Credit cards, remittances, digital wallets, passwords, electronic checks, gift cards—they are one of the most popular payment methods in online casinos. Surprisingly, most of them did not exist 20 years ago or at least did not process payments to gambling sites.
The history of online casino payments goes back to 1994 when the first online casino was launched. Since then, almost everything in the casino sector has changed from games to bonuses. How has banking changed?
1994-2000: Remittance and Credit Card
The first decade of online gambling featured two payment options: bank transfer and credit card. Interestingly, Western Union invented these two payment options: wire transfer (1872) and credit card (1914).
Both payment options continue to work until now. Telegraphic remittances help people smoothly transfer large amounts of money to and from online casinos. However, it takes time. It may take up to 10 days.
Credit/debit cards provide a more convenient payment method. Most gamblers have credit/debit cards, so they can easily deposit and receive money. Cards are also faster than remittances and accepted by almost all online casinos.
On the downside, card payments attract higher fees than alternative payment options. Fees come from banks and range from 2% to 5%.
2001-2010: Digital Wallet and eChecks
The 2000's brought most of the digital wallets that exist today. PayPal was released in 2000. Skrill started a year later while sister company Netteller came out in 2003. Over the years, more electronic wallets have been released, from EcoPayz to Google Pay.
Digital wallets have brought casino players faster speeds, lower fees, and more convenience. In doing so, they have grown rapidly and become people's favorite banking methods in online casinos. To be fair, electronic wallets have dominated the online payment industry for years.
Digital wallets have disadvantages, but they vary from company to company. For example, PayPal charges a 3% fee, but some competitors have no fee. Conversely, Google Pay is only available in some countries.
With that in mind, the 2000's were a decade of checks. You send a check to the casino and hope they get it. Likewise, you can ask for a check after you win the money. As expected, it took too long to process banking by checks. Losses were rampant and fraud charges led to the extinction of this payment method in casinos.
2011-2021: Mobile Banking
Mobile banking began early in the last decade. Casino launched an app in an amusement store. While software providers have introduced mobile games, the cash app slot has become one. Speaking of which, the cache app was launched in 2013 for mobile Internet users in the United States and the United Kingdom.
Within a few years, mobile payment apps were introduced. Digital wallets, which were traditionally operated through desktop websites, also introduced apps from PayPal to Apple Pay. Fortunately, apps came to make things better for casino players.
You don't have to own an expensive game console to play poker and slot games. You can make mobile casinos and banks through your favorite apps. Another advantage of the banking app is that it made a pay-by-phone.
In particular, Boku and Zimpler allow casino players to gamble on credit and pay off their debts through phone bills every month. It's an innovative service I've never heard of in a casino space.
Although you may be tempted to overspend, the apps have the maximum amount you can deposit. The apps can increase your credit limit, but you'll need to prove that you can buy it by playing games regularly.
2009-2021: Cryptocurrency
Bitcoin, the first cryptocurrency, was released in 2009 for less than a dollar. At that time, it was a misleading payment method system that was popular with black market traders. However, between 2011 and 2013, online casinos accepted it as a banking option.
In fact, a small number of online casinos were launched with a pure goal of helping bitcoin investors use their digital currency. Altcoins such as Ethereum and Dogecoin followed, and more casinos supported the cryptocurrency industry.
Cryptocurrency offers a much lower fee than most electronic wallets. They are faster, safer, and support a cap of up to $1 billion. Look at this. You can send and receive a billion dollars in a few cents through bitcoin.
In 2021, Bitcoin set a new record of $64,000 in April and fell again to $30,000. He recovered and set a new record of $69,000 in November, but experienced a price adjustment again.
The volatility of Bitcoin, and even Altcoin, was a concern for critics. However, there is a stable coin tied to the U.S. dollar. Because these coins do not fluctuate, payment can be made with a password without experiencing non-variable properties.
2015 to 2021: ECheck and Gift Card
Although no one wants to deposit money through paper checks anymore, electronic checks are becoming more and more popular. Casinos accept electronic checks because banks provide guarantees that recipients should receive money.
Electronic checks are faster, cheaper, and more convenient. You don't have to worry about losing your check. After you request payment through eCheck, you can expect it within a couple of days.
Aside from electronic checks, gift cards are another new way to deposit money on casino sites. A growing number of online casinos accept visa vouchers. So, if you need to give anything to a friend who likes to gamble, consider sending them a gift card.
Crucially, you can get a bonus even if you deposit through a gift card. This is important because not all payment options attract rewards. Skrill, Neteller, and crypto may not receive bonuses at all casinos.
Summary
Casino payment methods have changed since the industry began. First of all, all you could use was wire transfer and credit card. Then a digital wallet was released and dominated the industry.
Over time, more payment options, from mobile apps to cryptocurrencies, have partnered with casino sites. There are many ways to deposit money on casino sites, but they all have pros and cons. Learn the benefits and disadvantages before choosing payment options.
Source: 카지노사이트
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