Banking Trends for Online Casinos: PayPal Casinos are on the Rise
When it comes to casino payment methods millions of players around the world, and especially in the UK and US, are turning towards E-wallets with one name cropping up time and time again as the favourite, most trusted and most beneficial for players; PayPal
It’s no surprise that PayPal comes out on top as the most used E-wallet in the world for online transactions as they were early adopters of online payment systems, formed an unchallengeable partnership with eBay, and on top of that, they have also been around the longest originating in California in 1998.
Yet, this reputation and top spot does not extend to the gambling sector, where PayPal had, shall we say, a late entry to the market and is in fact number two. Taking pole position, as the crowned champ, and most used E-wallet is NETeller. Behind this curious trend is a company ethos that maintains the highest standards for its use and until recently, this means PayPal did not affiliate with online casinos. Things have now changed, but still, PayPal won’t just partner with any old casino. They are particular about their standards and pick the cream of the crop, which means that when you hit up a PayPal casino to play, you know it’s an establishment of the highest kind, fully licensed and meeting strict financial audits- great news, you’ve picked a casino that’s the real deal! But it’s not just security that PayPal lends as a payment method, it has many more benefits like to practically non-existent transaction fees and instant deposits instore for players. Let’s take a look
The Power of PayPal
- PayPal has huge market penetration as an E-wallet with 266 million active users in 2019 (Statistica, 2019).
- 15.45 billion USD in revenue in 2018 (PayPal, 2019).
- They processed 9.9 billion payments in 2018 (PayPal, 2019).
- Operate in 100 currencies and 200 markets.
What is an E-wallet?
An E-wallet is a safe and secure payment system used for online transactions. It is an account, where the user can store money to be used for future transactions. The account is linked with the banking data you input as a funding source (it can store many, which is the comparison with a wallet, except it is virtual) and you load it up with credit to spend. Every time you make a transaction you will be asked only to log into your E-Wallet, which facilitates the transaction securely, without entering any personal or banking data making you less vulnerable. They allow you to smoothly exchange currencies, make payments, request money and manage all online finances in one place, which is great for online gamers.
What Can PayPal and other E-wallets Offer Casino Players?
The days of relying on cash and card are over. Mobile and banking technology has given us the likes of PayPal, NETeller, Skrill and now cryptocurrencies; our lives are better for it. With low to no fees, financial fluency across many accounts, greater privacy and safer tech, E-wallets and technology-based currencies have a bright future in online gaming and they certainly have a lot to offer players.
- Safety: E-wallets, especially PayPal adds an extra level of security to any online payment as your banking data is protected and not input. All you need is your PayPal login and password and then you can make a deposit at a Paypal Casinos. This way your bank details are kept safe as you are not even using them for online transactions.
- Long Track Record: When it comes specifically to PayPal, they have a long track record of being experts in the field of online payments. They’ve been doing it for decades in a safe, secure and transparent way. They are holders of a European Banking License and adhere to strict financial auditing and compliance. There’s a good reason that PayPal is trusted by the best brands.
- Privacy: PayPal and other E-wallets afford players greater privacy as deposits and withdrawals made to your bank account from or to your E-wallet show only the lump sum transferred, not each transaction in detail, as it would if you used a card to fund your online casino account.
- Speed and Ease: PayPal transactions are processed instantly and you only need to sign in, which provides ease and speed in comparison with other banking methods. There’s no more need to wait around for days for your withdrawals or deposits, just sign-up, deposit and start playing!
- Bonuses: Casinos who want to encourage PayPal and E-wallet use are offering exclusive bonuses for players who use those payment methods. Keep an eye out for exclusive offers at PayPal Casinos.
The only downside to playing and paying with PayPal is that it is not accepted by all casinos, in which case it’s best to opt for another E-wallet or a different casino altogether as this way be a reflection on the casino itself. Remember to check the licensing of all online casinos before you sign up as PayPal is a sign of legitimacy!
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