The online gambling industry is one of the most successful businesses in the Philippines. There are numerous casino sites that offer different types of real money online games such as Blackjack, Poker, Slots, Roulette, Baccarat, and many more. The biggest worry for many new punters is finding reliable payment methods to deposit and withdraw money from the casino accounts. The best online casinos should have a good and trustworthy selection of payment options. The good news is that this guide is dedicated to helping Philippine online gaming enthusiasts find fast, secure, and reliable casino payment options. We’ve included the criteria for selecting the best payment option and a detailed FAQ section to clear all your doubts.
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History of Online Payments Development
The Philippines lags behind when it comes to the use of online payment options. It was only in 2018 when the Banko Sentral ng Pilipinas (BSP) teamed with banks to boost the use of electronic payments from 1% to around 20% by the end of 2020. While the Philippines doesn’t have a shortage of electronic payment options, it lacks the facilities and resources to support a cashless payment system. The exciting thing is that the Philippines are ready to adopt advanced electronic payment options. Statistics released by Visa’s Consumer Payment Attitudes Survey indicated that 6 out of 10 Filipinos prefer e-payment over the traditional methods. The stats also revealed that there had been an increase in the number of online shoppers in the country over the past few years. Like many other developing countries, there have been several challenges with the introduction of online payments, such as slow and limited internet access, late introduction of the EMV technology, financial inclusion, and others. The online gambling industry is one of the sectors that has contributed to widespread online payment methods in the Philippines.
Available Payment Options
As earlier mentioned, there are lots of payment options available for Filipinos to transfer funds to and from their casino accounts. Here, we have listed some of the most popular types of payment options and how they work.
Credit and Debit Cards
Credit and debit cards are the most popular and widely accepted online casino payment options. They are not only convenient and also very safe when it comes to making online payments. One of the reasons they are loved by many punters is that they have lower minimum deposit limits. However, there can be a low percentage fee attached to these options. For verification purposes, customers are requested to provide personal documents like passport, ID, driving license, etc.
Credit and debit cards are obviously the most popular online casino payment options. They are a favorite to many gamers because they accept transactions in PHP currency. Some of the most popular options available for Philippian punters include Visa, Mastercard, Maestro, Visa Electron, and American Express.
E-Wallets Payment Options
Electronic wallets, commonly known as e-wallets, are new digital online casino payment methods. They allow the peer-to-peer transfer of money, which is stored in the wallet. It works across all internet-enabled platforms, including smartphones and personal computers. One of the biggest advantages that come with e-wallets is the ability to remain anonymous since there is no exchange of personal data between the operator and customers. Another advantage of using these digital payment systems is the ability to offer instant transactions.
Though e-wallets are among the latest online payment methods, they have a vast number of subscribers. They are highly preferred over other options because they have fraud monitoring, no additional fees required, and accept transactions in PHP. Some of the most popular e-wallets include Neteller, Ecopayz, Skrill, PayPal, GCash, etc.
Bank Transfers
This is an electronic way of paying, where you send money directly from one account to another. With this system, your deposit and with money from any online casino in the Philippines. Modern technology has now made it easier for customers to transact on mobile and PCs.
You can use the following options to deposit and withdraw funds from Philippine online casinos: Metrobank, Philippine National Bank, LandBank, Banco de Oro (BDO), Bank of the Philippine Islands, and others.
Crypto
Crypto transactions are the latest developments in the world of online casinos. The best thing about them is that they are borderless, meaning, Filipinos can use them as alternative deposit and withdrawal options. Cryptos are not attached to any financial institution, and there are no additional fees on the transactions. Also, these digital payment options are anonymous, as no personal information is required.
Although cryptocurrencies first appeared in the market in 2009, they have quickly become trendy among leading online casino sites. Some of the most popular cryptocurrencies in the Philippines include Bitcoin, Ethereum, Dash, Ripple, OX, and more.
Offline Payment Options
Filipino online casino gamers have a couple of offline payment options to choose from. Some of the most popular offline methods you can use include eCheck, Western Union, Bank Wire Transfer, and others.
Mobile Payment Options For Deposit & Withdrawals
The low rate of credit and debit card penetration in the Philippines is one of the reasons mobile banking has been introduced in the market. With mobile payment options, you can deposit and withdraw funds from anywhere in the Philippines. The best thing with mobile payment options is that you can download an app and install it on your smartphone or tablet. With more than 86% of Filipino households being unbanked mobile banking is the option that could help people. Mobile payment options are simple to learn, and they work faster than other electronic payment systems. The most popular deposit and withdrawal mobile payment options include:
- PayMaya
- BanKO
- Moneygment
- Coins PH
- GrabPay
- Beep
- Coins.ph
Note that some mobile payment methods will require you to download any apps from Google Play Store or Appstore before you can access the services while others are accessible directly through standard web browsers.
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How to Choose a Payment Method
If you are new to online casino gaming, it’s essential to consider several factors when sourcing for the best payment method for depositing and withdrawing funds. Some of these factors include:
Recurring Billing Support – you need to check if the payment option supports automatic payments where recurring plans are involved. Also, the payment options should have an automated Retry option to avoid repeating the whole process when there is a failure.
Transparent Transactions – the service should provide the fee structure and any other relevant information to customers. There should be no hidden charges to be imposed on customers.
Multiple Currency – another essential factor is for the payment system to support multiple currencies. This will enable customers from different countries around the world to subscribe.
Security – the online payment option should be secured using advanced systems like 256-bit Secure Socket Layer (SSL) encryption software. The system should be armored with cutting-edge tools for fraud monitoring, 3D secure function, address verification system, etc. to ensure that transactions are safe throughout.
Time Frames – you should consider the time it will take before the money reflects in your account. It’s essential to consider.
Customer Support – the payment system should be able to provide full-time customer support through different communication channels like email, live chat, and telephone.
Conclusion
Online payment methods are fast becoming popular not only in the Philippines but across the world. Though there are numerous payment options available for Filipinos to choose from, it should be understood that they vary in terms of time and transaction costs (if any). With the latest advancement in technology, you can deposit and withdraw funds from your preferred payment options using different mobile payment options like GCash, PayPal, PayMaya, BanKO, and others. As if that’s not enough, top online casinos in the Philippines are secured using the latest Secure Socket Layer (SSL) encryption technology to ensure that no apps transactions are safe at all times.
FAQ
The time to withdraw money from your online casino account varies from one payment option to another. Typically, most withdrawals take between 1 and 5 business days to complete.
There are many withdrawal options available for Philippines, including credit/debit cards, e-wallets, bank transfers, mobile payments, and more.
In many cases, there is no fees charged on deposits, but withdrawals may be subject to some fee based on the withdrawal option that you choose.
Yes, there are different deposit and withdrawal options that are designed to work on mobile devices like smartphones and tablets.
Yes. Your data is protected using the latest sophisticated technology like Secure Socket Layer (SSL) and other latest firewalls to secure the servers.
Yes, there are many online casinos that accept customers to transact using cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and others.
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