The convenience of online payments makes a world of difference for digital casinos. If convenience defines the operators, the payment methods take credit for bringing the concept to life.
What Is an Online Payment Method?
Online payment method is the service that facilitates payment requests initiated by sellers on the websites. Since there is no face-to-face communication, online payment is the only way for transactions.
The player is ‘making purchases’ in online casinos with every deposit. The concept is like shopping on e-commerce sites like Lazada and Shopee.
A seamless payment method is necessary for every online business to make gaming possible. Several components are involved in the online payment method:
- Payment gateway: An interface where the player inputs the payment information. Upon initiation of the deposit, the player is directed to it. Standard payment gateways used in Singapore are Adyen, PayPal, DBS PayLah!, and GrabPay.
- Payment processors: A determinant to validate the customer’s information and ensures there are sufficient funds for payment. It is responsible for informing whether the payment is a success or failure.
- Bank providers: The host of the player’s bank accounts. It will approve or deny the payment request depending on the available funds. This component involves choosing a debit/credit card and fund transfer.
- Merchant account: The casino’s account is liable for charges levied by the gateway for successful transactions (deposit by the players).
The payment gateway is simply not optional in the digital age. Established online casinos must select trustworthy options to reduce the risk of cybersecurity attacks.
The safety of the player’s privacy is just as important as payment security. Thankfully, several methods are employed, each with its specialties.
What Are the Common Payment Methods?
The payment method is the subtle part of the casino but arguably just as important as the games and bonuses. Some reliable methods are shown below:
1. Credit/debit Card
Classic payment method for everything online, including casinos. Credit cards have a pre-approved limit, and you may spend them as frequently as you want.
In a way, you are spending on ‘borrowed money,’ and you need to pay it back eventually.
The debit card works the opposite way. It has a pre-approved limit, but the expenditure is deducted directly from the savings account. You must use the card with care because the card is unusable once the savings are exhausted.
This option is the most common payment method. Mastercard and Visa are widely accepted in all online casino Singapore. In addition, the credit/debit card is the best if the player plays in an international casino because of its universal recognition and high utility value.
2. Bank Transfer
Bank transfer is another alternative with wide usage in Singapore. It is offered by many local and international banks.
An account and transaction authorization code are needed for every deposit in the casino.
This method permits you to maintain close observation of the overall expenditure. It works similarly to a debit card, where transactions are approved with sufficient funds.
However, concerns about its safety are ever present as smartphone malware may capture the code, and cybercriminals can process the transaction remotely.
The time consumption needed to sign into the player’s account and retrieve the code proves to be laborious. The manual effort required to complete the transaction makes it a big turnoff for some players.
3. Digital Wallet
This method is also known as an e-wallet and is becoming increasingly popular. They are often portrayed as the new way of shopping.
The player can deposit money in the digital wallet app. You can make payments for purchases by deducting the cost from the wallet.
Payments can be made for the same or different sellers without inputting recurring payment details. The player only needs to enter the wallet PIN and transaction authorization codes.
There is no need to memorize the credit/debit card number and banking account details every time there’s a transaction. As a result, this method simplifies the process for busy yuppies and even elderly players.
Popular digital wallets in Singapore are GrabPay, FavePay, Apple Pay, AliPay, Google Pay, and more.
As cryptocurrency becomes mainstream, the hype finds its way to online casinos. Accepting cryptocurrency as a legit payment method is gaining traction overseas, but Singapore’s pace is nearly non-existent. Popular cryptocurrencies are Bitcoin and Ethereum.
Everything novel takes time to develop supply and demand. The push for cryptocurrency comes from better security that requires no third-party authorization. In other words, it’s between you and the seller.
The transaction fees for cryptocurrency are also reportedly lower than conventional means. This is because the currency isn’t tied to any country. Therefore, the casinos don’t have to pay a fee for a transaction to be cleared.
However, the value of cryptocurrency can change dramatically. The unpredictability of its value is a considerable risk to the players and casinos. Hence, not many casinos offer this method.
Fortunately, some casinos, such as AW8 and UEA8 are aspiring trailblazers and accept cryptocurrency.
What To Consider Before Choosing a Payment Method?
Every payment method has advantages, but how do you distinguish which is best? Some factors below can you to decide on the best choice.
You should choose the method which provides the most excellent ease of use. This consideration means the process should be the least cumbersome and easy for you to use anytime.
Ideally, the digital wallet fulfills this purpose because the payment can be completed at your fingertips. An app stores all the information, bypassing the need to recall your credit/debit card and banking account details.
In addition, this method also removes the repetition of entering payment details when you make the deposit anytime. This hastens the deposit for seamless gameplay.
2. Security Level
Unauthorized transactions lead to loss of money. The player should be smart enough to choose a method that safeguards them.
Credit/debit cards and bank transfers offer an additional layer of security through data encryption and transaction authorization codes. Bank transfer takes it further with Internet Banking Password (IBP) that is unique to you.
However, should the player’s phone be compromised, there is a high likelihood that all transaction details and approval can face interference. Money can be siphoned out of the player’s account, becoming untraceable.
While the two methods offer adequate protection, you should also be smart and avoid sharing your banking information with others. A good antivirus program in the smartphone help to excise sneaky malware too.
3. Purchase Benefits
Bargain hunting gives more value for every deposit. Selected payment methods offer you a reward as a token of appreciation.
Digital wallets such as GrabPay offer GrabPoints for every transaction. Points can be accumulated to exchange digital vouchers and high-end products.
This payment method provides real-world utility value. The points may also be converted into credit and used to deduct the payable sum in your next online shopping spree.
Meanwhile, credit/debit cards also provide a similar scheme. The exchangeable items are of higher value than digital wallet programs.
Unfortunately, it also requires a commitment to collect the points because of the higher tiers, which means more transactions are needed. If you are a high spender, this method is suitable for you.
4. Hidden Costs
Credit card companies make money from interest, annual fees, and miscellaneous charges like overdue payment fees.
Unsupervised expenditure may cause the player to pay more than they initially deposited in the casinos. You should avoid it if you have a poor grasp of budget control.
It is easy to lose track of your spending if you get carried away during the gaming thrill. The reload bonuses for more enormous deposits are also tempting to resist for impulsive players.
However, a debit card remains a good option because it only charges you based on the savings in your account. This practice is also true for bank transfers and digital wallets.
A transparent approach to payment policy is suitable for less financially literate players. The hidden costs will not become a worrying afterthought if they do not exist in the first place.
5. Ease Of Mobile Banking
How you interact with mobile banking matters because the payment gateway works in sync with your banks. Smartphones improves the overall flow for expedited transactions without the hassle of logging into desktops.
These banks are highly recommended for mobile banking:
The oldest bank in Singapore carries a prestigious reputation that never loses its charm among the younger generations.
The posb Singapore app is the best companion for mobile gaming as it is fully optimized to curb cybersecurity risks. For instance, its biometric identification provides an added layer of protection.
Banking details stored in the casino website is not immune to unauthorized access and your savings is at risk. Thankfully, the app setting can be modified the biometric security puts up a firewall against unapproved transactions.
The largest bank in Southeast Asia revolutionized digital banking with digibank and DBS PayLah!. These two apps are widely touted to simplify everything about dbs posb online banking on smartphones.
The banking app, digibank allows the players to main close observation about their expenditure. Any potential winnings can be converted to fixed deposits or even investments with a few clicks.
On the other hand, the digital wallet app, DBS PayLah! allows you to sync it with digibank for the best of both worlds. Transfer of funds between accounts are easier while the app bypasses the digital token mechanics for immediate deposit.
Together with DBS and UOB, this bank forms the Big Three in Singapore banking industry. The bank receives numerous accolades for its consumer safety.
The wide operation in multiple Southeast Asian market also means customer support is extensive and experience in dealing with foreign market is a big plus.
Online casinos operate in the overseas and some have obscure origins did not help with its business transparency. The lack of encryption to safeguard online transactions could also result in problems.
A banking veteran such as icbc Singapore help to mitigate the risk and prevent fraudulent activities of your account. You can trust this bank to keep your money safe.
There are no wrong payment methods. Every choice offers something that suits the spending habit of the players. Online casinos have come a long way to match themselves with leading e-commerce sites concerning payment efficiency.
You are free to experiment with all the options to find one that you like. It’s always good to settle for the payment method that allows you to monitor transactions easily for responsible gaming.