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If you are an ardent gambler who wants to shift from gambling at a physical casino to online casinos, you need to consider two things. Firstly, you have to find the best online casino. After that, you have to consider the online casino transaction methods available.
Each time you make an online transaction, thieves have a chance to steal your payment details. If that happens, they can use your accounts to siphon off money, purchase items, or pay themselves fraudulently. However, you can minimize the risk of unauthorized charges, and subsequently, the time-consuming cleanup efforts.
Most individuals know that hackers can steal information when you pay online. However, identity theft is not exclusive to online transactions. It can and does happen even at brick-and-mortar entities.
To some extent, technology can protect you. Your sensitive information is often encrypted or scrambled into a hard-to-read format. But even after doing everything right, the risk of a data breach or intercepted traffic remains. The problem could even be on your end. For instance, the keylogger on your device can grab your PayPal password or card number.
Obviously, it is essential to keep your device secure and up to date. However, your choice of online casino transaction method can also make a difference.
What Are the Online Casino Transaction Methods Available?
You always have a choice when it comes to paying. Depending on your needs, one payment method might be better than another. Find out the best online casino transaction method for every situation below.
Credit Cards
A credit card is generally a good online casino transaction method. Credit cards often come with pretty strong fraud protection. Payment reversal is also quite simple. In case of any problem, you may report suspicious activity to your card provider or inform them if you never got the goods you paid for.
Moreover, when you pay with a credit card, the money is not charged from your account in real-time. Your liability can be limited so long as you act immediately. More often than not, you will not pay anything for mistakes or fraudulent charges.
Widely available and user-friendly, credit cards are by far the most convenient and secure banking method for online casinos. They are a valid form of payment at most online casinos. Moreover, operators such as MasterCard, Visa, and American Express offer perfect security.
Transferring funds to your online casino account with a credit card is a breeze. You have to verify your credit card when you make your first deposit or cash out any winnings. If you are using a credit card not in your name, online casinos want to ensure that the cardholder authorizes you.
To obtain and keep a gambling license, online casinos should follow rules and regulations. Part of that is credit card verification to prevent money laundering and other illicit activities. After completing the credit card verification process, if any, you can follow the instruction on the online casino payment page.
Most online casinos let you receive winnings on your credit card account. You have to pass a verification process to get your winnings. You will confirm your identity, card ownership, as well as proof of address. Upon receiving all documentation, processing of withdrawal request typically takes 48 hours.
Debit Cards
Debit cards are inexpensive plastic cards that pull money straight from your checking account. Unlike with a credit card, you do not have to apply, get approved, pay annual fees, or risk being heavily indebted. Debit card providers usually provide zero liability protection, which matches credit card protection.
However, since it is linked directly to your bank account, funds leave your account immediately. That is a problem when a fraudster uses your card number or if an error occurs. While fraud protections are in place, it can take up to ten days to retrieve your money.
Debit cards enable straightforward and instantaneous deposits at online casinos. It also boasts a high acceptance rate. Several popular online casinos offer debit cards as their primary transaction method. Many casino players prefer debit cards because it helps limit their spending. That is since you cannot pay with a drained account.
However, you first need to set up permissions before you can use your debit card. That process can be a bit time-consuming. Moreover, most online casinos that accept deposits via debit cards prohibit withdrawals.
Third-Party Payment Services
Third-party payment services are capable of providing an additional layer of security. Instead of inputting your bank account details or credit card number to each website, you can save that info in a central location. That reduces the number of places where fraudsters can steal your information. Moreover, some payment services give buyer protection, making them virtually as safe as credit cards.
PayPal is one of the most popular third-party payment service providers. It offers several payment systems or payment services such as PayPal Express Checkout and PayPal Payflow Pro. The leading payment service providers in South Korea include KSNET, Korea Information & Communications Co, Ltd (KICC), Korea Cyber Payment Ltd (KCP), and KG Inicis.
In case of a dispute, however, those accounts can get frozen as the firm investigates. And if you habitually dispute charges unsuccessfully, you could be banned from utilizing the service, and your account might even get closed. While you can go without a PayPal account, it is sometimes the most convenient way to pay.
Cryptocurrencies
Cryptocurrencies offer total anonymity for both transactions and users. No identity verification, and you can only trace the number of the wallet when using Bitcoin. Digital currencies leverage cryptography and decentralized user processing to verify tokens that can constitute monetary value. Crypto tokens are verifiable and traceable through every transaction. Cryptocurrencies often function to facilitate anonymous payments online.
If you wish to remain anonymous, cryptocurrency is the perfect option. However, more successful coins such as Bitcoin, Ethereum, and Litecoin are pretty expensive and available only on crypto exchanges. These exchanges often necessitate registration with personal information, defeating the anonymity aspect.
Cryptocurrencies are a profitable alternative for societies struggling with a stagnant or unstable financial system. The pros of gambling with cryptocurrencies include:
- Anonymity
- Minimum to no commission.
- Access to the full transaction history.
- Quick processing of withdrawal of funds and requests for account replenishment.
- Ability to play anywhere, even in nations that deem gambling illegal at the legislative level.
South Korea is one of the leaders in cryptocurrency adoption and transactions. Using, investing, and trading in cryptocurrency is prevalent amongst the locals. The concepts of micropayments and digital tokens are not new to Koreans. Therefore, they were uniquely ready to adopt cryptocurrency.
E-Wallets
E-wallets let you manage your funds at an online casino easily and securely. These are widely used and popular among players, even encouraged with different bonuses by operators. When employing e-wallets, your card details are recorded securely. This method facilitates payments with money sent to your digital purse. Using this banking option to manage your casino bankroll enables you to use all the cards linked to it to make deposits.
Also, e-wallets boast speedier processing times. While e-wallet cards and card payments are both instantaneous, the key difference is withdrawals. Withdrawals through cards take up to five banking days. Via e-wallets, however, processing usually takes 12 to 48 hours.
Among the more popular e-wallets is Neteller, which is accepted in more than 200 nations. The Neteller online casinos in South Korea include 1xBet, 22Bet, Jackpot City, Ruby Fortune, 888 Casino, and Spin Palace.
For South Korean residents, the best payment solution is Skrill. It is advisable to open your Skrill account in euro. That is because most gaming establishments support the currency. Meanwhile, only a few regional casinos accept South Korean won.
You may send funds to your Skrill account using your plastic card or visit your bank and pay in euro. You can also cash out your winnings to Skrill and send the funds back to your Korean bank account.
Online Casinos in South Korea
South Korea regulates online casino gambling. Many websites are within the jurisdiction of the South Korean government. South Korea has an interesting legal gambling landscape. Locals can legally access only one land-based casino. The sole gambling house is in the remote Kangwon Province.
A few casinos exist in hotels in Seoul, Jeju Island, and Incheon. However, they are accessible only to foreigners, per the Tourism Promotions Act. The Ministry of Culture and Tourism is taking this legislation very seriously. Meanwhile, online gambling sites in the country are illegal. The government heavily targets them.
What Are the Online Casino Transaction Methods for South Korean Players?
Any authentic online casino that accepts South Korean players must provide its clients with several transaction methods. It also needs to support deposits in the local currency (South Korean won), in addition to US dollars and euros.
Players from South Korea can choose from several popular online casino transaction methods available. These include major credit and debit cards such as MasterCard, Visa, and Visa Electron. Players may also employ prepaid vouchers and e-wallets, including PayPal, Neteller, Skrill, and Ukash, among several others.
