencies, and have strong security features in place. Instant rewards are part and parcel of the gaming industry as well.
Digital wallets like those found on MiFinity casinos offer instant deposits. On the other end, withdrawals can often take less than a day.
Of course, there’s still the processing period from the casino’s side to get through, but once that’s done, money is transferred to the eWallet immediately. As such, players don’t have to wait for transactions to get approved from a bank.
On top of this, eWallets are easy to use and tend to have an app. This makes the process even smoother for players. Security is also strong, which is one standout area of traditional payment methods. However, for players increasingly concerned about data falling into the wrong hands, eWallets provide a solid option. No banking data is provided to the casino.
Instead, all transactions go through the eWallet, which has its own security protocols in place. This often includes 2-factor authentication, biometric verification and more, all of which can reduce the risk of unauthorized transactions.
How are Traditional Banking Methods Fair?
In contrast, traditional banking options, such as card payments or bank transfers, offer slower payments. This is because they have to go through the bank’s protocols, which are often time-consuming.
As such, players often find themselves waiting for the latest withdrawal, which can take as long as a week to ten days. That being said, there are still benefits to these traditional methods.
For one, players know how to make card payments. They’ve long been part of online shopping processes, which means that they are very familiar. But these do require inputting a lot of information, including lengthy card details or bank account numbers.
This information, when being provided to the casino, can be accessed. That being said, security is particularly high for bank transfers. If players are still truly worried about being a victim of fraud, then a bank transfer is the best option to use.
This security only pertains to the actual transaction though, not the information provided on the casino’s own platform. Additionally, bank transfers are able to make huge payments and are the best option when withdrawing large amounts from a casino.
Other Digital Wallets
While we’re focused here on eWallets, there are other types of digital wallets gracing the iGaming world. These are for cryptocurrencies, which are a decentralized currency option. While more volatile than other fiat currencies, digital currencies like Bitcoin hold a certain appeal when it comes to gambling.
For one, they’re even faster when it comes to transactions than eWallets are. Better still, they can be used on a global scale, and there are no currency conversion fees or processes to consider. They’re also seamlessly integrated into gaming platforms, making them increasingly easy to access and use.
Other digital payment methods include paying by phone bill. This means players have a cap on the amount they can deposit. Funds are then paid at the end of the month and added to the monthly bill, again ensuring no banking data is provided to the casino.
