There are many ways to fund online gambling accounts, with debit/credit cards and bank transfer being two of the most popular for many years. However, we have seen the emergence of many other forms of online payment methods over the last decade, including prepaid banking. There are plenty of websites accepting prepaid cards as a payment method and online operators have been cashing in on the success of prepaid banking.
The Rise in Use of Prepaid Cards
Going back to 2019, the prepaid card market was worth a staggering $1.8 trillion and this is expected to increase to over $5 trillion by 2027. That means the value of the prepaid card market will more than double in the next few years and that alone shows the rise in use of prepaid banking as a payment method. The use of prepaid cards can be traced back to the 1980s when they were introduced by stores as a gift card. The amount of money on the card could be used to buy products in the store and people chose to buy them for family and friends as a present. Banks and other financial companies took this idea and used it for all forms of payment, with prepaid banking cards now available to use for purchases in stores and online. Paysafecard is a good example of a prepaid banking that can be used online and many people choose to use this prepaid card for online gambling.
Money Savvy
It is no secret times have been difficult financially for millions of people around the globe and a rise in the use of prepaid banking can be linked to the current financial situation. With bills and food prices going up across the planet, people are having to be savvy with their money and prepaid banking is an excellent way of keeping finances under control. By using a prepaid banking card, you can only spend what is on the card and nothing more. So, even if there is a temptation to buy something or spend money on a leisure activity, the funds available are limited, keeping spending controlled.
Prepaid Banking and Online Activities
The online gambling industry has long accepted prepaid baking as payment method. The top online casinos and sportsbooks have always accepted the use of ewallets and prepaid cards, and, even in times of economic downturn, the online gambling industry has continued to thrive. One of the reasons for the continued success of the online gambling industry is not only the quality of the product but the innovative payment methods. As highlighted above, using prepaid banking methods is an excellent way to budget and one of the key ingredients for fun and successful online gambling is setting a budget and keeping to that budget. A prepaid card makes budgeting easier and is a great tool for anyone who feels they may be tempted to gamble more than they can afford.
Another benefit of using prepaid banking for online activities, such as gambling, is the money transfers instantly. You do not have to wait hours for the funds to transfer from the prepaid banking account to the online gambling account or anything else you would like to pay for online. The transfer is instant and you will be able to use the funds within seconds. For anyone who may be concerned about safety when transferring money or making payments online, prepaid banking is a wonderful option. You never have to use your bank details when making an online payment using a prepaid card. The card is not linked to a bank account or confidential information, making prepaid banking extremely safe and secure.
You may never have considered using prepaid banking as your first choice for online payments but it is on the rise. Online operators continue to cash in on the success of prepaid banking and thanks to the many benefits of using prepaid banking, it is easy to see why it is becoming so popular.
Disclaimer: Gambling involves an element of financial risk and may be addictive. Please play responsibly and at your own risk. This post contains material that may or may not be legal in your country. Please play/not play subject to applicable law.