Raising Above the Competition & Dominating Online Casino Payments
PayPal has been a payment systems mainstay for more than 2 decades and it remains on top, alive, kicking and dominating consumer’s payment preferences. Starting in 1998, it is one of the oldest online e-wallets and is often lauded as the internet’s safest and most used payment system.
Many competitors have risen to challenge PayPal, recognisable names being Neteller and Skrill or more recently all-in-one mobile payment systems like Apple Pay and Samsung Pay. But many lack the global recognition and trust that PayPal has earnt over its two decades in operation.
From its very start, PayPal helped define the online payment processing business and showed strategic finesse forming an early partnership with eBay, and since the split with Visa- opening up to online gambling.
How Does PayPal Work
Paypal is an e-wallet and online payment gateway. It runs via a website, mobile site and mobile app connecting with sites securely to process payments. As a customer, you sign up, input your banking data into PayPal, verify your identity and start paying for items online without inputting or exchanging your bank details for each site. Instead, simply connect to Paypal. The payment will still come from your bank account, which you can use to fund your Paypal account or your PayPal credit with no third-party banking data exchange.
PayPal is huge in terms of its market domination and revenue. In 2018 they recorded an annual payment volume of over $578 billion, of which $227 billion was from mobile payments (Clement, 2019). As giants of the payment processing industry, PayPal currently ranks as one of the most popular mobile billing and leading payment options for online transactions in the United States and Europe with no other e-wallet even coming close to matching them in terms of numbers.
Why is it Safer to Use PayPal Over Traditional Payment Methods?
As PayPal protects the payment, processing it securely without exchanging your bank data or credit details to third-party sites, it’s a much safer payment gateway. It takes away the need to worry over the legitimacy of an online site, as your banking data is not given to them, so cannot be misused, and PayPal protect payments- Bingo!
Additionally, with zero fees for online shopping and casino transactions it acts like a wallet, storing your cards and banking data, as well as the money you may have deposited, earnt or been sent which you can spend or withdraw to your bank.
Transactions often take minutes or seconds, unlike banks which can take hours to process transfers. Overall PayPal and other e-wallets offer a streamlined and safer way to pay for pretty much anything online from your groceries to holidays, but since 2015 has become a mainstream method for gamblers who can particularly benefit from its security and privacy features.
Whilst all industries benefit from payment gateway technology, those where players are safety conscious or security is a particular risk, especially when large sums of money are being moved as with the casino industry have particularly benefited from the cloak of privacy, payment guarantees, ease and speed that e-wallets like PayPal provide.
PayPal & the Online Casino Industry
The worldwide gambling industry set to be worth $123.5 Billion by 2026 (Coherent Market Insights, 2019). A share of those payments, fees, and transfers is certainly nothing to sniff at and Paypal has been quick to affiliate with gaming platforms and software since 2015 when they split from eBay and teamed up with Visa.
PayPal makes transactions at the casino -both ways- inherently safer, offering privacy. It is also better known and trusted than other e-wallets. For online casino payments, it’s usually fee-free and often accepted as a bonus funding method. Additional benefits for players are:
- The money arrives instantly in their account meaning there’s no waiting around, simply deposit and play.
- They do not need to give the casino their personal banking information.
- Paypal does not itemise your bank statement. If you prefer privacy, this is a definite plus as casino transactions will not show.
- Purchase protection protects all transactions the player makes to the casino creating worry-free banking and playing!
How Many Online Casinos have Partnered with PayPal?
There are loads of world-wide and UK casinos accepting PayPal with exact numbers unknown, but all the big industry names and casino members are clear on one thing, PayPal is a great addition to online gaming, making it more secure with worry-free online transactions and no third-party data sharing.
