Ever-evolving Online Payments
It’s easy to see that technology keeps improving, and at an increasingly rapid rate. Online casino games keep getting better, and mobile games continue to surpass expectations and provide top-notch entertainment for players on the move.
In the same way, online banking options are being refined and as technology improves, so do the various options available to end-users. Where once offline methods such as cash, cheque and credit cards were the norm, online products are the first choice of more and more consumers today. The biggest group of these users is, unsurprisingly, millennials, but many other people are taking full advantage of Internet banking too.
As online sites offer consumers a greater variety of choice, an increasing number of end-users will take advantage of the convenience and security they provide. For online casinos, being able to offer a selection of payment processing methods is a major advantage, as players are not restricted to relying on one singular transaction method. Instead, there are a variety of more anonymous options readily available. For a full list of all the online payment transaction methods available at CasinoOnline.co.nz, go to our banking options page.
Today’s Most Common Online Payment Methods
Credit and debit cards, so often used offline, remain the most preferred online transaction method at present. They’re also the oldest methods of making payments on the Internet, and their familiarity and trustworthiness has a lot to do with why they are so popular. However, newer systems are gaining serious ground as well.
PayPal was established in 1998 as Confinity, and then relaunched in 2001 under its current name. This has been one of the most ground breaking financial services to be established online, and is still a favourite of many. PayPal was a subsidiary of eBay for many years, and a significant portion of its growth can be attributed to piggybacking on the popular auction site. Most of eBay’s overall sales were conducted by PayPal, which really helped to solidify its services and reputation.
To use PayPal, you simply enter your banking details into the site and then use the service as a middleman between you and whomever you are paying or receiving money from. With online casinos, you’ll transfer money from your bank to your PayPal account, and once the funds have cleared you’ll be able to deposit them into your casino account. When you cash out, the money will go into your PayPal account, and you’ll be able to withdraw it into your bank account from there.
PayPal is a very secure e-wallet, but there are several other reliable e-wallet options available that offer the brand some competition. Neteller, for example, was created in 1998 and has made a name for itself thanks to its highly beneficial VIP programme and its very low banking fees. Skrill, previously MoneyBookers, is another example of an e-wallet that’s become very popular with those who wish to transact quickly and easily online.
The Next Generation
The newest wave of online transactions is peer-to-peer banking, led by Bitcoin. Bitcoin is completely independent and has no ties to banks or governments in any way. You can use Bitcoin to purchase flat currencies, and only the network itself issues the coins. Rather than being subjected to the ebbs and flows of the banking industry, Bitcoins are tied to mathematical proofs.
A single ledger records each transaction, using strong encryption methods. It’s also completely open-source, adding to its transparency and security. Using just one ledger makes it much more difficult to manipulate figures, so this method really is incredibly secure. The Bitcoin app and its low transaction fees make it even more appealing and convenient to use.
Bitcoin could very well be blazing the trail for a whole new set of peer-to-peer banking products, which would usher in a whole new age of deposits and withdrawals. On the other hand, another brand new innovation could be just around the corner. The only constant in the world of finance and technology is continual development.