The Evolution of Online Casino Deposit Methods
The Evolution of Online Casino Deposit Methods. Credit cards, wire transfer, digital wallets, crypto, eChecks, gift cards are some of the most popular payment methods at online casinos.
The history of online casino payments dates back to 1994.
The first decade of online gambling was characterized by bank transfer and credit cards. Western Union invented both payment options. Wire transfer helps people transfer large amounts of money to and from online casinos seamlessly. Credit/debit cards provide a more convenient payment method.
The 2000s brought about most digital wallets in existence today. Digital wallets brought quicker speeds, lower fees and more convenience to casino players. In the past, people used to bank with checks. This practice was eventually abandoned due to losses and fraud. Google Pay is available in a few countries only.
Mobile banking took of at the start of the last decade. Casinos launched apps on play stores. Cash App launched in 2013 targeting mobile Internet users in the US and UK. Boku and Zimpler allow casino players to gamble on credit and pay their debt through a monthly phone bill.
The first cryptocurrency, Bitcoin, launched in 2009 at a price of less than a dollar. Between 2011 and 2013, online casinos embraced it as a banking option. Altcoins like Dogecoin came out and more casinos supported the crypto industry. Cryptocurrencies provide lower fees than most e-wallets.
Electronic checks are faster, cheaper and convenient than paper checks. A growing number of online casinos accept Visa gift cards. You can receive a bonus even if you deposit through a gift card. Some payment options do not earn you a bonuses.
Digital wallets and mobile apps are becoming more popular payment options for casino deposits. Learn the pros and cons of each before you choose a payment option.
This article does not necessarily reflect the opinions of the editors or the management of EconoTimes.