Paysafecard Alternative Banking Option
By: CasinoAdvisor.com, Sunday June 15th 2008
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The paysafecard has been one of the largest companies to be used in Europe for making deposits into online gambling associations. They have just been awarded some new licenses at the end of May from the FSA. The FSA is the Financial Services Authority. They are now allowing for more money to be issued in electronic format for online casinos. Paysafecard has been trying to get into the international market for some time now, but it wasn't until the FSA allowed the deal that they were able to move with their ideas of implementation.
This means that paysafecard is going to move throughout the rest of Europe as well as into the UK. The move is a strategic one for the company, but also very good for the players. A lot of online consumers have had to send money via credit cards, bank account numbers, cheques, or money orders. The paysafecard is like a pre paid phone card. The player will have a number on the card they are issued and they can reload it every time they need to.
In fact there are several advantages to this method of payment. Information a player doesn't want public will be safe and a lot of the casinos are already trying to get consumers to trade over to this method.
Credit card use for online casinos has been a handy way to play, but it is very expensive. A lot of the credit cards treat online gambling as cash advances which means you have a very high interest rate to pay back as well as the money you borrow. It is important to always be with a casino that has a good reputation and is backed by a legitimate license. Credit cards have never reduced all the risks of getting a person's identity stolen with online gambling. In fact in recent months a lot of criminals have been able to hack into the casinos. This very reason is why the paysafecard is a better option. It doesn't have sensitive account information to be stolen.
It helps stop the loss that a lot of individuals have had recently and if you don't have the money on the card you can't deposit money in to the account to gamble. A player will have more control over the amount they spend as the card will need to be reloaded rather than having a limit on a credit card.
Some players don't have credit cards, which can make the other methods difficult to use. With paysafecard the player doesn't have to get a credit card, and yet the deposit method will be a lot easier- not to mention safer.
The FSA has allowed for 100 percent cash cover, so that any cash on the paysafecards will always be completely safe. Casinos in the UK using this system at the moment are Euro Grand, 888 Casino, and 32 Vegas. The denominations of the cards vary from 10 to 100 in currency values and is available in 105,000 locations throughout Europe for purchase.
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