The world of online gambling has been evolving rapidly. Change has happened not just in the manner in which games are developed and then introduced to players, but also on every technological rung of the industry ladder. This is where innovative payment methods have been introduced with PayID online casinos taking the lead.
The payment option has become a preferred depositing and withdrawing method for many players around the world. Websites such as US Roulette77 feature this payment option as one of the most reliable and trusted people who love online roulette could use to further add to their experience and the level of joy they get out of the gameplay.
Overview of PayID – what makes it such a good pick
To start with PayID is a powerful fintech solution. It uses conventional banking wisdom, but elevates it by creating a robust underpinning experience that dispenses with some of the fiddlier sides of traditional banking systems.
The result is a flexible payment method that feels like you are using your dedicated banking app, but benefits you by offering an additional layer of security and adding a few additional safeguards into the mix.
This is not just it, though, as PayID makes it possible to transact money using an IBAN, email or a phone number, giving you immense flexibility in the process, and still bestowing the most advanced safeguards in the process. But how is PayID different than other forms of online gambling payments?
PayID vs E-wallets
For the most part, e-wallet and PayID are virtually the same. They ask you to offer a bank account and load it upfront. Now, the difference is that PayID focuses on making traditional banking safer serving as a breach between the gambling industry and your IBAN.
In an ear of increasing privacy – which is challenged by data collection all around you – PayID is making sure that your data is encrypted and you are able to use your bank account without ever having to think twice about its security.
E-wallets on the other hand more or less fulfil the same obligation. The putative benefit of e-wallets is that they use bank cards, instead of IBANs, but even then, PayID seems to be offering a bank-grade security which is further strengthened by the bank’s existing security measures.
In a sense, PayID works in unison with banks – even though its encroaching on their business – whereas e-wallets tend to tap into credit cards, and they encrypt the info without touching the IBAN more or less.
PayID versus cryptocurrencies
Now, the biggest real difference in payment methods really comes from how PayID is different than cryptocurrencies. On the face of it, both payment methods serve the same exact purpose – facilitating payments to make for a quick and easy process.
PayID is rooted in conventional banking, whereas cryptocurrencies want to eliminate what they see as the “middleman” creating a peer network of checks and balances where each member can attest to the genuineness of a transaction.
Crypto has boomed in the gambling sector, and with a good reason. It started by offering a near-anonymous transactions, and it has been one of the quickest ways to move money from casinos all over the world.
Crypto has got a bid of bad rep as well – with people accusing the payment method of enabling bad actors to move unchecked. These accusations are true, but the upside of crypto for the gambling sector and users have been immense, making sure that players can quickly verify transactions, never have to pick up huge fees, or worry about their transaction being rejected by the network.
It has all led to a better level of payments in gambling. PayID definitely can compete with that, offering the same mix of agility and safety, and perhaps even doing a better job of keep bad actors away.
