Top 5 Payment Methods accepted by Online Casinos in India
Recently, the online casino industry has become more and more popular in India. This is not a coincidence given the fact that in general, iGaming has seen a rise in popularity in recent years. This is because modern corporations and therefore customers as well have evolved in terms of their use of technology.
Customers seek easier, smoother, and more attractive experiences while companies invest their money into giving those same customers just that. With the rise of online casinos in India, so has there been a rise in payment methods accepted by online casinos. These are the top 5.
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#1 – Skrill
The first one on this list is Skrill. With their website slogan “Make it. Move it. Send it. Spend it.” (“it” being “money” in this instance), this payment method has been around since 2001 and it claims to be “the online wallet for money movers and makers”.
As a payment method, Skrill is available in India 100% legally. For funding online betting accounts it appears to be one of the more popular choices, if not the most popular one. This is because users can set up their accounts in Indian rupees (INR), which makes it easier for users – they do not have to worry about exchange fees since everything can be done by using their domestic currency.
This situation, in general, allows for a more enjoyable experience as previously mentioned – fewer worries make the whole thing more fun for players. It also needs to be noted that Skrill is a safe and secure payment method as well – two-factor authentication is necessary to reach your account, making using Skrill an even more positive experience.
#2 – Neteller
The second one on this list would have to be Neteller. When it comes to depositing and withdrawing funds, Neteller is the recommended choice. Creating an account is free and easy while making withdrawals is quick. Neteller was founded in Canada in 1999. Their focus has been establishing itself as an e-wallet and most of their work is connected to the gambling industry. Even though their appearance makes it look like they are a bank, they do not offer services that banks usually do such as offering loans.
Citizens of India are free to use Neteller and create their own account, but it has been noted, that due to certain restrictions, it is best to connect their Neteller account with the ICICI Bank to move funds out of India.
#3 – UPI / Paytm
The third payment method option is UPI. UPI or Unified Payment Interface is a payment method that has become more popular over the years. Since its launch in 2016 by the NPCI (National Payments Corporation of India), it has gained recognition among users from India.
The way it works is that it immediately transfers funds between 2 bank accounts with the use of mobile platforms. A VPA (Virtual Payment Address) needs to be created by users and then connected to their bank account. There is no need to memorize beneficiary account numbers of IFSC codes. Various notable banks such as Punjab National Bank, United Bank of India, State Bank of India, Union Bank of India, Axis Bank, South Indian Bank, Bank of Baroda, Federal Bank, UCO Bank, ICICI Bank as well as various apps such as Truecaller, Paytm, Google Tez, Hike, WhatsApp, PhonePe, and Google Pay have taken steps towards the use of UPI payments, cementing its popularity among the population in India.
Most Popular UPI App in India is Paytm which has been around since 5 years. There are many Paytm casinos on Casinofox and other casino sites in India which make UPI payments very easy for bettors.
#4 – Debit Cards
Number four on this list are debit cards. The use of debit cards is a popular one among gamblers in India. One might even say that the debit card scene in online casinos is pretty rich for a lack of a better term. There are several pros and cons while using debit cards. The pros would be that they are very secure. Debit cards have easy and safe use of authentification and also make the users eligible for bonuses.
One of the cons would be that every transaction requires verification, which can be tiresome and tedious. Also, transactions can take more time to complete than when e-wallets are used. This is different from Bitcoin Wallets. However, since the use of debit cards is extremely secure, it is only logical that some transactions take more time to complete. Another perk of using a debit card is its rich history – a lot of online casinos prefer it when users use debit cards and even award them with bonuses for doing so.
#5 – Bank Transfers
The fifth payment method on our list would be bank transfers. For those worried about having to make online payments through the use of third-party payment options, bank transfers are the way to go. Bank transfers are considered to be the safest way to deposit one’s money at an online casino.
The technology used in making those deposits is called National Electronic Fund Transfer and it is completely free. There is no upper or lower limit when it comes to depositing an amount, however, all casinos do have minimum deposit levels.
These are the top 5 payment methods accepted in online casinos in India and their popularity will most likely stay in the upcoming years due to the increase in popularity of online casinos in India.