The Most Used Betting Sites Payment Methods in India
India is a country that loves sports and gambling and these two together make a big industry. Sports betting is becoming more and more popular to Indians and many online betting companies are now offering their services to the locals. Many of these operators are based offshore but luckily, there are numerous convenient payment solutions that Indians can use.
Generally, it’s safe to transact with online casinos and bookies these days. What should be a concern is what’s the best way to do so. The answer to this will depend on what will suit you will. Today, however, the most secure and convenient payment methods used by Indians for betting on sports are UPI and IMPS. Both are usually offered as 10CRIC’s payment methods as well as on other popular betting sites in the country.
Wondering what payment solutions you should use? Here’s a list that could help you get to know more about the options most betting sites have.
UPI stands for Unified Payments Interface and this is a payment system backed by the Indian government that is exclusive for Indian punters. Some of the common UPIs in the country are BIHM, PhonePe, Google Pay, Paytm, and Amazon Pay.
You will need an account on any of these platforms too. UPI transactions are the quickest in terms of depositing to and withdrawal from your betting account. There is a withdrawal limit but this will depend on which platform you intend to use so be sure to check on that. What’s most convenient about using UPI is that your banking details are already saved and there is no need to input more information in every transaction.
IMPS stands for Immediate Payment Service and it is an instant payment inter-bank electronic funds transfer system in India. It’s wire transfers through bank accounts that are instant and available 24/7 and is much like the UPI option. The only difference is that IMPS is specifically used for bank accounts. Aside from transactions with IMPS being instant, the fees using this are usually lower too.
Credit/Debit Cards and Prepaid Cards
The use of credit and debit cards remain common in the country. Unlike the UK, India doesn’t have a ban on the use of credit cards when making transactions related to gambling activities. All you need to have when using this is your card information which is the credit card number and security code.
Another card that you may use is prepaid or reloadable. It has the same principles as a debit card but you won’t need a bank account to have this card. It’s a card that you can purchase to put your funds into. It also has a card number and security code. An example of this that is popular in India today is Astropay.
Some cards may require you to go through a verification process by sending an OTP to your mobile device.Transactions with a bank card are usually processed instantly. Typically, card transactions are free of charge.
While many are fine with using their banking information when transacting with a gambling site, some are not so keen on doing this. If you feel the same, you can just use a digital or e-wallet like PayPal, Skrill, and Neteller. This means that you’ll have to create an account on these sites that you can use to store your money from the bank. This way, you avoid linking your bank account directly to your gaming account.
Many sites would offer extra bonuses when using digital wallets. However, it’s worth pointing out that certain digital wallets are usually exempted from bonuses like PayPal. Mostly, gambling sites are fonder of platforms like Neteller and Skrill. Transactions made with e-wallets are usually instant but note that some wallets may charge a fee.
Cryptocurrencies are also becoming popular in the world of gambling. There are already numerous Bitcoin gambling sites and the biggest betting companies would transact with their customers through cryptos. The most commonly used cryptos today in sports betting are Bitcoin (BTC), Cardano (ADA), Bitcoin Cash (BCH), Ethereum (ETH), and Binance Coin (BNB).
What’s great about cryptocurrencies is that it keeps transactions private and well-documented. You will need to create a cryptocurrency wallet and purchase coins to be able to transact with a Bitcoin Casino. If your wallet already has coins, you’ll just need a wallet address and/or destination tag to proceed with a transaction. Transactions made with cryptos are usually fast and should be in your gaming account right away. Note that transaction fees may apply when transacting with cryptos.