Payment system in iGaming: making a right choice
The variety of payment systems means everything for players when selecting an online casino for virtual play. Thus, a set of payment options is important part of real-life success of a gambling project. Combination of deposit and withdrawal methods should be thoughtfully planned, taking into account the paying habits of your target audience.
How payment methods in casino are selected
Firstly, the payment system in gambling must meet requirements of the players, offering a healthy diversity of methods. Some players prefer e-wallets, others opt for debit and credit cards, and still others choose cryptocurrency or mobile payment systems. Each of these methods has its pros and cons and again must be relevant to the region of online casino operation.
Secondly, the solutions are quite diversified. Credit cards may impose higher fees or not offering coverage in some regions. Not all casinos support e-wallets, which also charge additional fees for deposits and withdrawals. Prepaid cards also have high fees as the price for convenience and some degree of anonymity.
If we look at all that in detail:
- E-wallets are chosen by players who do not wish to link their bank account to the casino profile and prefer to maintain the security of their banking details. Popular solutions include Skrill, EcoPayz, Neteller, Jeton, MuchBetter, Sticpay, Astropay, and others. Despite offering global multi-currency coverage, the usage of these wallets varies by region. Before implementing international payment solution, it's worth researching the market and user preferences for each specific wallet. Despite the obvious advantage of international availability, these payment methods share a common drawback: they are not local in any country market and thus should complement but not be the sole basis for regional payment coverage. For maximum convenience in depositing and withdrawing funds, platforms should also offer locally popular payment methods unique in almost every country.
- Vouchers and prepaid cards are also valued by customers who appreciate confidentiality. This payment method is purchased in advance to deposit into an online casino later on. Paysafecard, Neosurf, AstroPayCard are quite common in the EU and Canada. Vouchers often represent the smallest fraction of popularity among other payment types due to the additional steps required for such payments by the user. At least two — buy and redeem the voucher.
- The convenience of mobile payment apps is highly valued by those who play on their phones. For example, mobile payments are especially popular in Kazakhstan. The payment mechanism is simple and fast, as well as safe - online transaction is made after entering a security code or using a fingerprint to confirm the payment.
- VISA and MasterCard are popular due to the speed and security of payment. To fund an account, it is enough to link a card to online casino account and make the first deposit; or make a payment without linking through the 3D Secure protocol. The transaction is protected by the client's bank, processed instantly, and allows to start playing in a few minutes.
- Cryptocurrencies as a payment method provide players with convenience and anonymity, while transactions are extremely fast and usually commission-free, except for the network fee.The most common cryptocurrencies supported by payment providers are Bitcoin, Litecoin, Ethereum, Tether, Tron, Solana, Dogecoin.
Beyond diversity, proper integration of all payment providers into the gambling service is necessary. Support for omnichannel transfers helps deposits and withdrawals to be conducted promptly, without failures and delays.
Gambling geography
The regional component is no less important when choosing payment providers for an online casino. The popularity and availability of certain platforms can vary significantly depending on the region. When launching a gambling portal, market analysis has to include future promotion options and study to identify the required payment methods.Without that website simply cannot exist. The payment system in gambling is key to a successful launch and further operation. For instance, the developing market of Latin America has own characteristics and payer habits, which significantly differ from the Europe or Canada.
Popular payment systems in Latin America
Latin America is a huge market for gambling business thanks to a very warm target audience. In countries where the decision to regulate the gambling business has already been made, the market is growing confidently. Although the policy regarding gambling is still very diverse on the continent, the prospects for this region are obvious to everyone. Even in countries where gambling is still prohibited, active development of reforms in this area is underway. Payment methods in LatAm typically operate in one country or several, yet each country has its unique potential. Cryptocurrency can be called a universal method of depositing and withdrawing funds.
One of the most popular payment services in Latin America — Mercado Pago, available in Mexico, Chile, Colombia, Brazil, Peru, and Uruguay. Brazil is known for its PIX — a QR code-based bank transfer, operating 24/7. The payment method is breaking records in the number of users and turnover. At the same time, Mexico's CoDi, which is virtually identical to the user, cannot boast the same success.
Argentina, as one of the giants of the South American continent, operates its payment systems: Pago Facil - cash payment at affiliated land-based points and Pago24 — a prepaid Mastercard. In Chile, WebPay is preferred for online casino payments — the most popular system for card payments in the country. Peru is covered by bank transfers and cash payments at points of acceptance. In addition, cryptocurrency is also used for depositing.
Thus, short analysis of Latin America shows that every country has its own completely different habits of online payments. Even though they share similar culture and even sometimes same language. It would be a real mistake to assume that successful operation in Brazil means the brand has already known the Mexican player.
Market analysis is the right first step, and you can take it together with Monoup.
The iGaming sector in Latin America is currently experiencing rapid growth, and this market also has some advantages over the European one:
- A lower rate of ad viewing rejections than in Europe and the CIS;
- Almost complete absence of a language barrier simplifies the adaptation of advertising content — after all, almost the entire continent, except Brazil, speaks Spanish as an official language;
- A proper marketing strategy can make an online casino in this region very profitable if you know what you do. Latim America loves football (especially Brazil) and opts to bet on sports. Sounds well for betting setup, right?
Payment services used in Europe
In Europe, transaction providers are quite different than in other jurisdictions. Europeans respect everything that is simple and efficient, so the European way of paying in gambling is often credit card acquiring.
Europe is covered by almost all global payment services. These are VISA/Mastercard, PayPal, as well as Google Pay, Apple Pay — which reflect Europeans' strive to always save time. Also, e-wallets used for withdrawals and deposits in online casinos, such as Skrill, Neteller, MuchBetter. Transaction providers like Trustly in Sweden and Giropay in Germany, Austria, Finland, Denmark, and several other countries are also widely used and accepted. Open banking bank transfers can be placed second in popularity in the region. It's fast and requires nothing extra, except for a European bank account. Many users also prefer to receive their winnings directly to their account.
Range of payment providers available in the CIS countries
Here things are different as well. Russia has the national card payment system MIR, which can be used within the country and in some others (Armenia, Turkey, Uzbekistan, Belarus, Kazakhstan, Kyrgyzstan). In addition, the Chinese system UnionPay, which issues cards for some Russian banks, is actively developing. Many users also appreciated the convenience of Fast System of Money Transfers, which is essentially the Russian equivalent of Brazil's PIX. Being user-friendly is the main trump of this payment system.
In Kazakhstan, VISA/Mastercard, Chinese UnionPay, and Russian MIR are in covering a significant market share. In addition, the National Bank actively promotes an instant payment system, which reduces transaction speed. Along with card payments, residents of Kazakhstan love mobile payments, as mentioned above, and use them slightly less than bank cards, which means really a lot.
In Uzbekistan, VISA/Mastercard and UnionPay are also supported, but the monopoly of processing belongs to local Uzcard and Humo. The country has a large selection of banking applications (about three dozen). Residents of Uzbekistan with their payment habits are the target audience of many gaming platforms. The Click mobile banking system with support for omnichannel transfers stands apart, capturing 70% of the card-to-card (p2p) payments market.
Conclusions
With all said, it’s worth to conclude that connecting a gambling website to a payment provider is a complex process. First step is to determine who are you going to target, how players will place bets and withdraw money, as well as assess risks and develop a reliable security system.
All these issues can be solved in a faster way and with an optimal budget if you contact us at Monoup. Our global experience takes into account differences of each specific region. We will answer all your questions to help you select payment methods, connect to the respective payment providers and operate them in a smart way! Don’t waste your valuable time on wrong choices as they may cost you more than just money.
