One of the biggest complaints from online gamblers is the speed of deposits and withdrawals. Delayed withdrawals are most of the complaints on online gaming forums. The online casino industry faces big challenges in money laundering, financial security, and high costs of transactions.
New payment methods have come up to solve these problems. Mobile wallets and crypto wallets are increasing in use in online casinos. Zimpler is one of the more notable payments in this space. Looking at the guide for Zimpler, it gives the impression that it is designed with online gaming in mind. But crypto payments are also looking very attractive because of affordability and security. How do these novel payment methods compare to the traditional payment methods?
Credit cards have been the preferred payment method for many people across the world because they are readily available and easy to use. You only have to input your credit card details to make a payment. But the biggest disadvantage of credit cards is their high cost. On top of monthly charges, there are high transaction charges. It makes them costly to process for both online casinos and their clients. Credit card fraud is also a big problem in the industry.
This payment method is preferred for large sums. If you want to deposit over $10,000 to your casino wallet, a bank transfer would be the most appropriate. But the biggest drawback of bank transfers is their slow processing. It takes 2-5 days to complete.
Money transfers such as Western Union work well for people who cannot access banking services. But they are very expensive. They are also slow.
Bitcoin casinos are increasing as more people adopt cryptocurrencies. Crypto payments are quick and cheap to process, which is an advantage for online casinos. [Check here for best crypto casinos to consider.] But they have a disadvantage of being very volatile, which carries the risk of loss in value. The average online casino client is also not comfortable transferring money and crypto units among different accounts and wallets.
Mobile wallets or e-wallets store your financial information, such that it is easy to access from one point. These wallets store credit card, debit card and bank information. You can easily make payments from mobile wallets without needing your original credit card or bank information.
A good example is Neteller. You add your credit card or bank information. When you need to pay, you are redirected to your Neteller portal to make the payment. Neteller handles the backroom processes from your credit card or bank account.
Mobile wallets are convenient for online casino clients. They are also offering financial security for online casinos by doing Know-Your-Customer (KYC) and Anti-Money Laundering.
Mobile wallets have the disadvantage of being complicated to use for the ordinary online casino client. They can also be hacked if the owner does not exercise good information security measures.
Zimpler is an e-wallet with a difference because it was primarily designed with online casinos in mind. This e-wallet has a strong focus on security and customer verification. The wallet deploys 3D secure verification and SHA 256 encryption.
Zimpler offers convenience, speed, and simplicity for online casino clients. For deposits, a client is taken to Zimpler’s portal to make payments. The processing is instant. Withdrawals to Zimpler reflect in your bank or credit card instantly.
The biggest advantage of Zimpler over other methods is its wide acceptance in online casinos. There are over 165 online casinos that accept Zimpler. It gives a Zimpler the independence to explore different casinos and play in the best.
There are various payment methods in online casinos, but they differ in convenience, speed, and security. Your choice should be one that offers the best of these qualities across different online casinos.
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