The best payment system for gambling on mobile

25 January, 2014

As the world becomes ever more reliant on the power of mobile devices, we are using our mobile handsets and tablets in an number of increasingly different ways. As necessity breeds invention, this has meant that our tried and trusted means of paying for items is also changing.

In the early days of internet gambling, when there were no smartphones or tablets, most users found that the only option to fund a betting account was via a credit card or a bank transfer. These proved satisfactory for a time, but then there were problems like credit card security issues and bank transfers proved much too slow.

As the internet has grown in size over the years, so has the problem of hacking. Yet in addition to introducing far stricter security measures than in the past to deal with the hacker issue, companies have realized that when it comes to payment systems, the end user requires not just a method of payment that is safe and secure, but also quick, easy and increasingly compatible with gambling sites and mobile technology.

What is the problem with current payment systems for gambling sites?

In essence, there is nothing inherently wrong with the tried and trusted payment systems that are available at present. It is now far more safe and secure to send your credit or debit card details over the internet to reputed gambling sites than it ever was.

However, the problem is that you are still transmitting your financial data, albeit in an encrypted form, to a website. Many people are uncomfortable with this, believing that the less of their financial data that is transmitted online, the better.

A good option for people who think in this way is the electronic wallet payment system, of which Skrill or Neteller are good examples and both offer a mobile app for both Android and iOs. Here both the end user and the gambling site you are paying, do not receive your credit card details, but simply use Skrill or Neteller as a method of facilitating payment. However, Skrill or Neteller will then have your financial details because you have to fund the account in someway. Besides you need to verify your account and provide proof of ID.

If you are happy with this then using an ewallet does improve security especially if you play at multiple sites. But this may not be the quickest way to pay, especially when you are out and about and accessing your information via a mobile phone or tablet. You are still required to enter passwords and possibly fund your account, which again takes time.

If you are a mobile gambling fan, you are most probably used to immediacy and paying for your gambling should ideally match that. Fortunately, there are methods of payment that meets the need for speed, as well as addressing the need for privacy and tight security.

What is the best payment system for gambling on mobile?

The best method of paying for gambling direct from your mobile is to use a Bitcoin wallet app such as the one by Andreas Schildbach available at the Play Store. The big advantage for users of Bitcoin is that it is an anonymous form of currency that a player can use on gambling sites accepting it.

The only issue is that none of the major corporate bookmakers take Bitcoin. But thankfully there is an increasingly large number of sites that are springing up which do accept it. As Bitcoin grows in popularity, it would seem likely that an increasing number of mainstream online gambling sites would follow suit and offer this form of payment.

The same goes for land-based casinos. Accepting Bitcoins is a no-brainer and one can only imagine the possibilities of this with the use of Near Field Communication (NFC) technology with NFC terminals at the gaming tables.

There is no doubt that a huge area of research at present is on mobile, Bitcoins and instant payment methods other than credit cards. Most game development companies have pinpointed that payment technology is the main problem facing them in the next few years.