E-Wallets as Preferred Online Casino Payment and Withdrawal Options – Customer Picks & Trends
When playing in an online casino, one of the pressing concerns that must be considered is the payment and withdrawal method. How does one fund a new member account, and how are winnings withdrawn? Although these questions may appear to be self-serving and appeal to one’s self-interest, these are but natural questions that must be explored and clarified. The quality of your online casino experience begins in sign-up, and its also defined by how easy you can send funds or withdraw your winnings from the casino. If the casino offers a full selection of payment and withdrawal options, and these are processed fast and in a secure manner, then it can set the tone for a satisfying and profitable online casino experience.
Today, online casinos offer dozens of payment and withdrawal options, led by credit cards and bank wire transfers as the traditional and standard options. But there’s now an emerging payment and withdrawal option – e-wallets. It’s considered as the ‘fastest growing payment option’ in the world, and for the right reasons. E-wallets are easy-to-use and flexible, making these as the go-to options for operators and players alike. And according to a report provided by Worldpay, it is predicted that consumer payments to business will grow to $647 billion by 2019, compared with $412 billion through debit cards and $577 billion through credit cards. So what are e-wallets, and what make these payment options click?
What Are E-Wallets and Who are the Leading Providers in the Market?
Many companies and analyst now forecast that e-wallet use will be bigger than credit card or debit card use in the next few years. Although credit cards and bank wire transfers are still the go-to payment solutions for customers and business owners in mature markets like Europe and the United States, the current trend points to an emerging popularity of e-wallet use.
So what exactly is an e-wallet, and how can a customer or casino player use this for payment and withdrawal of winnings? For starters, e-wallet is a special type of electronic card that customers can use for online transactions, using a mobile phone, desktop or laptop. This works like your regular credit and debit card, and must be linked to a bank account to facilitate the payment of goods and services. There are two components available in an e-wallet – the information and the software. The information features the player’s personal information including payment method, amount to be paid and shopping address. The software part is in charge of encryption and security of financial details.
PayPal, Neteller as Leading E-Wallets for Online Casino and Other Payments
Today, the market is dominated by PayPal, Skrill, Neteller and AliPay. Neteller is one of the biggest and most popular e-wallet solutions around, and has carved a niche in online casino payments and withdrawals. In fact, Neteller was the choice payment and withdrawal option when the online casino was just starting to grow. There was a time when Neteller controlled 80 percent of all the payments made in online gaming. Today, Neteller is still used in more than 200 countries, and still a popular option among online casino operators and players.
Another leader in the e-wallet market is PayPal, considered the ‘king of online payment services’. Today, PayPal is one of the biggest and most-used online payment option, with 200 million active accounts, and used in more than 200 countries. Although PayPal is a clear choice for customers in buying and selling consumer goods, its start in online casino industry was slow, cautious and gradual. In fact, in the last decade, this e-wallet company was not active in many online casinos. But in late 2015, PayPal silently re-entered the US online gaming websites. Although the PayPal payment option was rolled out starting late 2015, the company was silent on this development, due to the legal concerns and standing of online casino and gaming in the United States. For the 2015 roll-out, the PayPal option was advertised by WSOP.com of Caesars Interactive Entertainment and DerbyGames.com.
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What to Expect From E-Wallets in the Future?
E-wallet use is expected to grow in the next few years, and this is expected to be powered by mobile phone use. Right now, two thirds of all payments made online are through the use of credit cards. But with the current trends in mobile payments, it will be cut by half by 2019. Also, the surge in the use of digital payments and e-wallets is partly pushed by the entry of Google and Apple in the industry. These companies are also moving into the payment technology, to counter the moves of many banks that are investing in mobile payments.
With many e-wallets competing for customer attention, the true winner at the end of the day is the customer. With many iGaming operators offering online payment services, it’s the customer who wins, since he can pick an e-wallet that offers the best reach and acceptance, better user experience and security.
To learn more about all of the different casino payment methods, their requirements on deposits and withdraws, how to best make use of them, and their pros and cons; please read our complete guides about the most popular options below.
To get you hooked up with some of our online casinos using the highly popular Neteller solution – you might try some of the casinos found here. Happy spinning on the reels!