Max Torres

Written By: Max Torres
December 29, 2017

Why mobile payments are so important in Online Casinos

We are experiencing the age of technological wonders and Betivity knows it. Online Casinos have gone through various stages hand in hand with new tech advances. Naturally, the creation of the internet launched everything online which gave life to casinos on the net. As the times went by, more and more features became available in the industry. For example, live dealer table games became a thing, meaning that you could truly see a live croupier deal cards on a live video feed. Also, players started seeing advances in online slots, finding them to increase in quality as the years went by. But, besides all these advances in the quality of a casino, we forget to mention the technology of managing your money on the internet.

A mobile payment company consists in securely holding your funds in an online wallet. This wallet can be managed however you want and is charged a small fee every time you put in or take out money. In this article, we are going to tackle the importance that has become to be able to deposit and withdraw funds from your wallet to the casino.


What are Mobile Payments and how they affect online casinos?

Payments through your mobile device have become as popular as ever. As companies such as Amazon and eBay continue to grow, places like PayPal and Neteller grow with it. I remember the days when you thought twice before making an online purchase online thinking that for sure your credit card would get hacked. Now, it is super normalized in society, and more companies have opened their doors to provide online wallets.

Mobile Payments are basically any transaction you do with your phone or tablet that requires you to exchange currency for a product or service. Even though physical wallets are still the most popular way to keep your cash, virtual wallets are climbing up the ladder very quickly. This procedure has developed alongside the growth of smartphones since the number of owners has increased throughout the years. This has facilitated the popularity and simplicity of this type of business.

How do we relate this to online casinos then? Well, when casinos on the internet started, the only way to deposit or withdraw cash was by sending in a bank transfer or by using your credit card. Also, virtual casinos were only available on a desktop so there was no way any transaction could occur on your cellular phone. Nowadays, most brands have a mobile version which permits players to log into their account, deposit and start playing easily. This new addition has immediately made an upgrade to the way cashier departments work, making life easier for the casino and the player alike.

What is the procedure of making a mobile payment at an online casino?

The first thing you have to do is pick a company you would like to create an e-wallet with. Some companies are dedicated to certain regions, for example, iDeal is inclined to handle Dutch players, and Siru Mobile tends to the Finnish audience. These companies focus on specific countries because they manage the national currency and link to the domestic banks. You can also pick more international companies like Skrill, Neteller, and Paysafecard which do have country restrictions but are mostly universal. As a tip, PayPal is one of the biggest ones out there but not many casinos accept these transactions from them.

Once you have chosen the e-wallet, you will need to fund the account. This means you will need to link a bank account to the virtual wallet and make a transaction. Once the wire transfer has been made you should immediately have your funds in the e-wallet. After that, you are free to move your money wherever you want. Casinos make it super simple for you to get started, all you need is to enter the cashier tab and follow the steps. When it comes time to cash out from your account, simply head over to the cashier section and follow the process.

Keep in mind that if you are a first time player, the casino might ask for your basic personal documentation. That’s the way they can verify who you say you are and prevent fraudulent behavior. ┬áThere is always the chance that your computer or mobile has been stolen and someone is escaping with your cash. So whenever the fraud team asks for documents make sure you comply, so it speeds up the process. Unless you change your withdrawal method again, the KYC protocol is done only once.

What is the future of Mobile Payments?

Betivity likes to think that payments done by mobiles devices will increase as times goes on. More people will start using smartphones around the world which means more access to this type of activity. Another factor is the cryptocurrency monster that has made its way into our lives recently. Blockchains have enabled simplicity to deposit and withdrawal from your casino account almost immediately. As more alternative coins start applying authenticators as a security measure, the mobile movements will also increase.

Watch out world, mobile payments in the online casino industry are here to stay! Mobile Payments will make it much quicker to move money in and out. Betivity will happily continue to provide new information as we move forward. Any questions you know where to find us.