Australians banned from using crypto and credit cards for online gambling

By Shadrack Kairu

Starting June 11, 2024, Australians will no longer be able to use cryptocurrency or credit cards for online betting. This new rule from the Australian government has significantly impacted the online gambling industry nationwide. This means bettors will need to find alternative methods to fund their accounts. 

The government says it’s protecting people and wants to stop easy-access betting. But it’s not just regular credit cards that are banned. The new rules cover a lot. Credit cards linked to digital wallets are out. Popular cryptocurrencies like Bitcoin are banned too. 

This decision has, as expected, caused a huge stir. The gambling industry is in shock. People are arguing about freedom and control. Some think it’s needed to stop gambling problems. Others say the government is going too far. Whatever you think, online betting in Australia is changing forever.  

Reasons for the payment ban

Why did the government do this? Their main point is clear. By implementing this ban, authorities hope to curb gambling with borrowed funds. The primary objective is to shield citizens from the potential financial problems that can arise from such practices. 

On June 11, 2024, news spread fast. Every TV channel and newspaper talked about the new rules. The ban is wide-reaching. Standard credit cards are banned. So are credit cards linked to digital wallets. Even Bitcoin and other cryptocurrencies are off-limits for betting now.  

The government hopes this will slow down problem gambling. They think it’ll be harder for people to bet with borrowed money or digital cash, and hopefully stop people from falling into debt. 

Kai Cantwell who runs Responsible Wagering Australia – a group that speaks for licensed gambling companies says, “This is an important measure to protect customers, making it easier for people to stay in control of their own gambling behaviour.” 

But Cantwell is worried too. He thinks the rules need to cover all types of gambling. If not, it could backfire. He warns, “If consumer protection measures aren’t consistent across all forms of gambling, it will incentivize vulnerable Australians to move to less-regulated types of gambling, where they are more at risk of harm.” 

This ban didn’t come out of nowhere. It’s part of a bigger plan to tackle gambling problems. The government has done other things too. For example, they’ve made betting sites check who their customers are. Besides, they’ve set up BetStop, a system where people can block themselves from betting. Since last August, over 22,000 Aussies have used BetStop. 

They’ve changed gambling ads too. You won’t see “Gamble Responsibly” anymore. Now, there are clearer warnings about gambling risks. 

All these changes show the government is serious and not just looking at one area. They’re trying to fix the problem from many angles.  

The government is taking a multi-faceted approach to address gambling issues. However, this creates an interesting situation. While banning cryptocurrency for betting, Australia is embracing it in other areas. For example, the country recently launched its first Bitcoin ETF, just a week before announcing the gambling restrictions. 

This mix of strict rules and new opportunities is confusing to some. It shows Australia is still figuring out how to handle digital money. Sure, they want to protect people from risks, but they also don’t want to miss out on new financial tech.  

For gambling companies, these new rules mean big changes. Online casinos and betting sites need to change how they take payments. They might need new ways to keep customers now that credit cards and crypto are banned.  

For gamblers, it’s a whole new game. They need to find different ways to put money in their betting accounts. Some might need to think hard about their gambling habits. They might even cut back. 

But there’s a worry too. Some people might try to get around the ban. They could use offshore betting sites that don’t follow Australian laws. Or they might look for loopholes. This could actually be more dangerous. Those sites might not have the same safety measures as Australian ones.  

That’s why people like Kai Cantwell want the government to be thorough. They think all types of gambling should be covered by the new rules. This would stop people from finding weak spots to exploit.  

Penalties for non-compliance with the ban

The Australian government isn’t just asking nicely. They’ve set tough punishments for betting companies that break the rules.  

Any betting company that keeps taking credit cards or crypto could be fined. And the fine is big – up to 234,750 Australian dollars or about US$155,000. Even for big gambling companies, that’s a lot of cash.  

This big fine sends a clear message. The government is serious and wants betting companies to follow the new rules carefully.  

But it’s not just about fines. The Australian Communications and Media Authority (ACMA) is in charge of enforcing the rules. They can watch online betting sites closely and also look into complaints about companies breaking the ban. 

Worth noting is that the government didn’t spring this on the industry suddenly. They gave top online casinos and betting sites six months to get ready. This was the time for companies to change their payment systems. They needed to be ready to follow the new rules. 

Now that the ban is in full force, the ACMA will be watching closely. They might do regular checks on gambling sites and could look into tips from the public. They might even run secret operations to catch companies trying to cheat.  

It’s not just betting companies that need to be careful. Payment providers, including crypto exchanges, could get in trouble too. If they knowingly help process banned gambling payments, they could face penalties. This shows the government is casting a wide net to make the ban work.  

The new policy doesn’t include personal fines for gamblers who break the rules. However, betting websites may suspend accounts that don’t comply with the regulations. This means users could lose access to these platforms if they attempt to use banned payment methods. 

This tough approach is new to Australia’s online gambling industry. In the past, the industry mostly policed itself. They had voluntary codes of conduct. With hefty penalties possible, gambling businesses have a strong reason to obey the new rules.  

This trend of tightening online betting laws is happening worldwide. It’s especially hard with new tech like cryptocurrencies making it harder to keep track of everything.  

People will be watching closely to see how well these penalties work. This is true in Australia and around the world. If they succeed in keeping credit cards and crypto out of online gambling, other countries might do the same thing.  

But enforcing these rules might not be easy. It’s especially hard with offshore betting sites that don’t care about Australian laws. The global nature of the internet and the way cryptocurrencies work could make it tough to completely stop banned payment methods.  

As this new era of online gambling rules starts in Australia, everyone will be watching. They’ll see how the industry changes and if these new rules actually reduce gambling harm. It’s a bold experiment in controlling digital betting. What happens here could shape gambling policies in many other countries.  

How your choice of payment methods affects payout speeds in NZ

We’ve all been there, playing at one of the Best NZ online casinos only to have to wait five working days before our winnings finally appear in our account. When this happens, it’s very easy to huff and puff and place the blame squarely on your chosen online gambling site, of course. Didn’t they promise speedy cashouts, so what’s the hold up?

In truth, more often than not the delay is not the fault of the casino but is caused by your chosen payout option. When they discover this, many Kiwi players end up wishing that they had made a different choice when they picked their casino payment method upon registration.

If only more players were aware of how the choice of payment methods affects payout speeds when playing at a fast payout online casino NZ, right? Now’s your opportunity to discover exactly how fast casino withdrawals work, and what to avoid if this is what you’re after.

On this page we’ll guide you through the best choices for the fastest casino payouts, explaining exactly how they work and what you should do to ensure a speedy withdrawal. Read on and you’ll never have to wonder why it’s taking you so long to get your hands on your casino winnings.

Avoid traditional banking methods like cards and wire transfers

We’re going to come right out and say it. We love credit and debit cards, as we also love banking transfers. They’re so easy-to-use, they’re 100% reliable, safety and security are unrivalled… They’ve got all the advantages to their name, except for one very important thing: speed.

If you’re looking for a fast payout online casino NZ that will honour its promise, make sure you don’t pick any of the old-school banking options because it can easily add three extra days to your withdrawal process.

The shortest time-span for the likes of VISA and MasterCard is three to five days, which can put a damper on things. This is because traditional banks still follow the old methods of verification and payment; their processes don’t work 24/7 and they rely on a pool of very specific personnel to help the transaction go through.

This is not to say that they’re not perfectly valid casino payment methods. We know that many NZ players still swear by them, because they do offer a peace of mind that newer banking options might not match. Moreover, you can simply use your existing banking cards and accounts without going through the hassle of signing up for a new digital payment method.

However, if your priority is on Instant casino withdrawals, these are not the right options for you. Which brings us to…

E-wallets: the fastest casino withdrawal method

If you’re looking for speed, e-wallets like Neteller, Skrill, PayPal, Apple Pay and Google Pay are your best options. This is because the entire structure of the organisations behind them is digitalised, and has been literally built for speed from day one. They’re the digital natives of the financial world, and this is why they are popular payment options at any fast payout online casino NZ.

All you need to do to secure your withdrawal is pick your chosen option, key in the required amount, confirm and the funds will appear in your account pretty instantly. Cryptocurrency withdrawals also qualify as among the speediest, as they follow the same digital processes as e-wallets.

Why individual transaction limits will affect your payout speed

When choosing a payment method at your favourite fast payout online casino NZ don’t just take note of the time it takes to process a transaction, but also of the maximum withdrawal limits imposed.

This is because when you land a sizeable win you want to be able to get your hands on it in one go, rather than have to wait for multiple instalments due to a low withdrawal cap. Thus, for example, if your chosen site allows a maximum daily cashout of $4,000 on one e-wallet and $2,500 on another, the best option for a fast withdrawal is self-evident.

These limits depend both on the casino and the payment provider, so it’s important to familiarise yourself with the terms attached to both.

Do weekends and public holidays matter?

You wouldn’t think so in this day and age, but sometimes the answer is yes. And once again, this depends on your choice of payment method at your chosen NZ Minimum Deposit Casino. Traditional banks observe the Monday to Friday administrative working day. Thus, when the transaction time is listed as taking between three to five days, they actually mean working days. If you initiate the process on a weekend, or there’s a weekend in between, this will lengthen the entire transaction period.

When using e-wallets and crypto, on the other hand, the process is entirely digitised and no-one cares what day it is. This is yet another reason for choosing more modern payment methods if speed matters to you as a player.

What happens when your deposit method isn’t available as withdrawal?

It’s easy to get excited upon discovering a new minimum deposit casino and forgetting to factor what happens when you want to withdraw your winnings. We’ve all done this at one point or another. In the rush to get the registration process finalised and start playing real money casino games, we pick the first convenient payment option on the menu, without considering whether this is also available for withdrawal. This is especially true if you tend to use prepaid vouchers.

In this case you’ll still be able to cash out your winnings of course, but first you’ll need to choose a different method. This is likely to affect the withdrawal speed as the method will need to be verified all over again and added to the casino processing time. We’re easily looking at an extra two days here.

Our advice if you’re playing at a fast payout online casino NZ is to pick a banking option that’s available both for deposits and withdrawals. In this way you’ll be able to cash out with a couple of clicks and without any unnecessary bureaucracy. Once again, e-wallets tend to be the smartest choice as, unlike credit and debit cards or vouchers they are usually available for both types of transaction.

How to get instant withdrawals from a fast payout online casino NZ

Playing safe is easy with Paysafecard and $5 deposit NZ casinos

The five main benefits of playing at top $5 deposit NZ casinos include freedom of choice, excellent bonuses, affordability, legality, and accessibility. The main benefits of using Paysafecard while playing at $5 deposit casinos NZ is that Kiwis never need to risk the safety and privacy of their personal information to enjoy affordable online entertainment.

Plus, they do not have to settle for mediocre gaming sessions because Paysafecard is a reliable payment method that is widely accepted at premier licensed online sites. Paysafecard is the ultimate gateway to an enjoyable, carefree playing session because it allows players to fund their accounts with no need to ever reveal their private banking details to online casinos or any other third parties.

As a pre-paid card, Paysafecard is also the perfect solution to help you stay within your budget because it only allows you to spend the amount you decided on before starting your online casino session. Considering the benefits of using this safe, popular, and well-established prepaid payment method to play at New Zealand’s finest $5 deposit Paysafecard casinos, it is safe to say that Paysafecard offers players a much better chance to enjoy their ultimate online experience. Playing it safe means knowing your limits with expendable money and time!

Why is Paysafecard so safe?

Founded in 2000 as part of The Paysafe Group, Paysafecard established itself as a worldwide leader in eCash payment systems. Pioneering the global market as the most trusted and preferred prepaid solution, it offers players a convenient and secure way to safely fund their online casino accounts.

The benefits of using Paysafecard at NZ online casinos include the following:

• Safety – Paysafecard is a free prepaid voucher that 100% prevents the need to share your credit or bank card details online.
• Ease of Use – Paysafecard is one of the safest casino payment methods and works in the same way as a gift card. Players only need to use the pin code on the card to make deposits.
• Availability – The prepaid voucher is available at over 600,000 outlets and it is trusted by millions. It is accepted at all the best NZ online casinos.
• Budget-Friendly – Players have full control and can only spend the amount they decided upon when purchasing the prepaid voucher.
• Best Bonuses– Paysafecard is hardly ever excluded from online casino payment methods accepted to activate bonuses such as welcome, free spins, or any other promotions.

Our top $5 paysafecard casino picks for NZ

Our meticulously curated list below includes top NZ online casinos, handpicked for their unique blend of safety, security, fairness and unique blend of entertainment, exclusive bonuses, and promotions.

$5 Free Spins at Spin Casino NZ + with Paysafecard

Our Spin Casino NZ review offers the full details of this highly recommended online casino owned and operated by Baytree Limited, while we list a few of the highlights below.

Spin Casino is a premier live casino, sportsbook and casino site launched in 2001. Regulated and licensed by the Malta Gaming Authority and Ontario Lotteries and Gaming Corporation, Spin Casino is approved by eCOGRA ensuring all games are certified as fair. Operational systems and monetary transactions are safe.

Welcome Bonus

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Deposit $1 Get 70 Free Spins

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The exclusive Spin Casino welcome package includes several $5 minimum deposit bonuses and kicks off with an incredible $1 deposit casino bonus.

Only available to newly registered players from New Zealand ready to make their initial deposit:

1. The first $1 deposit is rewarded with 70 free spins on the online slot – Agent Jane Blonde Returns.
2. The second deposit of $5 or more unleashes 50 bonus spins on Fortunium Gold! Mega Moolah.
3. The third $5 minimum deposit unlocks 70 free spins valid on Fortunium Gold! Mega Moolah.
4. The fourth deposit worth $5 gets Kiwis another 50 bonus spins on Fortunium Gold! Mega Moolah.
5. The fifth minimum deposit of $5 qualifies for a match-up offer worth up to $400.

The exclusive welcome offer is available to all players from New Zealand over the age of 18 registering with Spin Casino for the first time. The sign-up bonus must be claimed within the first 7 days after registration and can only be claimed once. The bonus is subject to 200x wagering requirements. T&Cs apply.

Spin Casino withdrawals can take 1 to 2 days, depending on the method selected. Payment methods include MasterCard, Visa, Apple Pay, Neteller, Skrill, and Paysafecard. Members can view the theoretical RTP of all slots in the payout percentages section, and table games range from blackjack, roulette, and baccarat to video poker, and poker. The live dealer games include titles by Evolution Gaming and Pragmatic Play, the most popular include Lightning Roulette and Live Boom City.

50 Free Spins and more for your $5 deposit with Paysafe at Boo

Boo Casino is a top Paysafecard NZ online casino. Regulated and licensed by the Malta Gaming Authority, Boo Casino was established in 2019 and offers a highly entertaining selection of casino and live casino games. This multilingual casino offers a wide range of games by top software developers such as Pragmatic Play, Evolution Gaming, BetSoft, 1×2 Gaming, and Microgaming. 

Welcome Bonus

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Eager to arrange the best deals for Kiwis, the current exclusive offer at Boo Casino includes a 100% up to $500 match bonus plus 50 free spins claimable via a minimum deposit of just $5. Below we list the full details of what new players can claim via the Boo Casino welcome package which includes three bonuses unlocked via the first three deposits. 

1. 100% match bonus worth up to $500 + 50 free spins award the initial deposit.
2. A 50% match bonus up to $200 + 50 free spins can be claimed via the second deposit.
3. A 100% match bonus up to $300 + 50 free spins is added when players make their third deposit. 

All winnings accumulated via the free spins are added as bonus funds and the bonus requires wagering of 60x. The bonus and free spins remain active for 7 days. Deposits using Neteller, Skrill, and ecoPayz will not qualify for the bonus. The exclusive offer can only be claimed once, and general T&Cs apply. 

Ensuring the privacy and security of all players, Boo Casino utilizes SSL encryption and payment methods including Neosurf, Paysafecard, Trustly, Maestro, Interac, Bitcoin, Zimpler and Sofort. Promotions available to all members include daily offers such as the extra lucky Wednesday deal and the Thursday special. Weekly offers include the game of the week spins and weekly high roller bonuses. An exciting benefit is also the regular tournaments that comp points members earn via the loyalty and VIP program.

100 Free spins with Jonny Jackpot and Paysafecard for $5

Jonny Jackpot Casino offers all the facts about this top $5 Paysafecard Casino launched in 2018, licensed by the UK Gambling Commission and Malta Gaming Authority. Accepting NZD among many other currencies, the White Hat Gaming Limited-managed casino is powered by top game developers including NetEnt, Red Tiger Gaming, Microgaming, and Evolution Gaming. 

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Perfect for players from New Zealand, Jonny Jackpot welcomes new players with an amazing 100 free spins for a $5 deposit. The attractive and exclusive offer is only available to players over the age of 18 who register a free account with the casino. Skrill and Neteller deposits are excluded from qualifying for the welcome offer which must be used within 10 days. The 100 spins can be enjoyed on the Agent Jane Blond Returns video slot. T&Cs apply. 

To ensure everyone gets the most of their playtime at Jonny Jackpot, the ongoing daily bonuses include get-backs, free spin-ups, and match bonuses. The mobile-friendly site offers an incredible selection of slots, jackpots, table games, and live dealer games. Feeling valued at the online casino increases via every bet rewarded with loyalty points, redeemable for extra bonus funds.

All you need to know before you sign up with our NZ casino reviews

Our online casino reviews aim to equip players from New Zealand with all the information they need to make the best choices according to their preferences and requirements. We only review and recommend licensed casinos that pass our stringent online casino criteria to ensure Kiwis enjoy a great experience at the most trusted brands. Simply read our casino reviews to identify the best option, follow our link to the site, register and claim your exclusive bonus.

Find out why UK players should or shouldn’t use PayPal at casinos

When the first UK online casinos popped up in the mid-1990s, depositing funds required mailing checks or using tricky bank wires. How times have changed. Today’s UK punters enjoy a plethora of instant, convenient digital payment options.

Amongst the most popular are PayPal Casinos, the pioneering e-wallet and payment processor. With over 20 years in business and 300 million users worldwide, PayPal has become a household name. Its familiarity and ease of use appeals to UK gamblers looking for a straightforward way to fund their casino fun.

But is PayPal always the best bet? This quick guide will delve into the pros and cons of using PayPal at UK licensed online casinos. We’ll also highlight the top alternatives for players wanting to explore other secure, fast payment methods. Ready? Let’s jump straight into it!

Advantages of using PayPal at UK casinos

For UK gamblers, the decision to use PayPal for real money play at online casinos is a no-brainer given the key benefits it provides around security, speed and convenience. We take a look at the pros below:

Security and trustworthiness

Safety and security is the number one priority for any casino player when gambling online. After all, you want assurance that your personal information and funds are protected. PayPal offers that peace of mind with industry-leading security protocols. The company invests heavily in advanced encryption, fraud monitoring tools, and many other cybersecurity measures.

For starters, all financial transactions are secured through 128-bit SSL technology – the same level used by major banks. This keeps payment info and account details private when depositing or withdrawing with UK licensed gambling sites.

During account logins, users are asked to enter a randomly generated security code sent to their mobile device. This two-factor authentication provides an extra shield against unauthorized access.

Further protection comes via PayPal’s comprehensive Seller and Buyer Protection programs. These safeguard users against potential fraud or issues with services purchased through PayPal, thereby providing much-needed consumer confidence.

Given their sterling track record of safely processing billions in payments since 1998, PayPal has rightfully earned a reputation as an exceptionally secure and reliable payment service.

Transaction speed and convenience with PayPal

Nothing spoils the gambling experience more than lengthy delays on deposits or withdrawals. You want your money in play or winnings in hand swiftly. Once again, PayPal delivers on this front with deposits processed instantly to ensure funds are available for wagering within seconds of initiating a transaction.

Withdrawals are also exceptionally quick compared to traditional methods. While withdrawal times vary by individual casino policies, most sites process PayPal cash-outs within 24 hours.

Convenience and flexibility

Let’s face it, UK punters want to spend time spinning slots or wagering at tables, not messing about with lengthy payment procedures. Again, PayPal does a great job at this. Once you have set up your account and funded it, deposits only require logging in and confirming the amount. With a few clicks you’re ready for action at your chosen UK licensed casino.

The convenience factor extends to withdrawals. A simple request at the cashier is all that’s needed for winnings to be zapped back to your PayPal balance. For busy punters, that convenience and flexibility brings significant upside. PayPal lets you swiftly get to the good stuff – enjoying thrilling casino games.

Disadvantages of using PayPal at UK casinos

PayPal is clearly an attractive option, but UK players need to be aware of a handful of possible downsides that could affect their experience. We explore them below:

Fees and costs associated with PayPal transactions

PayPal itself does not charge for deposits or withdrawals within the UK. However, some credit card companies classify PayPal gambling transactions as cash advances. This triggers additional fees and higher interest rates.

For withdrawals abroad, currency conversion costs also come into play. Most reputable UK licensed casinos deduct a small percentage from payouts to account for exchange rates when sending to your PayPal balance.

These fees are generally minimal, but can accumulate over time for frequent gamblers. Some savvy punters may prefer Casino payment methods with less associated costs. But for most, the extra expense is a fair trade off for PayPal’s positives.

Limited availability at certain casino sites

While immensely popular, PayPal does have limited availability at some online casinos due to their company policies. PayPal prohibits transactions with gambling sites in jurisdictions where these activities have unclear legal status.

This does restrict PayPal as a payment option on sites not regulated under strict UK laws. However, most reputable casinos serving British punters integrate PayPal alongside other suitable methods. So there are still plenty of top PayPal casinos to enjoy.

Not ideal for high rollers

Given its focus on consumer satisfaction, PayPal does cap deposit and withdrawal limits. For the average UK punter though, there’s nothing to worry about as the thresholds stretch into the thousands to easily accommodate typical casino budgets.

But high rollers and VIP players making sizeable transfers may find PayPal inconvenient compared to payment methods with higher limits. As your gambling budget increases, alternatives like bank transfers are a better option.

Top PayPal alternatives for UK online casino payments

As we mentioned, PayPal will suit most UK punters needs, but it’s not the only secure, convenient payment option available. Let’s look at some of the top alternatives to consider:

Direct debit or credit cards

Good old debit and credit cards remain a popular standby for depositing and withdrawing at UK licensed gambling sites. Visa and MasterCard in particular boast nearly universal acceptance.

Funding your account directly via card provides convenience similar to PayPal – just enter your details and the transfer is instant. Withdrawals also hit your account promptly within days.

The main downsides are deposit limits, transaction fees, and the lack of buffer between your bank and the casino. But for punters who enjoy liquidity and cashback rewards, cards are a solid payment choice.

Online banking and e-wallets

Other increasingly popular options are specialised online banking and financial services like Trustly and Skrill. These allow digital transfers directly from your bank account to the casino. By linking your bank details, you can deposit and withdraw seamlessly without using an intermediary like PayPal. This provides faster payouts and higher maximums that appeal to VIPs.

The only real disadvantage is slightly less separation between your bank and the casino. But trusting a UKGC licensed site alleviates this concern for most players.

Prepaid vouchers

Lastly, don’t count out prepaid vouchers like Paysafecard. These cash vouchers purchased from local shops provide an easy way to fund your account without any bank details needed. While not supported for withdrawals, prepaid vouchers allow anonymous, hassle-free deposits. There are also no stress about limits or overdrafts. Just top up and play.

Conclusion

Most UK punters will find PayPal checks all the boxes but it’s always good to know your options. Thankfully, reputable UKGC licensed casinos provide a range of secure, convenient payment methods to suit different needs.

By understanding the pros and cons of PayPal and how it compares to alternatives, you can better select your ideal casino payment solutions.

So what are you waiting for? Sign up with a top PayPal online casino, fund your account, and start enjoying the UK’s leading slots, roulette, blackjack, and more from trusted operators. As always, gamble responsibly.

MiFinity’s growth plans for 2024 as a Casino Payment provider

By Ginevra Alessandrello 

With 500,000 loyal customer accounts, MiFinity is a global and secure eWallet taking online casino banking to a whole new level. In 2024, MiFinity aims to expand into different markets like Brazil and Asia, with new payment innovations on the horizon. Although there is not much detail on these new innovations, we can tell you that at Casinos With a Minimum Deposit, your MiFinity eWallet is the start of a simple and secure journey. You can pay online, receive funds, and send money globally. It has little to no fees attached, along with infinite possibilities to do more of what you love.

MiFinity’s growth accelerated during Covid-19 and beyond. CEO Paul Kavanagh recently outlined the company’s plans for 2024 in an interview with Gambling Insider. He said the popularity of eWallets had been nothing short of revolutionary in the iGaming industry. With over 18 years of experience in the online payments space at Best Online Casinos, he said it was created to meet the evolving needs of online casino players and sports bettors. And much more is in store, he said.

MiFinity’s payment landscape for 2024

In November 2022, MiFinity announced a record year, building on its 2021 growth figures. With a 130% increase and presence in more than 225 countries in 20 languages, MiFinity has become a force to be reckoned with. Its payment landscape at New Online Casinos for 2024 includes borderless transactions, diversification of its service, and continued adherence to regulatory requirements, ensuring operational compliance. In the past few years, MiFinity has seen an increase in new account sign-ups, with thousands of new customers downloading the eWallet daily.

Its competitive pricing has driven demand and its popular eVoucher and virtual IBAN were introduced earlier this year. The extension of its PayAnyBank settlement service is now available in 82 countries including China.

MiFinity’s commitment to its clients and partners has resulted in innovations such as its high-converting iFrame, which allows an account top-up without opening the MiFinity app and leaving the checkout page. Kavanagh confirmed that the massive growth had put MiFinity firmly on the map. For 2024, the company is focused on launching its new MiFinity brand, strengthening market share, and building on its extensive industry expertise.

MiFinity’s bonus enhancing customer loyalty

In February 2023, the company announced the launch of the MiFinity Bonus Site – the latest customer engagement initiative. Part of its affiliate programme, the MiFinity Bonus Site showcases exclusive deals from its partners across multiple industries including travel, Forex, and online casinos. This Bonus solves the challenge of how to reach the right audience with a platform. Instead, players will be able to easily find their favourite brands and bonuses.

MiFinity is an award-winning eWallet. It scooped the Best Cross Border Payment Service Award in 2023 and the SBC Payment Innovation of the Year Award in the same year. Without worrying about safety around payments, this eWallet is simple to use and allows players time to concentrate on what they love most – playing casino games, enjoying classic and modern slots, and so much more! To play on the go, download the MiFinity app from Google Play or the App Store and benefit from biometric sign-ins, enhanced security, and personalized offers. Create your MiFinity eWallet, load funds, and top up your eWallet with over 75 integrated payment options, which you can use at over 650 online casinos.

Brands with an integrated payment method like MiFinity can showcase their exclusive offers, which are continually updated and can be accessed with just one click. MiFinity CMO Paul Gent explained to Gambling Insider that the ability to create personalized and relevant campaigns is needed to target the right people at the right time. He said MiFinity promoted itself through multiple channels, including in-app notifications, social media, email, and SMS. The company said it was on a mission to simplify online payments and make them more secure and convenient.

Background of MiFinity

MiFinity was founded in 2022 by CEO Keiron Nolan, an experienced professional with a strong track record of delivering financial, operational, banking, accounting, and IT solutions to blue-chip companies. Its products are used across a variety of sectors, including travel, FX trading, e-commerce, and the iGaming industry.

The MiFinity e-wallet was launched in February 2016 and is available on desktop and as an app for Android and iOS. With it, players can set up as many as nine separate e-wallets inside a single MiFinity account, funded with debit cards, bank accounts, Cryptocurrencies, prepaid MiFinity vouchers and the MiFinity Virtual IBAN service. The many advantages of this eWallet have caused it to become a rising star among online casino payment methods. MiFinity’s payment services are tailored to many industries, including:

• MiFinity iGaming – Payment services at top online casinos and sportsbooks
• MiFinity Travel – Payment services for some of the biggest names in travel
• MiFinity Forex – Payment services at some of the biggest Forex sites
• MiFinity Crypto – Convert Crypto to fiat currencies with MiFinity

MiFinity Casinos offer Fast Withdrawals, and one of the most beneficial reasons to use it is their higher acceptance rates at online casinos compared to other payment methods. Some payment methods may be restricted for online casino transactions, while others might prove unreliable, but eWallets are widely accepted on casino sites as a safe and reliable payment method.

MiFinity is convenient, and easy to use, ensuring you can fund your online casino account without any hassle. Many MiFinity Casinos also offer exclusive bonuses and rewards to players with highly competitive transaction fees. It allows online casino players to benefit from a convenient platform to manage their iGaming budgets and maintain control over their gambling activities.

Please browse our outstanding MiFinity Casinos and benefit from easy deposits and big bonuses. At Minimum Deposit Casinos, you will find a large variety of online casinos and sportsbooks that accept low deposits from $/€1 and $/€5, which will unlock 100% deposit bonuses and Free Spins.

Our supported brands are secure and licensed, so you can be sure of fair games, by top-rated software developers like Microgaming and NetEnt, fair bonus terms and conditions, and as much fun and excitement as you can pack into a few hours of playing top slots and table games.

This is why 1 billion people use Mastercard around the world

By Ramona Depares   

When you consider that there are almost 1.544 billion Mastercard debit cards in circulation worldwide, it’s hardly any wonder that this is one of the most popular payment methods at top online casinos.

And it’s even more impressive when we consider that, out of Mastercard’s 2021 total revenue of $18.88 billion, around $6.59 billion originated from North America, making this payment method extremely sought after among Americans who enjoy spending time on gambling sites.

According to a report issued by Market Splash, Mastercard occupies the second place on the list of most popular credit cards in the payments industry. This isn’t just for the US, but globally, which is why many new online casinos make it a point to include this option in their banking methods. Just to give you an idea, in 2020 Mastercard handled roughly 3585 transactions every second – that’s an incredibly large amount, which just points to the fact that customers nowadays expect Mastercard to be on the list of available payments no matter where they are.

According to the report, Mastercard processed the value of $2.054 trillion during 2021, and the company plays a primary role in facilitating online casino payments. Mastercard in fact prides itself on providing tailor-made solutions for the gaming industry, working hand in hand with the best online casinos to ensure seamless payments, easier cashouts in their own chosen currency and even rewards and discounts for picking Mastercard at their favorite gambling sites.

If you’re trying to decide whether this is the casino payment option for you, let’s take a look at all the features that make the brand the first choice for so many players, before showing you exactly how to start funding your Mastercard casino account.

Why Mastercard is trusted around the world

When choosing the best online casino payment method the one priority that emerges above all else is safety and security. One compelling reason why Mastercard is trusted by players around the world is that it excels in this respect. You know you can use the card with 100% confidence whichever site you’re on because there are several layers of protection to ensure that you don’t fall victim to theft or fraud.

Mastercard achieves this in several ways. If you lose your card or spot unauthorized charges on your statement, the Zero Liability fraud protection measure kicks in. Moreover, the ID Theft Protection system does exactly what it says, so that you’re protected from criminals and fraudsters thanks to a top-notch cyber security solution.

And should you happen to lose your card, don’t panic that it’ll be taken advantage of by whoever finds it. No one’s going to be taking it for a joyride at their favourite online casino. All you need to do is report it via the global emergency service for lost or stolen cards. Mastercard provides 24/7 global assistance for emergency card blocking and a fast replacement so that you’re not stuck with no funds.

The above are all excellent reasons why Mastercard is trusted around the world. But apart from safety considerations, the payment provider also makes life incredibly easy for players to use the card by offering on-point customer service, multiple currencies and a simple registration process. Here’s why so many people trust Mastercard with their online payment needs:

• Mastercard is a globally recognized brand, providing you with a reliable payment method regardless of where you are and which currency you use.
• Mastercard is very easy to use for any transaction as you only need the card number, expiration date, and CVV.
• Mastercard makes it easy to track your spending and manage your bankroll effectively, as transactions are recorded in their banking statements, enabling easy review and budgeting.
• Some Mastercard issuers offer rewards programs, giving players additional value for their spending.
• Online casinos often allow for higher deposit and withdrawal limits for Mastercard transactions compared to other payment methods, appealing to high rollers.
• The extensive network of banks and financial institutions issuing Mastercards makes it an accessible option for players worldwide, ensuring that it’s easy to find a card that suits your needs.
• Mastercard users benefit from excellent, 24/7 customer support offering assistance on just about any question you may have.

How to fund a Mastercard Casino Account

Ready to join the thousands of satisfied players who choose to play at casinos that accept Mastercard? Time to take the plunge and fund your Mastercard casino account by making a first deposit. Here’s a step-by-step guide to doing that in the easiest and fastest way possible.

• Step 1: Follow our link to your chosen casino: At Minimum Deposit Casinos our experts have curated a list of the best Mastercard casino sites, after careful testing.
• Step 2: Register by creating an account: You’ll need to fill in some personal information like your name, address, date of birth and e-mail address, but this will only take around two minutes.
• Step 3: Verify your information and provide proof of identity: this step is needed so as to be able to cash out your winnings without any hassle.
• Step 4: Navigate to the cashier or deposit section: most sites will prompt you themselves.
• Step 5: Select Mastercard as your deposit method: This is usually done via a drop-down menu of banking options.
• Step 6: Key in your deposit amount: Make sure it meets the minimum requirements to make you eligible for the bonus.
• Step 7: Provide Your Mastercard details: The information you need to key in includes the 16-digit card number, expiration date, and CVV code (the 3-digit security code on the back of your card).
• Step 8: Confirm the transaction: If it’s the first time using the card on the site, some casinos might require this additional security step, like a one-time password sent to your phone or email.
• Step 9: Pick up your bonus: You’re done and it’s time to start enjoying your rewards and playing your favourite games!

Sweden proposes a ban on the use of credit cards for gambling

By Ramona Depares

For quite a while, Sweden’s top online casinos have been worried about the possibility of a comprehensive credit card ban for gambling. It would now appear that these worries could very well become reality, as the Minister of Finance has proposed measures that would prohibit gambling sites, including top online casinos, from offering credit cards as a payment option.

Known for placing a priority on responsible gambling, the Swedish Gambling Act already banned licensed online casinos from offering credit to gamblers. Moreover, the same Act already forbids operators from encouraging players to borrow, although so far this has never been interpreted to mean that they can’t offer credit card options for payment.

However, should the new proposal be made law, things are set to change with a stricter approach that won’t leave any room for interpretation. The idea, the Swedish government said, was to eliminate all possibilities of players using credit to gamble, including via regular credit cards.

In a statement, Swedish Minister of Financial Markets, Niklas Wykman, stated: “Gambling for money on credit can lead to great financial difficulties. Therefore, we are now stopping that possibility. It is not reasonable for gambling companies or gambling agents to contribute to individuals taking such large risks.”

For many, this did not come as a surprise as it aligns with Wykman’s approach to gambling policy as stated on the Swedish government’s website: “Gambling policy is about preventing gambling addiction and creating a sound and secure gambling market in which social protection interests are safeguarded.”

Wykman’s proposal found the full support of the Spelinspektionen, the Swedish gambling regulator, which had already called for a similar ban in November 2023. The call had come as a reaction to a government study on the risks of lending and over-indebtedness.

The call, however, hadn’t gained much traction and an investigation concluded that the reasons for not introducing the full ban far outweighed the reasons for going ahead. Now, the Spelinspektionen welcomed this latest development in a press statement, stating that “Gambling companies with a Swedish license are subject to a duty of care which means that they must discourage excessive gambling”.

The press release issued by the Ministry of Finance provides clearer detail, explaining that under the new ban “it shall not be permitted for these gambling companies and gambling agents to receive payments financed with a credit – regardless of how and when the credit has been provided. It includes, among other things, that bets for money may not be paid with credit cards”.

If the Swedish government decides to go ahead with the new law, the constitutional amendments will enter into force on September 1, 2024, with the credit card ban becoming enforceable at all online casinos operating under a Spelinspektionen license as of April 1, 2025.

The proposal met with harsh criticism

As was to be expected, the proposal has attracted widespread criticism both from the industry and from trade associations. Although the Swedish Financial Supervisory Authority had backed the initial calls for the ban made in 2023, calling for “stricter regulation of the credit prohibition in the Gambling Act”, it was pretty much the only official body to stand with the Spelinspekionen and the Ministry of Finance.

Other organizations were not as kind in their reactions, with the Swedish Trade Association for Online Gambling (Branschföreningen för Onlinespel, BOS) slamming the proposals in no uncertain manner via an official press release. In it, BOS accused the Swedish government of “going against its own state investigation into the matter” after a 2023 inquiry decided to continue allowing credit cards for gambling.

The move, BOS stated, was akin to offering a competitive advantage to unlicensed online casinos thus risking that it grows even stronger than its current 41% market share. BOS secretary general Gustaf Hoffstedt continued:

“It is sad that the government does not listen to its own expertise and instead proposes a ban on credit cards when gambling, contrary to what the government investigation has concluded. Interestingly, the government does not propose a corresponding credit card ban for the purchase of alcoholic beverages, which in Sweden is only offered by a retail monopoly owned and operated by the government itself.”

Meantime, murmurs of dissatisfaction have also been recorded among some of the top online casinos in Sweden, as operators agree with Hoffstedt that the ban will leave the door right open for unlicensed platforms to ride roughshod over legit sites.

Other countries that have banned credit cards for gambling

Controversial as the Swedish credit card ban is, this is certainly not the first time that players in a country have had to face such a development. It all started back in 2010 in Norway when the government passed a law to stop banks from accepting credit card payments from both land-based and online casinos. Then, in 2019, Belgium also decided to ban all credit card deposits for gambling.

However, the UK Gambling Commission (UKGC) can be said to have made the biggest noise when it officially banned all credit card gambling in April 2020. Since then, all UK-licensed online casinos have removed all credit card options from their system, only accepting debit bank cards.

The UKGC actually went one step further, specifically putting the onus on operators to ensure that any casino payment options made using e-wallets like Paypal, ApplePay, Neteller or Skrill are not funded with a player’s credit card. Both the UKGC and the National Centre for Social Research hailed the ban as a success. A UKGC report noted that “support from consumers was largely positive”.

Germany followed the UK ban, with operators forced to remove the option from their payments page and German banks legally obliged to refuse payments to and from online casinos that are requested via credit cards. And in Ireland, sportsbook operators voluntarily agreed to an industry-wide ban on credit cards in 2021.

The most recent country to join the ranks is Australia, where the government banned the use of all credit cards for gambling in December 2023.

It’s too early to conclude whether this proposal will gather traction and succeed where the Spelinspektionen failed. With the proposed ban currently in consultation, it is expected that a definitive conclusion will be reached by September 2024, by which time we’ll know whether the law is going to go through.

Whatever the outcome, there is no doubt that the Swedish gambling scene is undergoing a significant evolution, as the regulator and other government bodies continue to push for more stringent controls.

How FNB makes it easy to deposit into your Betway account

As a globally recognized betting operator, Betway was established in 2006 by the Super Group. It entered South Africa’s shores in 2016 and is licensed by the Western Cape Gambling and Racing Board.

Betway is known for its incredible sportsbook and South African online casino, and is easily recognizable by its green and black colours. Betway’s success over the years has been remarkable and among its standout features include thousands of competitive sports betting markets, the latest games from leading software providers and a plethora of bonuses and promotions including free spins, deposit bonuses and free bets. However, there is another feature at Betway that takes this operator to another level: the banking platform.

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The Betway banking platform is one of the best in South Africa, and players can access several encrypted payment methods, ensuring that all banking transactions are safe and secure. Our article analyses the banking platform and focuses on two ZA casino payment methods – FNB Instant EFTs and Prepaid Vouchers; and OTT Voucher and Blu Voucher. Keep reading as we break down each payment method and why you should use them next time you fund your Betway account.

Deposits with FNB at Betway is super easy

First National Bank, better known as FNB, is a leading financial provider in South Africa with millions of South Africans with FNB accounts. It has thousands of ATMs and local banks spread across South Africa, and the popularity of FNB has grown over the years. Over the years, FNB has partnered with various businesses in many sectors including Betway.

Together Betway and FNB have created an excellent payment service for online casino players with FNB Instant EFT. So, if you are an FNB customer and a Betway player, you should consider making your deposits using this option due to its simplicity, efficiency and convenience. The best part is that it is free. Below is a step-by-step guide on the deposit process at Betway using the FNB Instant EFT option

You can always buy vouchers to top up your Betway account

You must have come across the term Prepaid vouchers as an online casino player. So, what exactly are prepaid vouchers? These are a voucher-style casino payment method which has quickly emerged as a prominent payment option for many South africa casinos including Betway.

Prepaid vouchers are 12-16 digit codes, and there are no banking transactions when using prepaid vouchers. All transactions are done with the voucher code. Players who regularly purchase airtime vouchers will be familiar with prepaid vouchers as they work the same. Prepaid vouchers have many benefits for casino players and these include:

• Available at thousands of retail shops across South Africa
• Fast and easy to use
• Safe and secure payment method
• Available at leading online casinos, including Betway
• Cheap and affordable vouchers
• Can be purchased online through the relevant voucher provider’s website
• Some vouchers allow withdrawals

Below, we discuss two of the leading prepaid vouchers in South Africa, the OTT Voucher and the Blu Voucher. Both vouchers are available at Betway, and we encourage readers to consider funding their Betway casino accounts using these voucher payment methods.

Buy OTT Voucher for Betway

OTT Voucher is a 12-digit prepaid voucher available at Betway for all SA players. With an OTT Voucher, no bank information is needed and players can fund their accounts using a 12-digit voucher code.  

Benefits of OTT Voucher at Betway

• Deposits available at Betway
• OTT Voucher is a safe and secure payment method.
• Zero transactional fees.
• Convenient and easy to use.
• Fast transactions and deposits are processed immediately.
• OTT Vouchers can be purchased from over 150 000 retail stores across South Africa or the OTT website.

OTT has partnered with various retailers and today there are more than 150 000 OTT vendors across the country. Renowned retailers and petrol stations that sell OTT vouchers include GAME Stores, Boxer, Makro, BP and Caltex. To further illustrate its convenience of buying this voucher, it is also available to purchase directly from the OTT website. 

Below is a step-by-step guide on how to purchase an OTT Voucher online and how to fund your Betway account with an OTT Voucher:

How to buy an OTT Voucher from the OTT website 

• Access the OTT website and click the ‘Buy OTT Voucher’ banner. 
• Enter the voucher amount.
• Enter your cell phone number and choose your payment method.
• Select your bank and log in to your Internet banking profile.
• A voucher pin will be sent to your mobile number once your transaction is completed.

Using an OTT Voucher at Betway

• Step 1: Log into your Betway casino account and access the cashier portal. 
• Step 2: Select the deposit banner and the OTT Voucher payment method. 
• Step 3: Enter your 12-digit code; once successful, the deposit should reflect immediately, and you can start playing your favourite casino games.

Blu Voucher is the best casino voucher for Betway

Blu Voucher is another popular choice for funding your Betway casino account. Blu Voucher is a 16-digit pin with the same benefits as many other prepaid vouchers.

Benefits of Blu Voucher at Betway

• Deposits available at Betway
• Blu Voucher is a safe and secure payment method.
• Convenient and easy to use.
• Fast transactions and deposits are processed immediately.

Blu Vouchers can be purchased from thousands of retail stores and petrol stations.  

There are Blu Voucher merchants across South Africa, and players can purchase a Blu Voucher from popular stores and petrol stations like Clicks, BP, Caltex, Shell, Sasol, Boxer and Fresh Stop. Blu Voucher is available in various denominations starting from R2 and up to R1000. 

How to a Blu Voucher at Betway

• Log into your Betway casino account and access the cashier portal. 
• Select the deposit banner and the Blu Voucher payment method. 
• Enter your 16-digit code; once successful, the deposit should reflect immediately, and you can start playing your favourite casino games.

Find out more about ZA casinos with our reviews

We have discussed in detail two of the best payment options at Betway – FNB Instant EFTs and Prepaid Vouchers. We have also covered the various benefits of each payment method and provided step-by-step guides on how to fund your Betway account using these methods. Did you know that our team at MDC have plenty of other interesting information on ZA casinos? Visit our MDC site, where you will find other relevant information on the South African casino industry including the latest news, ZA casino reviews, plus exciting and exclusive bonus offers.

The guide to buying OTT Voucher for Hollywoodbets

The South African online casino industry is thriving, and plenty of unique features make the industry stand out. Features like progressive jackpot races, exclusive casino games and tailored promotions are widely popular in the industry. However, there is another exceptional feature that takes playing at casinos in South Africa to another level – Prepaid Vouchers. 

In Mzansi, a term known as ‘cashless is king’ is a well-regarded concept and many South Africans prefer not to use their bank details at online casinos. Prepaid vouchers are one of the best alternatives to Instant EFTs, Debit and Credit card deposits. Prepaid vouchers are similar to airtime and data vouchers and provide the same service to people. As you would buy an airtime voucher code and recharge your mobile balance, you can do the same with prepaid vouchers and load up your online casino account.

The leading prepaid voucher option in South Africa is the OTT Voucher, and currently these are accepted at several OTT Voucher casinos including South Africa’s well-loved Hollywoodbets. An OTT Voucher is a 12-digit code that can be purchased from various merchants across South Africa or directly from the OTT website. You may be wondering about the benefits OTT Vouchers provide to players. Below is a breakdown of the perks of using it to fund your Hollywoodbets casino account.

Benefits of OTT Voucher at Hollywoodbets

• OTT Voucher deposits are accepted at Hollywoodbets.
• You don’t have to submit bank information when funding your Hollywoodbets account with an OTT Voucher.

It is a safe and secure payment method.

• There are zero transactional fees.
• It is convenient to buy and easy to use.
• It is a fast transactions, with all deposits processed immediately.
• OTT Vouchers can be purchased from 100,000+ retail stores, petrol stations across South Africa or the OTT website.

Now that you know more about the benefits of using the OTT Voucher, let’s focus on funding your casino account. Below is a step-by-step guide on how to fund your Hollywoodbets casino account with an OTT Voucher.

Using an OTT Voucher at Hollywoodbets

• Step 1 – Log into your Hollywoodbets casino account and access the cashier portal. 
• Step 2 – Select the deposit banner and the OTT Voucher payment method. 
• Step 3 – Enter your 12-digit code; once successful, the deposit should reflect immediately, and you can start playing your favourite casino games.

Now that you have expertly navigated your way through using an OTT Voucher, it’s time to tackle the next important feature – how to purchase an electronic voucher online.

Buy OTT Voucher online

There are two types of OTT Vouchers – an electronic voucher that you can purchase online from the OTT website or a physically printed voucher that can be purchased from a retail shop or petrol station. Remember, both serve the same purpose and have the same 12-digit code. Players who prefer to buy an OTT Voucher directly from the OTT website can do so without creating an account and by following a couple of steps. To fast-track the process for readers, you can click our OTT Voucher link. To make things even easier for readers ready to purchase an electronic Voucher, here is a step-by-step guide to buy online.

How to buy an OTT Voucher online from the OTT website 

• Step 1 – Access the OTT website and click the ‘Buy OTT Voucher’ banner. 
• Step 2 – Enter the voucher amount.
• Step 3 – Enter your cell phone number and choose your payment method.
• Step 4 – Select your bank and log in to your Internet banking profile.
• Step 5 – A voucher pin will be sent to your mobile number once your transaction is completed.

*Please note that purchases using the Instant EFT method are currently unavailable, thus making it difficult to purchase for some bank accounts, as OZOW is the only available purchase option. However, don’t worry, OTT management has mentioned that all Instant EFT methods will be available soon.

Buy OTT Voucher at major supermarkets

As mentioned, there are over 100,000 retail shops that provide OTT Vouchers for South Africans. Two of Mzansi’s biggest supermarkets are Game and Makro and both stores allow people to purchase these.

Imagine this scenario – it’s month-end and you are grocery shopping at Game and you reach the till ready to pay, then you realize you want to relax tonight by playing some casino games at your favourite online casino Hollywoodbets. The convenience to buy OTT Voucher at Game is unmatched, and once your cashier scans your groceries, you can tell them that you want to buy an OTT Voucher. In just a few seconds and right at the same till point, your OTT Voucher receipt will be printed, and you will be ready to not only take your groceries home but also your OTT Voucher. Now, you are ready for a fun-filled night of gaming at Hollywoodbets.

The same purchasing process is available at Makro. To buy OTT Voucher at Makro, you should visit the kiosk or cashier at the till point and ask for it. Once you select your desired voucher amount and pay, the cashier will print out the receipt containing your 12-digit OTT Voucher code.

Buy OTT Voucher at petrol stations

The convenience of buying an OTT Voucher can even be done directly from petrol stations. There are thousands upon thousands of petrol stations spread across the Rainbow Nation that have partnered with OTT to allow South Africans to buy these vouchers. These stations include BP, Caltex, Shell, Sasol and Total. So, while filling your tank, remember to request an OTT Voucher to ready yourself for casino gaming.

It pays to pay with OTT Voucher and Second Chance

Did you know that purchasing an OTT Voucher gives you access to several chances of winning amazing cash prizes and other rewards? All this is possible with the Second Chance platform, a real-time rewards and loyalty program for OTT Voucher users. With Second Chance, all OTT Voucher users can register their details, create a Second Chance account and earn the chance to win lucrative rewards. With every OTT Voucher purchase, visit the Second Chance website and enter the ongoing competitions. At the time of writing, some active Second Chance competitions included lucky draws, weekly top-ups and leaderboard events. The more you buy, the better the chance of winning amazing cash prizes, electronics, merchandise and vouchers.

Find other secure casino payment methods on MDC

The beauty of the South African casino industry is that there are many different payment methods available. As our OTT Voucher casino page explains, prepaid vouchers are an amazing method for funding your casino account. Some other popular prepaid voucher payment methods include Blu Voucher, Kazang Voucher and 1Voucher. Beside these, other excellent payment methods include Instant EFTs like Ozow, Zapper, Payfast and Debit or Credit cards. If you want to learn more about these payment methods, visit our ZA casino payment methods page at MDC.

The Future of Payments in the Digital Age is Upon Us

The world has evolved rapidly over the past few decades and so has transacting. Payment methods have seen an extraordinary shift from paperback to digital and by 2025, projections are that 53% of all ecommerce transactions globally will use digital wallets. By 2030, analysts expect cashless transaction volumes to more than double.

Paper money and physical transactions have lost relevance across the world, paving the way for the modern consumer – who prefer online buying, love throwing virtual goods into their e-shopping carts, and thrive on ‘drop at the door’ delivery options.

The global shift online

What accelerated this immense growth of digital payments was the COVID-19 pandemic, which forced companies and industries online, making room for a new, efficient, and secure way of transacting.
From the finance industry, to entertainment, sports, healthcare, and tourism – all sectors of society around the world were affected by the shift, which now also makes way for crypto and fiat currencies. One of industries most affected by the changing payment methods was online casinos. Did you know that 26% of people around the world gamble online on any given day? These are the people heavily reliant on safe online deposits and withdrawals. The great payment options that came into play broadened the transacting choices for people in different regions. Suddenly, there were many ways to send and receive money online. But the common are digital wallets (49%), credit or debit cards (32%), or account to account (9%).

Cryptocurrency and PayPal

And still new payment methods are coming in at lightning speed. In fact, already on the horizon are cryptocurrency payments (which includes digital currency kept on blockchain). For online gamblers these include crypto coins (like Bitcoin, Ethereum, Tether; crypto tokens; and NFTs (non-fungible tokens). These support smart contracts and are autonomous, unmodifiable, and irreversible payments from one account to another. For casinos, these methods ensure an elevated level of safety for players.

In 2023, 3.3 million US adults used crypto currency for payments. Globally crypto payments reached around $9.28 billion, while NFTs surpassed $1 billion.

Another growing payment method globally is PayPal. According to Statista, it had 431 million users by the end of Q2 2023. The value of the transactions processed reached US$337 billion. PayPal saw incredible growth over the past few years and as of March 2023, 91% of online users in Germany and 84% in Brazil were using PayPal for online casino payments. For United States, the figures stood at 81% and Canada at 85% respectively. By 2023, PayPal became legal in specific areas within Europe, India, Ireland, Japan, Latin America, Malaysia, North America, Netherlands, and Sweden. It relies on a Bank ID, Trustly and Plaid.

Another type of payment method on the horizon is Central Bank Digital Currencies (CBDC). These include DCash (Eastern Caribbean); e-CNY (China); eNaira (Nigeria); e₹ or eINR (India); and Digital Ruble (Russia).

By 2023, some 11 countries had adopted CBDC including Nigeria, Anguilla, Jamaica, The Bahamas, Saint Kitts and Nevis, Antigua and Barbuda, Montserrat, Dominica, Saint Lucia, Saint Vincent and the Grenadines, as well as Grenada. Another 53 countries are already in advanced planning stages to adopt CBDC, while 46 others are still researching the topic.

The Predictions for Payments Has Never Been Brighter

Nearly all global regions have seen increases in all payment revenues. APAC in 2020 stood at $611 billion in payment revenue and by 2025 this is expected to increase by 42% to $932 billion. North America’s payment revenue of $459 billion in 2020 is expected to hit $609 billion by 2025 (a 28% increase). Europe’s $237 billion in 2020 is projected to balloon by 26% to $307 billion by 2025, while LATAM’s $127 billion in 2020 will increase by 40% to $190 billion by 2025. The MEA region’s 2021 payment revenue of $64 billion is expected to grow by 27% to $84 billion by 2025.

What this means is that the days of paper money have gone the way of the dinosaur. Physical transactions are long behind us and by 2030, analysts expect cashless transaction volumes to increase rapidly.

Companies and industries need to prepare for the future of digital payments or risk falling behind their competitors who are paving the way for the modern consumer. All industries and societies are affected, including online casinos and igaming enthusiasts. So, get in gear and do not be left behind. The future of digital payments is already upon us. Are you ready?

About MDC

MDC stands as a pioneer in the digital payment revolution, offering a leading resource for online casino enthusiasts. With digital wallets becoming increasingly prevalent in global e-commerce transactions and cashless transactions on the rise, MDC remains agile in adapting to these transformative changes. Rooted in responsible gaming, MDC provides a secure and welcoming space for the growing community of online gamblers worldwide.

References:

• atlanticcouncil.org/cbdctracker
• forbes.com/advisor/in/investing/digital-rupee
• ncbi.nlm.nih.gov/pmc/articles/PMC10070505
• merchantsavvy.co.uk/payment-fraud-statistics
• szilaghi.com/where-is-legal-the-online-gambling-in-2023
• minimumdepositcasinos.org/casino-payment-options/paypal
• oberlo.com/statistics/most-popular-online-payment-methods
• statista.com/outlook/dmo/fintech/digital-payments/worldwide
• enterprisersproject.com/article/2022/10/future-payments-6-predictions
• cognizant.com/en_us/industries/documents/state-of-global-payments.pdf
• dymit0g8an2f3.cloudfront.net/ACI_Prime_Time_Report_2023_updated.pdf
• insiderintelligence.com/content/crypto-payments-will-push-past-crypto-winter
• pewresearch.org/short-reads/2022/10/05/more-americans-are-joining-the-cashless-economy
• mckinsey.com/featured-insights/mckinsey-explainers/what-is-central-bank-digital-currency-cbdc
• fisglobal.com/en/insights/what-we-think/2022/april/5-factors-driving-the-growth-of-digital-wallets
• techopedia.com/russia-approves-digital-ruble-will-governments-try-to-replace-cryptos-with-cbdcs
• aciworldwide.com/blog/billing-and-payments-forecast-for-2023-predictions-from-industry-experts
• pwc.com/gx/en/industries/financial-services/publications/financial-services-in-2025/payments-in-2025.html
• statista.com/chart/30296/number-of-countries-currency-unions-with-central-bank-digital-currencies-in-advanced-exploration-phases