What is PaysafeCard and how does it work in online casinos?
Fintech has opened up numerous doors and has led to an untold number of innovations within the gambling industry. Online casinos have served as a testing ground for many of these advances to establish themselves within this sector.
If we examine the entire timeline of the casino gaming world, it’s a market that stretches back centuries; however, online casinos have only emerged in the last 30 years. Within this relatively short period, dozens of fintech companies and alternative payment solutions have made their mark. While PaysafeCard may not be the first name that comes to mind, it has carved out an impressive niche in the online casino payment method landscape.
You only have to browse through a handful of casino sites and explore their payment options to get an insight into how much this world has expanded over the last decade and a half. As more digital wallet systems and payment solutions enter the market, PaysafeCard casinos have already established themselves as a significant part of the global market. But how do they work, and what’s behind their popularity? Let’s have a look.
Early days of PaysafeCard casinos
As with many payment options that have gained traction in casino gaming, PaysafeCard adds an extra layer of security for those looking to make a deposit. By providing users with a 16-digit PIN, the main selling point of the product is that it enables users to sign up using this PIN, eliminating the need to enter sensitive financial information.
In many ways, it’s similar to other types of fintech products that have made waves in the casino gaming industry in recent years. Cryptocurrency payments use wallet addresses and peer-to-peer payment systems, and the growing power of Web3 to offer their own unique selling point.
PayPal addresses enable individuals to deposit funds into their PayPal account and then use their email address to transfer funds to a casino site. All of them channel into the same idea as PaysafeCard – it’s an additional layer of security, meaning you don’t have to enter your card information. It’s a one-time-use system, and cybercriminals have no interest in accessing these codes, so there’s an enhanced security perspective as well.
Understanding its popularity
PaysafeCard casinos have successfully addressed two key aspects that contribute to the success of any new payment solution in the world of casino gaming: convenience and safety. We’ve already addressed how the additional layer helps to instill another layer of safety. Still, for those who use PaysafeCard for other online transactions as well, it’s this option combined with the convenience of entering a quick 16-digit number, and then the transaction is actioned. Unlike a Visa card, where you enter a CVV number, expiry date and your full name as it appears on the card, and then occasionally have to go through 3D secure to verify your ID, PaysafeCard uses a one-time code, and you’re done.
Although PaysafeCard is still considered a niche payment option, especially compared to powerhouses like Apple Pay and Visa, millions of people use the payment system online.
Cashless payment systems have been permeating every level of our society over the last few years, but having been involved in the casino gaming world for a quarter of a century, PaysafeCard has spearheaded many marketing campaigns that have encouraged people who use it to sign up, as well as incentivizing its use through other familiar promotions such as free spins and matched deposits.
Harnessing the power of digital options
The reason PaysafeCard has been able to grow its market in the casino gaming world is that it harnesses the power of digital payment options. Unlike more antiquated or dated payment methods, PaysafeCard work so well in online casinos because it aligns with the essence of how other modern systems operate.
It’s the same with cryptocurrency; it’s a payment option that primarily exists online, and it is more convenient for those who have a firm grasp of digital literacy. Cryptocurrency wallets eliminate the need for a third-party financial institution to handle payments, while maintaining security through the advanced cryptography of the blockchain.
Likewise, payment by PaysafeCard is via a collection of random numbers that can be copied and pasted on a digital device for one-time use, and you do not need to enter any further personal information, which helps to sell it as a viable option for those who are looking for more contemporary digital payment solutions.
Summary
Fintech has been the lifeblood that has helped online casinos grow into impressive new areas over the last decade. Despite the longevity of PaysafeCard and the fact that it has been available in casino gaming long before other innovative payment solutions, such as Apple Pay and cryptocurrency, it has a strong core audience of many people who use its service for a multitude of different purchases.
The Skrill acquisition in 2013 helped bring a broader global audience on board, and with many online casinos now accepting PaysafeCard, it has been able to attain the legitimacy that many other fintech solutions are still striving for. As long as it continues to offer a safe and viable, convenient payment option, there will be a place for it in the industry for many years to come.
Check live fuel prices near you before you set off.
Spotted something? Got a story? Email news (@) deeside.com
NEW: Add Deeside.com as a preferred source on Google to see more of our trusted coverage when you search.
Latest News
