How Virtual Payments Are Changing Casinos

As our lives have moved increasingly into the virtual space, it has become necessary for our financial structures to adapt for virtual transactions. If you’re doing business with someone halfway across the world, you can’t exactly whip you wallet out of your pocket to pay them.

This is why a wide array of new virtual payment options now exist to facilitate speedy transactions across vast distances. The casino industry, which has taken so quickly to the online space, is strongly affected by these developments.

Of course, this new technology comes with myriad benefits, which is why it has already overtaken traditional cash transactions as the preferred mode of payment – for both debtors and creditors. However, virtual payment also presents considerable uncharted territory involving various risks, both known and unforeseen. In either case, virtual financial transactions are completely changing the way we gamble.

Choices, Choices, Choices!

With all the deposit options available to online casino players these days, you’re more likely to feel overwhelmed than frustrated when it comes time to make a deposit or withdrawal.

Aside from the traditional debit and credit card payments with which most of us are familiar, players can now transact via standard electronic funds transfers or even using e-wallets. E-Wallets are virtual accounts into which players place money, which can then be used to make casino deposits. In this way, a buffer is created between the casino and the player. Another third-party payment option involves a system in which you are redirected to a private server to input your banking details for a safer EFT transaction.

Another particularly convenient option offered by some mobile casinos is to have your deposits charged to your mobile phone account. Alternatively, players can utilise wire transfers to make their casino deposits.

Finally, the latest craze in electronic payments is cryptocurrency. The best-known e-currency at the moment is Bitcoin. Bitcoin is a worldwide cryptocurrency and digital payment system by which digital currency can be exchanged for goods, services or other currencies without an intermediary.

New Security Threats

The whole reason why virtual payment methods like e-wallets exist is because cyber criminals have begun to take advantage of the vulnerability of funds and private information transferred via a digital medium. Extensive breaches in privacy and security necessitated the invention of a more secure virtual payment system.

As a result, although traditional card payments and EFTs remain popular, many players are now turning away from them toward newer, more secure options.

Lower Banking Fees

Many of the new banking methods offered in virtual formats charge very little for their services – a small percentage of any amount spent. Some don’t charge anything at all. That means that you can save a lot of the money you would ordinarily spend on bank charges and spend it on actually playing instead.

However, watch out for double fees when both your bank and the third-party-payment provider take a share of your money. Make sure you know exactly what your bank charges are for transactions with these providers as well as how much the providers themselves charge.

Anonymity

Virtual payment methods are taking the already private nature of online gambling to a whole new level by enabling complete anonymity. Bitcoin, for example, allows players to deposit money without ever revealing their identities. To make this even easier, there are now several Bitcoin casinos, which cater exclusively to Bitcoin-using players, in operation.

Of course, this again raises concerns regarding security threats to both the player and the casino.

The Bottom Line

Evidently, there are still some kinks to be ironed out of the world of virtual transactions but there are several highly trustworthy payment and deposit options that create greater convenience than ever before.

An important point to remember when deciding on your preferred transaction method is that not all methods are accepted by casinos for both deposits and withdrawals.