Mobile Payment Solutions Driving Online Betting

Mobile phones have become the center of modern lifestyles, and almost everyone has one. The easy accessibility has also led to drastic technological advancements, including mobile payment solutions. With mobile banking, punters can quickly deposit or withdraw funds using online casinos and betting sites. The payment systems are also available for other online purchases, so they’re not limited to gambling platforms. Some payment solutions are only available via the browser, while others offer dedicated apps you can install on Android and iOS devices. Here’s an overview of the top mobile payment solutions driving online betting:

Debit, Credit, and Bank Transfers

Although sometimes listed under unique categories, debit, credit, and bank transfers tend to work in a similar fashion. They’re all provided by banks and allow you to make convenient online and in-store payments. You only need to connect your debit/credit card or bank account. Most people have a bank account and credit card. Popular options include Visa and Mastercard. Nearly all sportsbooks and betting apps accept credit/debit cards and bank transfers. They’re easy to use, but funds may not be available instantly when cashing out. Still, these options can accommodate massive amounts and offer secure payments.

Digital Wallets (eWallets)

EWallets, or digital wallets, have become inseparable from online casinos. They’ve been around for over a decade and continue to make mobile payments a walk in the park. PayPal was among the first to gain popularity, but the likes of Neteller, Skrill, Venmo, and Alipay are also mainstream. Making money bet on English Premier League is very difficult, so it’s best to do so with caution and research.

Other noteworthy eWallets include Apple Pay, Google Pay, Trustly, MuchBetter, iDebit, InstaDebit, and more. EWallets allow users to sign up for an account and fund it using other payment methods like credit/debit cards, bank transfers, and other digital wallets. Users can also send funds to others and businesses, including bookmakers. EWallets offers fast transactions at very low rates.

Cryptocurrencies (Crypto Wallets)

Bitcoin became all the rage about a decade ago when its value rose overnight. Cryptocurrency has remained the most popular since then and is used to complete instant payments. However, many cryptocurrencies have emerged since Bitcoin. Punters can use Litecoin, Ethereum, Dogecoin, Ripple, Tether, Monero, Tron, Binance, etc. Cryptocurrencies are decentralized digital currencies that allow for more private transactions. They use blockchain technology and immutable ledgers, which make transactions very secure. Crypto payments are also the fastest as they don’t involve intermediate processing systems like centralized banking options. Some casinos and sportsbooks only accept cryptocurrencies. You must have a crypto wallet and purchase digital currencies to transact.

Prepaid Cards and Vouchers

Until recently, prepaid vouchers and cards were purchased and scratched to reveal the unique PIN denoting the amount. Users could then input their PIN when making purchases online or in stores. However, prepaid cards have undergone a digital transformation, meaning you no longer need to visit a gas station or grocery store to purchase one. You can buy the unique code online and use it at the casino or sportsbook. Popular prepaid cards include the Paysafecard and AstroPay Card. The digitization of prepaid cards has also made it possible to withdraw funds. You can also transact with other payment services.

Other Mobile Payment Solutions For Online Betting

The digital banking system has many other solutions for punters and gambling operators. Electronic cheques, bank wire transfers, and pay-by-phone services are all viable payment systems for deposits and withdrawals. These payment methods allow users to create accounts and transact (send/receive funds) with ease. Nearly all payment methods provide instant deposits, while withdrawals can take 1 hour to 14 days, depending on the option. Cryptocurrencies and eWallets offer the fastest payouts, while cards and bank transfers usually take the longest. Each bookmaker/casino operator supports unique banking methods, so the choices will vary from site to site. Operators can also impose transaction fees.