Debit cards are frequently used at online casinos as more and more people who have become accustomed to them consider them the most convenient payment method.
According to financial news, in 2019, 20 722 million payment transactions were made via debit cards in Great Britain. France has second place with 10 121 million, Poland – the third with 5 242 million. 4 880 million payments were made with such cards in the Netherlands, and 4 714 million – in Poland.
The statistics prove the fact that debit cards are widely used by consumers in Europe. They make millions of payments for various products and services annually. If to consider payment methods of the most popular virtual casinos, debit cards are implemented there in the majority of cases. Let’s consider this payment option from both points of view – players’ and gambling website owners’.
What is a debit card?
A debit card is a plastic card, which allows its holder to pay by transferring money from his or her bank account to a seller’s settlement account. In addition to this, users can withdraw money at an ATM using a card. To make a long story short, very often, debit cards substitute cash completely as their owners don’t need to take fiat money with them.
As opposed to credit cards, money on debit cards belongs to its holder, not to a bank. When he or she withdraws money, there isn’t any necessity to return them. However, some cards are a mix of debit and credit cards and have the features peculiar to both of these types. Usually, credit cards include withdrawal commission, in contrast, debit card owners don’t pay such fees. However, they can have some fees, for example, for withdrawing cash via other bank’s ATM, foreign transactions, or a monthly fee. Debit cards often have a daily spending limit and offer a cashback.
Of course, the development of technology and digital solutions, as well as the popularity and high penetration rate of smartphones, also influenced the concept of a debit card. Nowadays, consumers can easily add a debit card (and not even one) to their Apple Pay or Google Pay and make purchases without having the plastic item with them. The majority of banking institutions issue debit cards for free when their clients open accounts.
Speaking about the usage of debit cards in gambling, it is worth mentioning that the majority of online casinos have already implemented this payment method. It isn’t surprising taking into consideration the number of debit card owners across Europe. Gambling websites, which have such payments, are even more in demand than online casinos with PayPal.