The gambling sector in India is one of the largest globally, with a net value of about 930 billion dollars. Yet, this enormous industry is plagued with a big problem: the shortage of payment options. Punters in India have to go through a lot before they can make their deposits with foreign bookies. Regular payment options like Visa and MasterCard that might work in other places might not work in India. Also, bank transfers might not work because online gambling is not legal in all states in India.
To solve this significant issue, tech-savvy gamblers in India now use payment gateways. Also called e-wallets, payment gateways are particular services that allow users to fund their online betting accounts with their Indian Rupees. This is crucial as it helps the players avoid legal issues around India’s Foreign Exchange Laws.
What Are Payment Gateways?
At the very basics, payment gateways, also called e-wallets, are online platforms where you can send, receive and save your money. They act as third-party payment options that help reduce the risk of losing your money or giving out sensitive information.
To use a payment gateway for payment, first, you need to open an account with the payment gateway provider. After that, you will need to fund your account using any method of payment convenient for you. The service provider will automatically link your account with them to the account you have with them. That way, you can always make direct deposits from your linked account into the online e-wallet.
With your funds in the e-wallet, you can then make deposits directly into your bet account. The beauty of using a payment gateway is that you will only need to supply your unique e-wallet account number when paying. That is some good news for those who are sceptical about dropping their sensitive information online.
Withdrawals also follow a similar process. Proceed to the casino’s cashier section, select e-wallet and proceed to enter the amount you want. While deposits are usually instant, withdrawals might take some time, depending on the casino in question. The following is a list of popular payment gateways in India:
- Skrill
- Net banking
- PayPal
- Neteller
- InstaDebit
- ecoPayz
- Qiwi
Advantages of using payment gateways in India
Payment gateways are becoming increasingly popular these days. For instance, there are many net banking casino list where you will find casinos that accept net banking. The following are some reasons that explain why people prefer these e-wallets.
- The most significant advantage of using gateway payments for gambling in India is anonymity. That is, when you pay with these payment gateways, you do not have any trace of gambling on your account statement.
- Signing up for payment gateways is easy and fast. More so, the e-wallets are easy to use.
- Since you do not have to use your personal information, payment gateways are considered one of the safest options for gambling online.
- The process is fast and second only to cryptocurrencies.
- Because the method is the most readily available in India and accessible for both casinos and gamblers, most online casinos offer bonuses for players who deposit with them. Depending on the casino, you could be getting between 10 and 15% on your deposits.