Published on July 11th, 2019 | by Bibhuranjan

Are Online Casinos Going to Bring Alternative Payment Methods to the Fore?

The online casino industry has shown that it can be a huge boost to new technology, and it often helps to bring certain things to the mainstream. This was seen with live streaming most recently, and the sector was using the platform long before Facebook made it famous in 2017. With increasing numbers of people shopping via the internet, revolutionary methods of payment such as cryptocurrencies have begun to emerge. If these are to negate the need to use older methods such as VISA, it may require the backing of this multibillion-dollar industry.

VISA and MasterCard still reign supreme for online payments, but people are questioning how long this is going to last. The internet has broken down borders and made the online world a global playground, but these companies are still restricted by banks in physical locations. For this reason, users are at the mercy of the forever fluctuating exchange rates.

Developers have realized that there needs to be a better solution, which is why other forms of payment have come about. For example, one of the most popular methods of topping up online casino funds for Canadian players is via eCheck deposits. Using a casino eCheck deposit is now favored for its simplicity and ease of use. The system was designed as a way to combine the security, speed, and efficiency of all electronic transactions and also shows the online casino industry’s willingness to move into alternative payment methods.

The United States Treasury uses eCheck to make high-value payments over the internet, which should serve as a glowing recommendation. It is similar to PayPal in that the funds are linked to users’ bank accounts, but it provides a safety net to give protection to its users.

Systems like eCheck and PayPal are now accepted by some of the biggest online casinos in the world, but they may act as a stepping stone towards an even better form of internet payment. Indeed, as users become more comfortable with making transactions using online systems, they could be preparing themselves to take the next step towards cryptocurrencies. There has been a lot of hype around bitcoin and the other digital coins it has inspired in recent years, but none of them have been able to break into the mainstream yet. If they are to do so, it will be with the backing of the online casino industry.

There are already a number of online casinos that accept bitcoin as a form of payment, and there could be more in the future. This is because it allows players to play sites based in any country, no matter where they are. They can make fast and secure transactions. But the most appealing thing of all is the fact that international transfers come at such a low cost.

Online casinos have already brought alternative payments like PayPal and eCheck to the fore, but they could be about to boost the fortunes of even more futuristic currency ideas. Certainly, if these are to hit the big time, the digital coins will need the backing of the booming online casino industry.

Tags: Bitcoin, casino, crypto, money, payments

About the Author

Bibhuranjan Editorial Officer, technofaq.org I'm an avid tech enthusiast at heart. I like to mug up on new and exciting developments on science and tech and have a deep love for PC gaming. Other hobbies include writing blog posts, music and DIY projects.