The internet has progressed a great deal when it comes to security issues. Where it was once regarded as a kind of digital wild west, some of its more extreme dangers have been tamed now.
That is just as well, because we are sharing more of our data online these days. Everything from e-commerce to online gaming is thriving, but such activities demand the submission of personal and banking information.
In response to that challenge, a wave of new online payment processing options has emerged. These promise absolute data security and freedom from fears of cyber-crime.
Online casinos have embraced many of those payment methods, because they need to keep the data of their customers safe. Now, when playing games such as online slots Canada, players can confidently share their personal information with the provider.
This article will look at some of the methods offered by casinos and evaluate which ones are the best.
Paysafecard
Paysafecard is a method of conducting online transactions that involves pre-payment. The user buys a voucher that has a PIN code on it which must be entered at the website to complete the transaction.
It is an option that is growing in popularity among casino sites. Not all of them offer it, but a number of operators can easily be found online.
- The benefits
There are a number of benefits to using this payment method for depositing money in an online casino account.
The pre-payment aspect of Paysafecard is also effective in helping you to avoid spending too much. When playing casino games, it is important for players to manage their bankroll and budget for their games, Paysafecards enable players to buy vouchers in advance and stick to their set budget.
This is a method that combines simplicity and safety pretty effectively.
Debit card
This is a method that virtually all online casinos will offer to their customers. Debit card payments simply see you enter your account number and other banking details into the payments page on the casino site.
Then it is usually just a matter of clicking on the button. As long as you have enough money in your bank account, the transaction will be processed rapidly.
- The benefits
Choosing to deposit money with a casino site using a debit card is arguably a safer option than using a credit card. That is because you can only gamble with the money you actually have, it is important for players to set limits and budgets on how much they will be spending on games.
A second benefit is the speed of debit card payments, which are generally processed within moments. In terms of data security, it really depends on the safety tech used by the site.
If the casino has SSL encryption software installed for financial transactions, debit card payments will be safe. You can add an extra layer of security yourself by setting up precautions with your bank like two-factor authentication for all transactions.
Digital Wallet
The majority of online casinos allow you to deposit and withdraw money using an e-wallet these days. Examples of the wallets include Venmo, Google Wallet and PayPal.
What these services essentially offer is a middleman in the transaction process. You upload your bank details to the wallet and then you do not have to share them with the casino site to conduct transactions.
- The benefits
The biggest benefit of using an e-wallet for gaming transactions is that you do not have to share bank details with the casino. E-wallets such as PayPal operate very stringent data security measures, so there is little risk to your information on those sites.
Many of them also offer you safeguards against fraud, in the form of buyer protection policies. For example, both PayPal and Venmo will refund your money if a casino commits fraud by not paying you any winnings. However, it is important to make sure you play at a licensed and reputable casino to avoid this from happening.
There are some negative aspects to e-wallets too though. Most of them charge fees for all transactions and these can rise depending on the amount of money involved.
Cryptocurrencies
These are digital currencies where every transaction is recorded on decentralised blockchains instead of by centralised financial authorities. Some online casinos include them among their payment methods.
- The benefits
Cryptocurrency transactions can be carried out without the need to share any bank or personal data. That total anonymity makes them low risk in terms of cyber-crime.
It is the main reason why many view them as the future of online payments. Crypto transactions are fast as well as secure, but not that many casino sites accept them. It is mainly unlicensed casinos that accept crypto payments, which increases the risk of fraud.
Each of these methods has its benefits, but e-wallets and pre-payment cards have the fewest drawbacks.