Future Payment Trends: How Spanish and UK Online Casinos Are Innovating Their Payment Systems

Future Payment Trends: How Spanish and UK Online Casinos Are Innovating Their Payment Systems

The evolution of secure payments in the online casino industry has been relatively slow. There have been no big, sudden revolutionary leaps from one system to something completely new.

The march of progress has instead been incremental, shifting away from older and slower systems to the gradual integration of newer digital payment systems. But even the older, established options like bank deposits are still fully relevant in today’s industry.

Banking transactions are undeniably classic and well-known to everyone, but they are definitely behind in the speed of payment processing. Therefore, every online casino player should be aware of all possible payment solutions. For example, the pages on Haworthvillage about PayPal and other payment methods offer a wealth of information for players. Will we continue to stick to this combination of classic ways of payment and newer mobile options in the coming years? Let us investigate this question.

Where it all started

In the early days of online casinos in countries like Spain and the UK, business was limited to the use of credit cards and bank transfers to fund online accounts. While bank transfers are now accepted and a safe, convenient and trusted secure choice for players, the credit card landscape has changed.

The United Kingdom banned the use of credit cards for online gambling in 2020 in an effort to curb problem gambling. In 2020, a petition was filed in Spain to ban credit cards for i-gambling, but the country has yet to fully follow the UK’s lead with an outright ban. Instead, recent reforms blocked credit card deposits for players aged 18 to 25 and those who met certain loss criteria.

Debit cards, which draw a direct payment from a bank account, also offered a great earlier option for online casino deposits. Visa and Mastercard debit cards are accepted almost everywhere and are one of the most widely used methods today.

Digital payment services are on the rise

PayPal broke the barrier for digital payments, as one of the first e-wallets to establish itself. Along with them, Neteller and Skrill formed a kind of power triumvirate of e-wallets for use at online casinos and they remain hugely popular options to this day.

With payment options such as bank cards and accounts linked to an e-wallet, they are an excellent option for deposits and withdrawals are typically a lot quicker than standard options such as debit cards and bank transfers.

Another important factor in using e-wallets is that they keep a customer’s financial information anonymous. They act as an intermediary between a payment source and the online casino, so while a bank account may be linked to an option like PayPal, using the e-wallet means the casino will never see the account details.

On the other hand, if you want to make a deposit directly from a bank account at an online casino, the data must be shared with the operator.

Mobile payment solutions

Much bigger than cryptocurrency for online casino deposits right now, and truly the biggest of the new wave of options, are mobile payment solutions. With a mobile phone providing access to casino play on the go, mobile payment solutions like Apple Pay, Google Pay, and mobile carrier billing have become go-to options.

Funding an online casino account, with just a few quick taps on the screen, is the epitome of convenience. There is a lot of security in the payment platforms via encryption, and mobile phones themselves also benefit from biometric authentication for an extra layer of protection.

The Future of Online Casino Payments

Cryptocurrency has been around for over a decade, with one of the largest, Bitcoin, having been created in January 2009. While this is a newer form of payment, but not all that new, it is a good indication that change in this area takes a long time.

While some casinos do accept bitcoin for deposits, it is an unregulated currency in many countries such as the UK and therefore not offered by UK licensed operators. But regardless, it is still a form that is likely to be a game changer for the future.