Digital payment methods have been growing popular in the last decade. Their popularity skyrocketed to an all-time high during the pandemic. Lockdown mandates forced millions of people to do most of their shopping online.
And the best way to spend money online is through a contactless payment option like Visa, PayPal or Bitcoin. Although digital payments provide a safe way to shop online, their speed in processing transactions is one of the reasons they’ve become so popular.
In the casino space, virtually every player wants a fast payment method for casino deposits and withdrawals. But why is speed such an important feature when it comes to casino banking?
Instant Deposits
In the early 2000s, it took 2-5 days to deposit money to an online casino. Back then, credit/debit cards were slower than they are today. What’s more, banks were even slower.
In this age of Google Pay, PayPal and Bitcoin, depositing money to online casinos has become instantaneous. This not only helps you save time but it’s also convenient.
Think about it. If you lose sleep at night and decide to play a little bit of poker, you can deposit money and get into a cash game immediately. If your friends visit you over the weekend, you can organize a quick game of baccarat thanks to fast banking.
Popularizing the Industry
When you think about it, fast banking is a major reason why people join online casinos. Back when people used to deposit money through paper checks and bank transfer, online gambling didn’t make sense to a lot of people.
Traveling to a land-based casino made more sense because you could pay through cash and gamble immediately. With the onset of fast banking, online casinos are more efficient than their land-based counterparts.
You don’t need to leave your house. No need to put on a fancy dress or carry a bag full of cash. All you need is a credit card of digital wallet account and you could gamble thousands of dollars.
According to statista.com, online gambling is worth $70 billion. What’s more, nearly two billion people say they gamble regularly. It is difficult to imagine there would be so many casino players if banking was still a slow, painful process.
Instant Withdrawals
Fast deposits are important, but so are quick withdrawals. Fortunately, the best casinos provide both quick deposits and withdrawals. To be clear, the withdrawal speed depends on a few factors.
If you join online casinos that accept Google Pay, EcoPayz, Skrill, PayPal or any other digital wallet, you can cashout your profits within 24 hours. But if you choose to get paid through bank transfer, you might have to wait for up to five days.
Besides your chosen payment method, withdrawal speed also depends on a casino’s rules. Some operators have a policy to withhold winnings for 48 hours to check if you won fairly. Others have a shorter pending time, which ensures you receive your money quickly.
Loads of Bonuses
Many casino bonuses are correlated with banking. If you want a generous bonus, you have to deposit money to your account. Before digital wallets became a thing, most casinos didn’t give out bonuses.
The explanation is simple. Welcome bonuses didn’t feel appealing when you had to wait for a week before you could use them. In this age of instant deposits, however, bonuses are an excellent marketing tool.
Casinos know that people love freebies. If they advertise a generous promotion, people will deposit money to their accounts to claim these offers.
Although casino bonuses can be appealing, they shouldn’t be the only reason you deposit money. First, ensure a bonus has fair terms and conditions. Secondly, ensure you can use it to play your favorite games.
Promoting Mobile Gambling
Mobile casinos are mainly successful because of the success of online banking. You see, most people who gamble through their smartphones want to deposit and access their profits quickly.
No one wants to be subjected to banking delays that take days. Fortunately, most mobile casinos have a plethora of quick payment methods. You can use the usual banking methods—credit cards, digital wallets and eChecks.
Alternatively, you can play online casino games through pay by phone. This system works like your phone bill. You receive money to play casino games like slots and roulette. Then you get billed at the end of the month.
Microtransactions
Thanks to fast banking, you no longer need to deposit large amounts of money to your casino account. This used to be a thing back when online banking was painful. It was enough to have enough money to run you weeks.
These days, you can top up as little as $10 to your casino account free of charge. And if you decide like topping it up, you can do it stress-free. Now, this is not to mean you can’t transact a lot of money through your smartphone.
If you’re a high roller, you can send and receive in excess of $100,000 at high-stakes casinos. However, most operators limit daily transactions at $10,000.
Security and Accessibility
Fast payment methods made the iGaming industry more trustworthy and accessible to a wider audience. Let’s start with trustworthiness. Although bank payments can be safe, they do not protect you from scams.
If you wire your money to an unsafe casino, you risk losing it all. With digital wallets, security is guaranteed. Take PayPal as an example. Thanks to the company’s chargebacks, you can ask for refunds if you get scammed.
Then there’s the issue of accessibility. In many countries around the world, digital wallets provide the most convenient way to spend money online. As a result, they can gamble online now that they have a way to deposit money conveniently.
Conclusion
The online casino industry is worth over $70 billion. This wouldn’t be a reality without fast banking. Fast payment methods like digital wallets are easily accessible all over the world.
Their accessibility, security and ease of use makes it easier for people to try out online casinos. Their speed also helps gamblers receive their winnings fast.