According to the chronic events in the last years, COVID-19 affected the economy of each country and the budget of every citizen too. ECommerce cognized a rapid relevance. Over 85% of Britains changed cash on plastic and virtual cards. The quantity of online transactions has also mushroomed.
2/6 of the UK transactions were from online gambling facilities. Surely, since 2019, gambling has become a real relief for people, who have no work during the quarantine time. For citizens over eighteen, gambling is the entertainment on their leisure time too, therefore, the quantity of players has also increased in 270% during the last years.
However, in the deep gambling world, there are many nuances and aspects, one of which is payment. The payment method is crucial. There is an extensive variety of them, and we will tell you about each one in this article!
The List Of The Most Common UK Payment Methods
Our team had their exploration to tell you the freshest information and give the facts! We communicated with over 50 online gambling facilities, including online casinos that take Paysafecard. Therefore, meet a list of the most common payment methods:
- Online Payment Systems or eCommerce – an international global payment system that allows making transfers through the internet.
- Cash – has drastically dropped since 2019. Due to the dates of UK Finance, only ⅙ of transactions were made through cash.
- Digital wallets – is relatively connected with OPS, however, it’s also an online carrier of your cards and money. Using it, you are allowed to make various financial operations.
- Bank transfer – takes only 6% of international money transfers. Nonetheless, its benefit is high security and confidentiality. The finalist’s prognosis is that after some years, it will be leading.
Such ways of paying are the most frequently chosen among gamblers.
More Info About eCommerce
In this partition, we are going to tell you about online payment systems in the gambling industry and review each type. This information will be helpful for beginners as well as for starters. Hence, meet it above and become all pants!
Paysafecard was invented in 2000. Its feature is a 16-digit pin code and the voucher-based conception of work. Most online casinos that accept Paysafecard are located in the UK, independent of the fact that the country of origin is Austria. To pay, you just need to buy a blank on a specific sum of money.
This method is anonymous from the side of banking because you only have to enter the code from your blank in a special gap on the platform. You don’t need to put any cards, bank accounts and other personal information.
- Other benefits of Paysafecard are:
- Accepted worldwide.
- Has a mobile app.
Speaking about the official app and website, you can find the recent news and check your balance there. It’s as secure and quick as cash, and even better than a credit card!
24/7 transfer and client support are definitely about PayPal. This company was formed in October 2002. It introduces the clients to the capability to pay bills and customs online. PayPal is also a part of eBay and is an official payment system for it.
Trustly is a Swedish financial organization that started in 2008. This group promotes an open payment method. With Trustly Group, you don’t have to worry about privacy, just pay online!
Google Pay & Apple Pay
Google Pay is a mobile payment system for Android devices. For its part, Apple Pay is a mobile payment system for Apple gadgets. It’s similar to the previous ones, however, here you have to share your dates. You have to synchronize it with your bank, add the card, and then you are ready to play online or pay in physical shops using the smartphone or smart band.
Financial Innovation Buy Now, Pay Later Is Banned In UK
BNPL (Buy Now, Pay Later) is an innovative payment system in the 21st century. It started its services in the United Kingdom in 2014, Klarna. Over 500 thousand merchants were cooperating with BNPL.
In the end of 2019, the company grew by 200%, that became a reason for IGM’s curiosity. The UK Gambling Commission has found that credit cards are disproportionately used for gambling by persons experiencing gambling harm, including credit technology such as BNPL. In April 2020, most credit methods were blocked, however, BNPL and some other methods were exceptions.
The UKGC decided to protect the data of their clients, therefore, all credit methods for payment were banned in legitimate online casinos. Beware of UK online gambling platforms that still support the method of BNPL. Such facilities are illegal and may scam you.
In this article, we told you about the details of payment in the casino industry. We also revealed casinos that accept Paysafecard and other eCommerce methods. Since Corona started, gambling has mushroomed as well as the online payment system.