The whole banking industry is ready for some digital disruption. To think that with all the wonderful tech advances in the world today, it still takes a few days for a cheque to clear of for your bank to process a payment: it’s almost criminal. It frustrates those who are waiting around for payments to be made, and there doesn’t seem to be any good reason for it to happen.
Of course, there have been some forays into changing things in terms of security. Internet wallets have made payments fast and secure, whereas the introduction of Bitcoin and other cryptos have transformed how we think of money. However, when making deposits, payments and withdrawals online there are still flaws in some of the methods. We put them through the grinder below:
The least exciting option and the most ubiquitous. Most sites – online stores, casinos etc. – spend a lot on encryption using SSL technology to keep your details safe, but people still don’t have peace of mind. The annoying part, however, is still how long it takes to get money put back on your card. If you, say, get a refund from Amazon, or make a withdrawal from an online casino, it can take a few days. It’s 2019 – this shouldn’t be the case.
PayPal, Skrill, Neteller
Internet wallets are something of a game-changer, wresting control of payments away from the monopoly of banks and credit card companies. It’s a revelation in terms of security and facileness in terms of how you can pay for things. The fact they remain free is a big plus for those buying stuff online. However, if you are sending money for business, PayPal and go can charge some hefty fees that you would not see with banks.
Pay By Mobile
Mobile payment is an increasingly popular method for depositing at online casinos. In fact, some claim pay by phone is the best way to play casino online – try it now! Why is this the case? Well, there are a number of reasons. Firstly, it adds payment to your mobile phone bill, deferring payment essentially. Secondly, it affords an extra level of security to your payments, negating the need to enter any financial details. Finally, there is a cap on the amount your phone company will allow you to deposit, meaning there is an automatic control for those who don’t wish to spend too much at a casino.
Another option that has gained lots of support for those playing at online casinos. Paysafecard is essentially a top-up voucher that can be bought at 1000s of retail stores. You enter a pin number when you make a purchase, thereby negating the need to use credit or debit cards. There is a level of anonymity with Paysafecard that people enjoy. However, one of the main criticisms is the convenience. Paysafecard have an option for purchasing codes online, but it’s not as simple as it might be and it’s not available in every country.
Apple Pay and Google Pay
It shouldn’t really be confused with Pay by Phone options above, which are linked to your mobile service provider. Both Apple and Google have designs on growing their companies – even more so than their dominant position today – to challenge the status quo in all areas of business. So, while these options are still somewhat niche right now, you can expect them to become the dominant players in the future.