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Ukash Launches Casino Banking Product

By: Ryan Alders, Thursday June 16th 2011
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Ukash is a popular global provider of payments solutions to the online casino industry. The focus of its products is to enable players to engage in online casino transactions using cash so as to bypass credit card and banking transactions completely. It began with selling Ukash vouchers for cash at retail outlets that could be used to fund online casino accounts. Last year Ukash enabled online casino operators to pay out winnings to a Ukash voucher.

Now through a press release Ukash has announced the launch of the UkashOut MasterCard, which "enables players to convert online winnings back to cash safely and securely". Now, when players receive their winnings to a Ukash voucher, they can transfer that amount to a UkashOut MasterCard. Players can then use the loaded UkashOut card to withdraw cash from any ATM or use it at retail stores for purchases or for online purchases like funding casino accounts. The only condition is that the online or offline outlet must accept MasterCard based products. For players who want to transfer winnings from one online casino to fund another online casino the Ukash voucher and UkashOut card forms a closed loop which faster and more convenient than the costly checks, bank transfers and other traditional payout methods. Even in electronic wallets the initial loading has to be done through bank transfer or credit card. The UkashOut MasterCard can only be bought and loaded with Ukash vouchers.

David Hunter, Chief Executive Officer of Ukash, said, "The UkashOut MasterCard development is a huge step in completing the gaming experience for our players by providing the opportunity to convert online winnings back to cash. The benefits are fantastic for both players and operators: it's faster, easier, and more convenient than many other forms of cashing out. What's more, MasterCard is a recognized brand which is trusted worldwide which will give extra reassurance to the player."

The press release also gave out some other information about UkashOut. It can be issued in British pounds, US dollars or euros. Players will be allowed to hold only one UkashOut MasterCard for each currency. For reasons of security and as is the global practice for all financial instruments, online casino players will have to complete a full Know Your Customer process to obtain the UkashOut card by post, and will have to activate it before using.

Ukash will be running a television advertisement on Poker Channel TV across Europe for this new product. Also between now and September, anyone who signs up for a UkashOut Mastercard will have a chance to win a seat at the EPT London. This prestigious poker tournament will be held between September 30 and October 5.

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