Most popular payment methods for online casinos in markets around the world
Online casino and sportsbook operators need to know the payments landscape to offer players in different regions the payment methods they need. In some markets, credit cards aren't accepted. Gambling is often classified as a high-risk industry due to concerns regarding links to organized crime, money laundering, and terrorism financing. Credit card issuers use four-digit Merchant Category Code (MCC) to identify the industry the merchant is part of. The MCC for private gambling operations is 7995.
Some jurisdictions ban gambling. Other payment methods for online casinos are bank transfers, instant transfers and e-wallets. Online casinos should familiarize themselves with the preferred payment method of their markets.
The most popular payment methods for online casinos in Europe are Visa and Mastercard. In Germany, players use Sofort, the leading payment provider in the German market. The UK is one of the largest e-commerce markets in European. Due to regulations introduced to combat problem gambling, credit cards for gambling payments has been banned in UK as of April 2020. UK players commonly use their debit cards, services like PayPal, or open banking. Multibanco dominates the Portuguese payment space with over 12,700 nationwide ATMs from 27 banks participating in its network.
According to MasterCard, only 55% of Latin American adults have a bank account and only 19% have credit cards. Internet users prefer to make online payments using bank transfers. Payment processors are doubly important in some Latin America nations as banks and other financial institutions have mistrust of the gambling industry. Boleto Bancário is the most popular local payment system in Brazil.
Most popular payment methods for online casinos in markets around the world are bank transfers and Boleto Bancário.
73% of respondents to a 2021 YouGov survey stated they preferred playing online than in a brick-and-mortar casino. Indian players have an integrated national network of financial institutions to rely on. Unified Payments Interface (UPI) integrates multiple bank accounts and features into a single mobile application. Bharat Interface for Money (BHIM) app uses UPI for fast, easy transactions. PhonePe is the most popular payment method in India.
Mobile banking is the most popular method of money transfer in Africa. Sports betting in Nigeria is facilitated by the country's payment gateways. GTPay is a payment gateway for debit cards issued by banks that participate in the Interswitch network. Flutterwave's RAVE is one of the fastest-growing gateway in Nigerian.
Interac was founded in 1984 and launched its e-transfer service in 1996. Almost 60% of the country's nearly 40 million people use the service. PayPal has just over 6 million Canadian users. Gigadat is one of most widely used payment methods for online casinos in the Canada.
E-wallets are the most common choice for online casino players and sports bettors in Asia. Payment processor 2C2P has become one of the largest payment systems in the region. Thaiepay provides payment solutions for e-commerce in Thailand. PaysBuy makes it easy to make and accept online payments. Cryptocurrency payments are also common in southeast Asia, as well as Visa, MasterCard and American Express cards.
Some online casinos conduct transactions exclusively in cryptocurrencies. Slotegrator’s Moneygrater solution integrates a range of different payment methods into your online casino or sportsbook. Get in contact to learn more about integrating MoneyGrator into their platform today.