That the internet has revolutionised the modern way of life is not in doubt. Over the last two decades, more services have become available online. In 2018, for instance, 1.8 billion people worldwide bought goods online.
The casino industry has been a trendsetter in the adoption of internet technology, and most casino brands now have online platforms and mobile apps.
In 2019, the global online gambling industry value stood at $53.7 billion. It continues to grow fuelled by new technology such as mobile apps, online payment solutions including PayPal, live dealer games and more.
However, one major concern that keeps popping up in online casinos is the security of online payments. As early as 2017, an IPSOS survey done for the Centre for International Governance Innovation found that 51% of people with internet access avoided online transactions due to fears about their privacy and security of their payments.
For a long time, online fraud has hindered the potential of the online casino industry. Many players who would like to play online have reservations about safety and security when banking.
To solve this problem, casinos have had to adapt innovative payment solutions the most popular being PayPal. There are a range of PayPal casinos for you to enjoy safer and more efficient payments.
How PayPal Works
Over the last two decades, PayPal has emerged as one of the most reliable online payment solutions. The simplicity of PayPal makes it popular across the globe as it allows users to pay for items through a secure internet account.
All the user needs To start using the service is a PayPal account. You then add a bank account, credit card or debit card details from where they want to make a payment and select the receiver. It is also a great way to receive online payments for both individuals and businesses.
PayPal Casino Transactions
Like other users of internet services, casino players and casino owners have always had problems with traditional payment methods. Most of these involve arduous processes which include providing personal data and verifications.
Completing such processes online makes traditional payment methods prone to hacks and other internet fraudsters. For the online casino industry, PayPal is thus a godsend as it offers a solution to one of the biggest problems.
Depositing and withdrawing money at a PayPal casino is bliss and it’s no wonder there’s a buzz around these new-age gambling platforms.
Is PayPal the Solution for Casino Banking?
Many innovative payment solutions for casinos have emerged over the years. However, most fail the test when it comes to universal acceptance, affordability, efficiency, privacy and security of payments.
Some of the reasons PayPal stands out as the ultimate payment solution for casinos include:
Safest Casino Guarantee
Casinos that accept PayPal must be licensed and also apply cutting-edge security protocols such as HTTPs and SSL. Using such a casino assures the player of their safety when making payments as there’s no risk of data loss.
The convenience of PayPal Payments
Using a traditional payment method such as a credit card is tedious, especially if you love playing on mobile. With PayPal, you only need your email address and the password to complete transactions.
Creating a PayPal account is easy, and a casino player can complete the process, link your bank/credit card/debit card and verify the account in minutes. When on the casino page, the player will choose the PayPal banking method, choose the amount and use their email and password to confirm payment.
Faster Transactions
Online casinos receive a lot of flak due to the slow speed of payouts. This has led to bad press for some of the biggest casino brands and loss of business. PayPal is thus a timely solution as most PayPal casinos promise instant withdrawals.
Enhanced Security
There’s everything to love about a casino payment solution that promises world-class security. Security in casino transactions is a big concern for players as most payment options leave them open to fraud. With PayPal, there are sophisticated security systems which encrypt transactions. Such systems make it hard for hackers to access clients’ data fro malicious purposes.
Trusted Brand
When casino players pick a payment processor, they want to use a service that has a solid reputation. With over two decades in the online payments industry, PayPal has built a solid reputation for reliability, and safety. It is great news for casino lovers who have had to risk a lot to play online.
Free Casino Transactions
Most online casino players complain about high transaction fees because some casinos charge over 7.5% for cashouts.
These hefty fees deplete the players’ payout. PayPal offers 100% free withdrawals for native currency transactions.
Downsides of PayPal Casinos
The greatest disadvantage of using PayPal casinos is that you might miss out on the welcome bonus. Some casinos exclude players who make their first deposits using eWallets. It is thus advisable to read the terms.
Terms when Using PayPal Casino Payments
Some casinos might also include withdrawal charges in the PayPal withdrawals though this is not common. There are also minimum and maximum PayPal transaction limits.
As the online casino industry continues to thrive, innovative solutions such as PayPal payments are essential. They streamline casino payments and make gaming safer.
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