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Thursday, April 25, 2024

The Future of Credit Card Transactions in Online Casinos

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In 2018, the U.S. Supreme Court ruled in favor of betting companies, ending a federal ban on sports wagering. Sports betting legalization quickly spread across the country. About half of the U.S. now allows some form of online gambling.

Online casinos became a part of that trend. Many reputable offshore gambling sites now offer popular games like blackjack, poker, roulette, and slots.

The combination of legal gambling and offshore licensing requires payment processors to enable their services at online casinos.

Some gambling companies and players might prefer crypto deposits and withdrawals.

What’s in store for the future of credit card transactions at online casinos?

What Credit Cards Get Accepted at Online Casinos?

Most online casinos take standard credit cards like Visa and MasterCard. Other options include Discover and American Express. A common trend in the industry also comes from a Play+ card.

Players receive a card in the mail after creating a new Play+ account affiliated with their gambling platform. With a Play+ card, players may transfer money via a Play+ card via their bank, debit, or credit cards.

Players can then use their Play+ card, like a Discover card, for purchases and relevant ATM withdrawals.

The Play+ card might be viable for players with accounts at different online casinos.

Offshore gambling sites take major credit cards as well. It’s incumbent upon players to make sure their bank allows deposits via credit cards as those types of online casinos.

However, most online casinos won’t allow debit or credit card withdrawals.

Benefits of Using Credit Cards at Online Casinos

Players who enjoy using credit cards at online casinos might do so as a personal preference. The gambling industry adheres to those preferences by giving customers what they want.

Offshore gambling sites take deposits via credit cards, meaning players can get started instantly.

Online casinos use SSL encryption to protect financial transactions. Multi-factor authentication also offers players an extra layer of security with identity confirmation.

Credit cards that come with rewards programs offer players cash-back incentives. Players might earn points with their deposits. (Online casinos may offer their own points system with unique rewards and offers.)

With credit limits, players may also practice bankroll management more effectively.

Convenience, security, and cash-back rewards make credit cards an excellent choice for deposits at online casinos.

Emerging Trends and Innovations in Credit Card Transactions

Credit cards play an essential role in the lives of Americans, with almost 75% owning one by the time they turn 25. In 2020, Baby Boomers (56-74) and Generation X (40-55) in the U.S. averaged at least four credit cards.

As of 2023, 183 million Americans have credit cards—with over 1.25 billion in use.

That high demand causes credit companies to innovate within a highly competitive industry. Gambling companies share the same task to attract new customers and satisfy them.

Contactless payments form the most significant trend among credit card transactions. Their rise in popularity seems meteoric.

With 70% of U.S. retailers accepting contactless payments in 2018, they only accounted for less than 0.20% of point-of-sale transactions. However, contactless payments were widespread elsewhere in countries like China, Australia, and Canada.

By 2020, a global study by MasterCard found that 80% of cardholders used contactless payments.

As most worldwide consumers use credit cards, it’s no surprise that credit card online casinos are just as widespread.

Credit Cards with Biometric Authentication

The biometric authentication process helps credit card transactions confirm the identity of users. Options include recognition through someone’s face, voice, fingerprint, or handwriting. Credit card companies might also use iris scanners in the future.

MasterCard offers a Biometric Card, which combines chip technology (contactless) and fingerprint scanning. Powered by the chip, the embedded sensor authenticates with the cardholder’s fingerprint at worldwide EMV terminals.

The cardholder won’t need to enter their PIN if there’s a biometric match. That gives the Biometric Card an added layer of security against fraud and theft. It almost makes the card a perfect choice for use at online casinos.

Visa is conducting trial tests for its biometric authentication card. Users store their fingerprints on their cards beforehand. The biometric sensor gets powered by the payment terminal.

These cards will remain contactless in the future.

Using a Credit Card with Wearable Technology

Another innovative trend in the realm of financial transactions comes from wearables. Wearable payments exist via Apple Watch, Fitbit, and Purewrist. As contactless payment methods, these options could represent the future of credit card transactions.

A user’s payment information gets stored in a digital wallet. Digital wallets on wearables include Apple Pay and Google Pay.

With a wearable, users may swipe their device to make payments using near-field communication (NFC) technology. It’s the same technology used by contactless credit cards.

Wearables offer convenience, speed, and security with passcodes and biometric authentication.

Up from $42.3 billion, the market for wearable payments may reach $501.1 billion by 2024. That would represent a staggering increase of 1,100%.

Users might choose wearables to pay for public transportation or make on-site purchases at hotels and resorts. Some wearables, like a fitness tracker, may reward users for meeting daily fitness goals.

Users should make sure their financial data remains protected. They should check for essential security features on their wearable device.

Online casinos that accept digital wallets may accept contactless payments via wearables.

Credit Cards at Online Casinos: A Viable Choice?

Users may add a credit card to their account with digital wallets via wearables—security features like passwords and biometrics help to protect users’ personal and financial data. Biometric cards also offer the same levels of security.

Making contactless payments may already be commonplace for most worldwide credit card holders. For example, many banks allow customers to make contactless payments via QR codes.

Smart gamblers with effective strategies prefer using credit cards with rewards programs. Making deposits at their favorite online casino might boost their rewards progress at the casino and with their credit card company.

What’s your favorite way to deposit at an online casino?

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