As the iGaming industry continues to develop, it becomes essential for people to pick a reliable option. Arguably, PayPal and PaySafe Payments are the two major players in the online payment industry. These platforms offer users a convenient and secure payment medium, while they are similar, they also have their differences. In this content, we will analyze PayPal and PaySafe Payments to help gamblers understand the payment method that best suits their gambling needs.
We are also going to look at the advantages and disadvantages of these payment methods, as well as the cost of using them and the processing time involved. It doesn’t matter whether you are a newbie or a seasoned gambler, this article will explore everything you need to know to make informed decisions when choosing between the two options.
What is PayPal?
This payment method allows individual users and businesses to receive and send money online. The platform was created in 1998, and since then, it has become one of the most popular e-wallets globally. Today, PayPal boasts 400 million active users across over 200 markets. The platform can be used for different purposes, including sending funds to family and friends, internet shopping, making online purchases, and carrying out iGaming transactions.
If you want to use PayPal, start by creating a new account, you will be asked to input some of your personal information, such as your address, name, and email. After setting up a profile, the next step is to link it to your bank account. Also, you can add your credit card or debit card to fund your PayPal. Or receive payment from a transaction or family. Once your account is successfully funded, you can then transfer to your bank or for online payment.
One of the advantages of using PayPal is that it offers easy and smooth transactions. You don’t have to enter your credit card details every time you want to carry out a transaction online. All you need to do is log into your PayPal account and transact. And if you are worried about your details being online, the platform has extra security to keep your data safe. Moreover, it is an intermediary that processes the payment on your behalf.
When it comes to internet gambling, PayPal casino is popular among casino sites and players alike. Many online casinos allow users to make payments, allowing gamblers to easily and almost immediately fund their accounts without worrying about the security of their personal information. PayPal also allows people to withdraw funds from their accounts. On average, the money will reflect within 24-48 hours.
It is important to note that there is a fee attached to transactions. For instance, if you receive payments for a good or service, PayPal could charge you 2.9% plus a fixed fee based on the currency received, this may vary for Kiwis. There will also be charges when you withdraw the funds to your local account and conversions.Â
To sum it all up, the platform is a typical e-wallet, which is secure and convenient for sending and receiving funds. It has millions of users worldwide and is accepted by many platforms, including online casinos, that’s why it is such a popular payment option among gamblers.
PayPal for Online Gambling: pros and cons
Despite its benefits, the platform also has some drawbacks. Let’s look at the advantages and disadvantages of using this e-wallet for online gambling.
Pros
- Safety: PayPal is a very secure payment method that uses industry-standard encryption to keep users’ personal and financial information secure. Gamblers are assured that they are safe from fraud or identity theft.
- Brand reputation: This platform has been around for a long time, and it has gained popularity and respect, till date, there is little or no negative review about the platform, giving it added credibility.
- Mobile app: PayPal has a mobile app, which means people can carry out transactions on the go. It is handy for gamblers who want to fund their accounts quickly and easily from their mobile devices.
- Widespread distribution: PayPal is adopted by numerous online casinos. It is one of the most popular e-wallets in the industry. This means that it is available on almost every betting site. A great choice for players who want a consistent payment method across different internet casinos.
Cons
- Possible fees: While you may not be charged for depositing into your online casino account, you will certainly be deducted for withdrawing your money or converting currencies. These fees vary and could reduce the funds you want to withdraw from your account.
- It is not accepted on all platforms: Undoubtedly, many online casinos accept PayPal, but a few still don’t. While it may seem insignificant, it is a disadvantage for people who want PayPal as their primary payment method but find it unavailable at their preferred online casino.
History
PayPal was created in December 1998, originally as Confinity. The platform was founded by Max Levchin, Peter Thiel, and Luke Nosek. Its first goal was to create software security products for handheld devices. After a while, they shifted focus to creating a digital wallet that allows users to send and receive funds almost instantly and securely over the Internet.
By March 2000, Confinity merged with X.com, an e-wallet founded by Elon Musk. He capitalized on the prospect of Confinity’s digital payment method and made it the main focus. In 2001, the company changed its name to PayPal, and by the end of the year, its users had grown to 5 million.
By 2002, the platform grew in popularity, and it became the most preferred payment method for eBay transactions. In 2003, PayPal went public and was integrated into eBay. The platform continued to grow and expand its services, including launching a mobile app in 2006 and a debit card the next year.
In 2015, the platform became an independent publicly traded company after detaching from eBay. Since then, PayPal has continued to develop and expand its services. It now allows users to send funds through social media platforms and is integrated with the popular mobile payment service Venmo.
Today, PayPal has about 400 million active users and is gradually expanding into the cry industry and exploring newer ways to make payments safe and easy.
What is Paysafecard?
Just like PayPal, this is another popular payment platform. It functions as a prepaid card or voucher and allows users to do transactions online without needing a bank account or credit card. This makes it a great choice for people who don’t want to use their credit or debit cards online. It can also be used by gamblers who may not have bank accounts in New Zealand.
If you want to use Paysafecard, you need first to buy it from a verified retail outlet and use it to pay online. The card or voucher usually has a unique 16-digit PIN code, you need to input the correct numbers to carry out the transaction. Once you input the code, your account will be credited almost immediately.Â
The platform is accepted by different industries, including the iGaming industry, this is an advantage to players who want to maintain one payment method across different sportsbooks and casinos. In New Zealand, gamblers can buy Paysafecard vouchers at any retail outlet, including gas stations, gift shops, convenience stores, and online. The platform has a locator tool that helps customers locate retailers near them, which will also come in handy for New Zealand punters.
Once a player buys a voucher, they can check for the balance by inputting a 16-digit PIN code on the Paysafecard website. The platform also has a converter tool for users who want to convert their voucher balance to a different currency.
Paysafecard for Online Gambling: pros and cons
Without a doubt, this is an amazing payment method. However, it is not perfect, while it has its upsides, there are also downsides. Here are some of the pros and cons of using the platform for online gambling:
Advantages
Safety and Secure: Paysafecard guarantees security. To begin with, customers don’t need to input their financial or personal information online. The platform also has high-security tools that keep transactions safe.
- Anonymity: Paysafecard keeps users anonymous since customers don’t have to provide their personal information online. This is important for players who love to keep their gambling activities private.
- Mobile App Available: The payment method has an app for both iOS and Android devices, which means gamblers can purchase and use Paysafecard vouchers on the go.
- Instant Deposits: carrying out transactions instantly means a player can start playing their favorite casino games in no time. No need to wait for confirmation.
- No Fees: Every transaction carried out on Paysafecard is usually free of charge, meaning you can deposit without paying any additional fees.
- Easy Registration: There is no special requirement before registering for the platform, players can sign up and start using Paysafecard within a few minutes.
Disadvantages
- Withdrawals Not Supported: One significant disadvantage of using Paysafecard is that you cannot withdraw your winnings from the iGaming platform. So, you need an alternative medium to get your funds. Some gamblers may find it inconvenient.
- Small Deposit Limits: The platform limit is relatively small, this is a disadvantage for top gamblers who want to make a high deposit.
History
The company was founded in Austria in 2000. Created by four entrepreneurs, Paysafecard aimed to create a payment solution for online transactions that didn’t need a bank account or credit card. In 2002, the payment method created its first prepaid card, available at different retail outlets and used to make online purchases.
Over the next few years, the platform grew and was accepted in Europe and the Middle East. In 2010, the company was purchased by Skrill Group, a digital wallet provider, and has expanded tremendously since then. Today, Paysafecard is a market leader for prepaid payment solutions in Europe.
In 2015, Skrill Group was bought by Paysafe Group, Under Paysafe’s ownership, Paysafecard, the platform has expanded globally, reaching new markets in North and South America as well as New Zealand and Australia.
The platform is available in over 50 countries and can be used on different platforms, including gambling sites. Paysafecard also offers other services, such as online banking, payment processing, and digital wallets. This method is a top provider of prepaid payment solutions across Europe and other parts of the world. This makes it a great option for New Zealanders.
Conclusion
In today’s online gambling industry, having a safe and reliable payment solution is essential. As discussed in this article, both PayPal and Paysafe Payments offer secure and trustworthy payment options for online gamblers. While PayPal has been a popular choice for many years due to its larger user base and wide acceptance, Paysafe offers more anonymity and flexibility in payment options.
Ultimately, the choice between these two payment solutions will depend on the specific needs and preferences of the user. It is essential to take the time to research and compare the features and fees of both options before making a decision. This will ensure the user selects the payment solution that best fits their needs and provides the safest and most secure experience.
Online gamblers must prioritize safety and responsible gambling practices regardless of which payment solution is chosen. This includes setting spending limits, playing for fun rather than for profit, and seeking help if gambling becomes a problem. By prioritizing these practices and selecting a safe and reliable payment solution, online gamblers can enjoy a secure and responsible gambling experience.
