Latest Trends in Casino BankingBy: Shirley Spicer, Thursday June 24th 2010
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At one time online casino players chose from the payment options are available based on the strengths and weaknesses of these options and their own requirements. However, today financial services providers are collaborating with each other and combining options so as to offer solutions that eliminate the weaknesses and provide greater benefits to the online player. This article illustrates some of these latest trends in online casino banking.
Initially when online casinos had just started, payments were made through credit cards. The next innovation was electronic wallets. Online players who were uncomfortable with their credit card details being stored on the servers of online casinos started making deposits using electronic wallets, but funded these electronic wallets using credit cards. The advantage was that the credit card details were stored on only one server and not all over the Internet. With the advent of the prepaid electronic options the use of credit cards is being completely eliminated. Neteller is the leading electronic wallet in the online gambling industry today. Ukash is the leading provider of prepaid vouchers. Neteller and Ukash have entered into an agreement that allows the Neteller users to load their electronic wallets using Ukash vouchers.
The question arises as to why players would follow this route when they can directly make deposits at online casinos using prepaid options like Ukash. There are valid reasons. The prepaid vouchers are usable one time and have to be used in their entirety. If a players purchases a voucher for $100 he cannot directly deposit $20 at five different online casinos. However he can fund his electronic wallet with the $100 vouchers and then fund as many online casinos in whatever manner he wants.
Today prepaid electronic options like Ukash can be used to load MasterCard cards. This initiative is called MasterCard re Power and allows players to load MasterCard credit cards and Maestro prepaid cards at Ukash point of sale locations. Since the Ukash vouchers can be purchased for cash, the payment of the MasterCard cards is done through cash. This eliminates the commercial banking network from the equation for those who do not want to or cannot use them.
MasterCard and Neteller have also tied up to provide a unique payments solution, the Net+ Virtual Prepaid MasterCard. The major advantage of this option is that every use generates a unique 16 digit MasterCard number. The card numbers can only be used once and never by anyone else. Another advantage is that the card can be downloaded and used instantly. There is no waiting for the card to be delivered by mail.
The above examples illustrate how two different types of solutions are combined to provide advantage. In another type of collaboration similar solutions are used to provide advantage. Large global electronic wallet providers have advantages of economies of scale and access to finance required for development work. Small local financial services providers are able to generate greater trust by virtue of being from the same community. Moneybookers, the international operator, has generated advantage by tying up with different local operators in different parts of the world. Moneybookers has tied up with Giropay in Germany, Nordea in Finland, iDeal in the Netherlands and mBank in Poland.
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