Which are the most sought-after and secure banking methods for Indian online gamers?
How can you fund your casino gaming at licensed providers within India? And which payment options are the most sought-after and secure for players? Let's explore.
If you're based in India and you wish to play online casino games with the possibility of winning real money, then you need to have the ability to deposit and withdraw real funds from the casino cashier.
Online casino gaming in India has picked up exponentially in recent years. There is now talk of the Central government regulating and even taxing online gambling. Many online casino brands and software providers have entered the market and are looking to capture what could easily become one of the biggest iGaming markets anywhere in the world, given the sheer population of India. Wide accessibility to the internet and high mobile internet penetration adds to the potential of the Indian market.
Currently, there are a number of different payment methods that India-serving online casinos offer to their Indian patrons. Some, however, are better than others for various reasons. If you're wondering what is the easiest, safest, and cheapest way to transact with an online casino in India you've come to the right place. We're going to take a look at some of the popular payment methods available to Indian players and give you the pros and cons of each.
One-Size Doesn't Fit All
Before we get into specific payment options, it should be emphasized that a payment method that works for one individual may not be the right choice for another individual. Just like how one online casino is a good fit for someone else, but may not be ideal for you.
When it comes to depositing and withdrawing from an online casino, some of the factors that you should take into account include the processing timeframe, the minimum and maximum limits, processing fees, convenience and most importantly – security. Knowing your money is safe, whether you're depositing or withdrawing money at an Indian online casino is extremely important. After all, you're dealing with your money, so it goes without saying you'd want to choose a reliable and secure payment method.
So, don't just choose a payment method that worked for a friend or a colleague. Choose one that works for you.
Most Indians already have debit or credit cards that are setup to work online. Such online card transactions are generally protected by 2-factor authentication. They are tried, tested and safe as long as you are using the card on a secure and encrypted website. Since most Indian players already have a card that they can directly use to deposit funds and withdraw funds from their online casino, this is also a convenient payment method. Transaction fees, if any, are usually trivial. Deposits made through bank cards are usually processed instantly.
On the down side, bank card withdrawals may take anywhere between 3 – 5 business days for processing. Furthermore, many Indian banks may simply decline transactions that are associated with an "online gambling" merchant code. So, you may not be able to deposit even if you have the funds to do so.
In order to circumvent the issue where Indian banks decline card transactions related to a gambling merchant, many regular Indian online casino enthusiasts have started to resort to E-wallets.
These are basically virtual wallets where you can store money as an intermediary. So, instead of using your credit card to make a deposit directly at the casino (only to have the transaction declined by your bank), you may instead just deposit funds to the E-wallet and then deposit funds from the E-wallet to your casino cashier. The same way, withdrawals can be processed as well. The advantage with e-wallets is that your transactions from the wallet to the casino and vice versa are not supervised by your bank. E-wallet withdrawals tend to be processed much faster than bank card withdrawals.
Prepaid cards, which are identified by a serial number or PIN code, enable you to make deposits at casinos using the amounts included in the voucher. They allow deposits and are excellent for helping you keep tabs on your expenditure. In India, prepaid coupons may be purchased from licensed internet vendors and retail establishments.
Unified Payments Interface, or UPI for short, may be the ideal option for Indians who seek to simplify online payment processes.UPI, an immediate real-time payment system, is becoming more widely used in India to transfer funds into and out of the accounts of online casinos and betting sites.
The fact that UPI is managed by the National Payments Corporation of India is one of the most important things to note since it contributes to the system's reputation for great safety and security.
Having a bank account at a participating bank in India is a requirement for utilizing UPI to deposit money into or withdraw money from betting sites and online casinos.