Types Of Banking Methods
Most Popular Payment Options in India
The National Payments Corporation of India has developed the Unified Payments Interface (UPI) to promote a cashless economy.
This is essentially a mobile payment interface that integrates multiple banks and combines several banking features in a single app. The platform allows users to transfer funds between bank accounts and pay bills from their mobile phones.
The initiative has facilitated several digital wallets that have become immensely popular in the country.
Paytm
Paytm is one of India's most popular payment methods. It is not merely a payment but a full-fledged online bank through which you can buy insurance, pay rent and utility bills, book flights, invest in stocks and more. You can even apply for a credit card and earn loyalty points with each purchase.
You can also send and receive money to and from friends and businesses, including several popular Indian online casinos. Download the app and connect to your bank account to start using Paytm. The app is available on both iOS and Android devices.
- Fees: Free.
- Processing Time: Instant.
Phonepe
Phonepe is a payments app 'built by Indians for Indians' and one of the country's most widely used digital payment methods.
It is a transactional ecosystem allowing you to make payments via connected credit and debit cards directly from your bank account or use the Phonepe wallet. Similar to Paytm, you can also invest in stocks and gold and buy insurance.
Phonepe currently has more than 300 million users and is supported by 11,000 towns and 20,000 merchants around the country, including many top-rated Indian casino sites. To start using Phonepe, you download the app from Google Play Store or Apple's App Store and link it to your preferred payment option.
- Fees: Usually free, but your bank may charge nominal fees for UPI transfers.
- Processing Time: Instant.
Credit and Debit Cards
Physical credit and debit cards are still the world's most used payment methods.
These are the ones at Indian casino sites.
VISA
As the world's largest payment gateway, it is no surprise VISA is a staple banking option at any online casino. You can deposit and withdraw using your VISA credit or debit card, and there are usually no fees. Having said that, your bank may charge fees on VISA payments, so make sure to check.
- Fees: There are usually no fees. Check with your bank.
- Processing Time: 3-5 banking days.
Mastercard
Similar to VISA, Mastercard is featured at virtually all online casinos. It is a safe and convenient payment method with processing times similar to VISA.
- Fees: There are usually no fees. Check with your bank.
- Processing Time: 3-5 banking days.
Digital Wallets
Digital wallets, or e-wallets, have been used in the online gambling world for years. It offers players an additional layer of security as they avoid leaving out payment information and card details on multiple sites.
These are the e-wallets commonly found at Indian online casinos:
Neteller
Neteller is one of the most popular e-wallets for online gambling. To use Neteller, you first need to create a Neteller account. You then connect a chosen payment method to your Neteller account and transfer money to your Neteller wallet, which you use to make payments at your favourite online casino.
Neteller transfers are instant, and casinos do not charge any fees. However, you incur costs when transferring money from a bank account to your Neteller wallet and vice versa.
- Fees: 2.5% on deposits. Fixed-rate of ₹744 when withdrawing funds from your wallet to your bank account.
- Processing Time: Instant.
Skrill
Skrill is another e-wallet massively popular with online casinos. Like Neteller, you must create an account to get started; however, Skrill's registration is somewhat simpler than Neteller's.
Transfers to and from casinos are free, but Skrill charges fees when you transfer money between your Skrill wallet and your bank account.
- Fees: 2.5% on both deposits and withdrawals.
- Processing Time: Instant.
PayPal
Although you cannot use PayPal to transfer money to individuals or domestic businesses, you can pay international sellers and merchants. Since all Indian online casinos are registered overseas, you can use PayPal at any online casino that supports this payment method.
As the world's leading e-wallet, PayPal offers extensive buyer's protection and is supported by countless merchants worldwide.
To use PayPal, you create an account and link a bank account or credit card to your PayPal wallet. For consumers, online or in-store purchases are free of charge as long as they do not include a currency conversion.
- Fees: None, provided there is no currency conversion taking place.
- Processing Time: Instant.
Google Pay
Google Pay is not a traditional e-wallet. Similar to Phonepe and Paytm, it is a digital wallet connected to the UPI platform.
This means that you download and connect the app directly to your bank account without creating a separate account. You can then transfer money to various businesses, friends and family or your local chaiwala.
- Fees: None.
- Processing Time: Instant.
MuchBetter
MuchBetter is a payment method designed for smartphones and online gambling.
To start using MuchBetter, you download the app and create an account. The company promises the lowest e-wallet fees for online gambling globally and offers cash lotteries to incentivise players. It also markets itself as the number one mobile payment method; however, when comparing MuchBetter to other digital wallets, we do not see any unique features in terms of mobile compatibility.
This app is unique because it is tailored for online casinos and that you qualify for special promos from chosen operators by making payments.
- Fees: 2% on deposits. Fixed rates on withdrawals relative to chosen bank or payment method.
- Processing Time: 3-5 banking days.
Bank Payments
Virtually all online casinos allow you to make direct bank transfers to and from your internet bank. There are usually no fees, and deposits are instant. However, withdrawals can take up to five banking days.
Prepaid Cards
Paysafecard
Paysafecard is a popular global payment service allowing you to use prepaid 16-digit codes to make payments at various websites, including online casinos.
Indians can purchase Paysafecard vouchers online, and the amounts range from ₹100 to ₹5,000. You can only use this payment method to make deposits.
- Fees: None.
- Processing Time: Instant.