Online casinos have players from all over the globe, and in order to fulfill their payment needs, they must offer them a wide range of payment methods. They utilize credit cards, e-wallets, bank transfers, and other alternative payment methods (APMs). In this guide, we will provide a short overview of each and also include their special characteristics so that you can make an informed decision while choosing best casino payment methods for your online casino.

Credit, Debit, and Prepaid cards

Mastercard, Visa, and JCB are accepted by most online casinos for simple and fast processing of payments. On approval, card payments proprovide immediate deposit capabilities that enable players to claim nearly their money at once. Speed, security-infused measures, ease of use, universal coverage, and local acquiring banks are beneficial to operators and players. Prepaid cards work just like debit cards but with the extra benefit of complete anonymity since they are not directly linked to a person and do not carry the user's name.

While credit card transactions are highly accessible to online casinos, it should be noted that there is an emerging problem where increasingly more banks are declining online gambling-related payments. This can turn out to be an enormous issue for players trying to access gambling sites in places where gambling is prohibited since credit card companies may identify the MCC code 7995 and refuse to make the transaction. Players should ask their bank about payment policies for online gambling to avoid any such issues.

Other than countries where gambling is prohibited, some players may struggle to make card deposits due to strict laws or the absence of a bank account. For example, MasterCard's report has shown that only 55% of Latin American adults have a bank account and just 19% hold a credit card. Online users from the continent therefore settle online payments using bank transfers.

E-Wallets

E-wallets are a favorite choice of payment in Southeast Asia due to their simplicity and how much they simplify deposit and withdrawal procedures both for the user and the casino. One of their biggest advantages is the additional security they provide since players can make transactions without exposing their credit card or bank details directly to the casino, thus preventing data hacking and fraud risks. Secondly, such transactions are generally made instantly compared to other types of payment, hence the use of e-wallets is the best for players who require quick and secure gaming.

Another advantage of using e-wallets to pay in online casinos is the faster withdrawal time, which is normally 24 hours. In contrast to withdrawal to debit cards or bank accounts, which will take an average of five days. In addition, e-wallets facilitate the convenience of using various sources of money for gambling, and they bring incredible flexibility and convenience to gamblers. This is particularly useful in countries where they have limited banking options for gambling transactions, such as Poland, where foreign casino payouts by way of a Polish bank payment card are usually refused. E-wallets aid players in avoiding such obstacles and having a seamless online gaming experience.

Bank transfers

Bank transfers are a highly preferred payment method since they can be easily accepted. They are highly sought after among high-rollers since they offer high limits for transactions. Bank transfers have the added benefit of being able to send money directly from the user's active bank account without the user having to create new accounts or subscribe to new services. Nevertheless, it should be noted that withdrawals done through this payment method are a bit slower than with other payment options.

P2P

P2P payment platforms are a type of electronic fund transfer (EFT) in which users can link their bank account, debit card, or credit card to an app or site. Once connected, users can send money or request money from other users with no more than the recipient's phone number or email address. And the good news? The transactions typically take place in real time or with negligible delay, so players can deposit and play faster than ever before.

Open banking

Open Banking features a payment technology that enables third-party providers to get your financial data securely and settle payments on your account through APIs. It has transformed iGaming payments to become faster, more convenient, and more secure. With Open Banking, you're able to deposit without the disclosure of sensitive information to operators. This method of payment authenticates instantly your identity and financial information, so you get faster approval of transactions with no delays or declines.

QR payments

QR code payment is convenient and safe to make contactless payments. The players can utilize this to make payments by scanning the displayed QR code and following the instructions to complete the transaction. This type of payment is best used for small deposits and micro-transactions, and the players enjoy it due to the convenience provided.

Mobile Payments

The majority of casino players are fond of utilising mobile payment methods like PhonePe and Kakaobank. These provide the advantage of depositing via a mobile phone number, and the fee is borne automatically in the monthly telephone bill. This has eliminated the inconvenience of players entering their bank card details and has gained huge popularity in India.

Conclusion

When it comes to online casinos, payment methods can vary greatly depending on the country you’re in. In non-English speaking markets, players tend to prefer payment systems that are specific to their language. However, regardless of the market, reliability and security are crucial when it comes to online payments. This is where Casino Payment Service Providers (PSPs) come in – they are key players in ensuring smooth transactions in the iGaming industry.

GumBallPay is an international payment provider that specializes in the online gaming sector, catering to the specific needs of different regions. For LATAM and Japan, as well as CIS markets, GumBallPay offers superior Peer-To-Peer (P2P) solutions that address the specific needs of all these regions. Within Singapore, Malaysia, Thailand, Vietnam, India, and South Korea, GumBallPay facilitates transactions through local payment methods, primarily through secure bank transfers.