The world is fastly moving forward with new technologies for banking options – and the mobile casino industry is no exception. Just think about it: when was the last time you genuinely needed to head over to a brick-and-mortar casino in order to play? Feels like eons ago, doesn’t it? Just like online gambling has significantly changed the gaming industry and, mobile payments are also changing the banking methods for online gaming.
Some common payment methods have given way to newer ones. And while older banking methods won’t completely disappear, they should become less and less common.
Brick-and-mortar casinos are still around despite the advent of online gambling. Similarly, old payment options will be around despite the growing popularity of newer payment methods. Long considered the king of online banking, the credit card option is slowly phasing out. The same goes for bank transfers. On the other hand, some methods – mainly e-wallets and, to a lesser extent, cryptocurrencies – are on the rise.
Mobile Casinos Phasing Out Credit Cards and Bank Transfers?
In order to understand the changes to all mobile casinos banking options, let’s take a look at how these changes happen. It all starts with phasing out older payment methods. Of course, credit card payments are the first thing that comes to attention. After all, credit card payments have been the go-to option for online transactions as a whole, and not just for online gambling. However, online casinos are slowly moving away from this option.
The UK provides us with a proper example. UK online casinos stopped accepting credit cards as a payment option in April 2020. Two main reasons led to this strict measure. First was a growing concern over potential financial frauds. While online casinos have their own measures to prevent this and trusted casinos (such as our affiliated mobile casinos) can easily prevent frauds, it still wasn’t enough to convince the authorities.
The number two reason was gambling addiction. Credit cards made overspending fairly easy. All trusted casinos offer responsible gambling policies. If you either run into problems with a gambling addiction or happen to know someone facing similar issues, there are plenty of ways to deal with this situation.
At the same time, there is also a decline in bank transfers. While extremely secure, this method is significantly slower compared to other alternatives. In today’s world, most online financial transactions only take a few minutes – if not seconds – to complete. Bank transfers, on the other hand, can take up from hours up to days or even a week in some very specific cases.
E-Wallets and Cryptocurrencies – the Future for Mobile Casino Banking?
Moving away from older payment methods isn’t the only factor driving forward these changes. There is also the fact that mobile payments also offer many advantages. This is especially true when we look at the two most popular banking options for mobile casino users – e-wallets and cryptocurrencies.
E-Wallets aren’t exactly new and have been around for quite a while. Thanks to the expansion of online shopping and internet transactions, e-wallets are back with full force. It’s easy to see why: e-wallets make instant transactions possible, while also adding another layer of security for the users. You can also transfer the funds to an e-wallet directly from your bank account, making it much easier, faster, and just as safe compared to a conventional transfer.
Cryptocurrencies have long been heralded as the future of online transactions. This option offers anonymity to a certain degree, which brings additional security to the user. Mobile casinos are obviously aware of this change. A number of them already offer cryptocurrencies such as BitCoin as a payment method. You can check out the best BitCoin mobile casinos at MyMobileCasinos.com.