New and Emerging Online Gambling Payment Methods

With laws and legislation constantly changing around the globe relating to online gambling, players are forever looking for ways to fund their gaming habits in ways that are as convenient and hassle free as possible. Credit and debit cards are problematic in that they are subject to blocking and fraud, and the rising need for fast and reliable funds transferring has resulted in the a number of innovative new and emerging online gambling payment methods.

PaySafeCard - Based on the success of PayPoint, which allows for the payment of web-based goods and services from physical retail outlets, PaySafeCard has emerged as one of the most popular new forms of payment for players seeking quick and discreet banking options. The PaySafeCard essentially allows users to charge their cards with funds at retail outlets and then use these funds to pay for their online gaming. The card is expanding rapidly over Europe and in some countries it is possible to charge it through ATMs, public phones, banks and even at PayPoint outlets.

Entropay - This company, too, is fast becoming one of the most popular methods for users to enjoy online gambling with the use of virtual Visa and MasterCards. Customers essentially purchase the virtual card online and they are emailed the card's details, complete with CVV code and expiry date. The advantage of the Entropay card is that users can provide all the payment details as they would any other credit card, without divulging too many personal details.

Instant Bank Payments - Real Time Bank Transfers (RTBT's) are essentially a transfer of funds from one bank to another (both within an integrated network and/or jurisdiction) and serve as a basis for many successful online gambling transactions. There are over a dozen emerging products worth mentioning that provide this service, some of them noted below:

• POLi, available in Australia, New Zealand and the United Kingdom. This system is owned by Neovia Financial (Neteller) and is available to users of a number of top banks in the regions mentioned, including ANZ, Westpac and St. George.
• EPS, available in Austria. A hugely popular system in the country, making it that much easier since 40% of the population bank with Raiffeisen. Other participating banks make this a powerful network and alternative payment method.
• eWire, available in Denmark. Offers a range of electronic solutions, with a focus on internet gaming sites. The added advantage of this system is that it has fast payout options.
• Giropay, available in Germany. This system boasts over 17 million users.
• Moneta, available in Russia. This system is widely used among Russian online gamblers. Some of the bigger poker sites as Full Tilt Poker and Casino Club accept Moneta as a valid form of payment.

It is clear that as legislation and regulations change in countries around the world, it is essential that payment services become innovative in their thinking in a bid to offer players peace of mind when dealing with the financial aspect of this form of entertainment. It is good to note that international banks, financial groups and private companies are providing the basis for an emerging market for alternative payment methods that should serve the gaming public well in the long run.

Reference:  Banking and Finance, "Emerging Payment Types 2010",Dr. Paul Davis

 Posted by Renee Israel at 11:49 on 1 June 2010