Thanks to the Internet and technology, gambling and betting are now accessible to Indians wanting to play casino games. As a rule, gambling is illegal in India. However, the government has permitted this entertainment in on-site casinos in specific states like Sikkim and Goa. Since these locations are not exactly accessible to everyone, online casinos are the next best option. Hundreds of applications and websites have mushroomed on the internet, facilitating betting on international sporting events and gambling in casinos.
However, without reliable and secure payment methods in online casinos, cash transfers cannot be executed. This is why you should take the time to research the best payment options that are suitable for your needs. Whether you’re interested in spin casino, wagering on cricket and football, or playing virtual games, working out the transaction mode should be high on your list of priorities. We’ve taken the grind out of your search by putting together some valuable information you can use. Let’s go.
Credit Cards and Debit Cards Linked to Conventional Banks
Selected banks in India permit you to make international transactions on their credit and debit cards. The top 5 banking options include HDFC Bank, ICICI, Punjab National Bank (PNB), Axis Bank, and State Bank of India (SBI). Each of these banks permits you to transfer money quickly and also has a selection of features and perks for account holders. You might need to confirm with the bank that your card will be accepted for transferring funds to online casino websites.
On the upside, any money transfers you conduct are backed by security protocols, so you can be sure that your money is safe. Processing times are nil because you can add your card details and instantly complete the transaction. On the downside, you’ll run the risk of leaking PII or Personally Identifiable Information. Also, factor in the processing charges and fees the bank levies.
Direct Bank Transfers
Most gaming sites have interfaces for linking your bank account and moving funds as needed. This feature is excellent for users who prefer not to use credit and debit cards. Or, who don’t own cards at all. Before you go with this option, inquire about the processing fees you’ll pay–both for depositing and withdrawing money. You’ll also confirm that the bank will accept the transaction, the time interval for the transaction to be completed, and the security measures they have.
On the upside, you can transfer large sums of money without any issues. Further, bank transfers are typically secure because of the firewalls and multifactor authentication they use. On the downside, the casino website may not link to your particular bank. Long processing times could be a problem.
E-Wallets and UPI
Since the demonetization, e-wallets gained immense popularity among Indians. There are now several e-wallet and UPI options that you can use to complete online transactions. GooglePay, PayTM, and PhonePe are some of the best portals that have excellent phone apps for users. The portals link to your phone number and enable quick and seamless transactions. Balances appear almost instantly in the payee’s account.
On the upside, you can take advantage of the instant processing times and ease of usage. Maximum convenience in making and receiving payments is a valuable pro when you want to finalize bets as quickly as possible. Especially when users want to wager in live or in-play cricket. On the downside, you’ll pay processing fees, depending on the specific portal you’re using. Security is also a major risk because of the possibility of losing your phone or other leaks.
Dealing with Currency Conversion Issues
Although transferring money in and out of your online casino account is easily done, you’ll need to keep an eye out for currency conversion issues. For starters, look for a platform that accepts Indian currency and figure out how to calculate and keep track of your transactions. You’ll want to factor in any currency conversion charges and fees members are liable to pay when moving funds in and out.
Pick Out Your Gaming Platform Carefully
Now that you have a fair overview of the payment options you can use, here’s a word of caution. Since you’re linking the platform to a verified account, you’re essentially giving them access to your money. Before doing that, you’ll want to verify the authenticity of the casino by checking its registration and licensing information. Also, make sure they have security protocols to protect users from hackers and cybersecurity incidents. Most importantly, check review sites for experiences members have had with the platform. Be wary of any red flags you might spot.
Not having access to a traditional brick-and-mortar gambling lounge is no longer a barrier for Indians wanting to indulge in this entertainment. Just be sure to pick the right payment option and check for the security features it integrates.