Presently, the primary ways you'll mobile deposit are by mobile phone bill depositing and e-wallet depositing. Both methods have their own strengths and weaknesses, but they bring enough to casino banking that players can find something to love in both of them. It's for this reason why players are either going to choose an e-wallet like PayPal or a mobile depositing method like Boku, in order to make their casino payments on the go.
But mobile banking has finally arrived, the ultimate combination between a bank account and your mobile phone. It's having a high uptake and is set to dominate the way we make mobile deposits in the near future. So what exactly are they, and why will they be so popular?
What Is Mobile Banking?
Mobile banking is effectively all the pros of direct bank account access, combined with all the simplicity of mobile depositing. Much like an e-wallet, mobile banking services allow you to attach multiple bank accounts to your mobile banking account. This means that from one single app on your mobile, you can have direct access to all your bank accounts, even if they're with different banks entirely.
You can make payments from your banks, deposit cash back into your bank and even transfer money between banks on the fly, all from a single mobile application. Mobile banking not only allows you to make payments at your online casinos, but is also available on the high street and other online stores. If you have a mobile that has NFC, then you can make contactless payments, from any of your bank accounts at any shop which accepts contactless payments. In effect your mobile phone becomes all of your bank cards rolled into one.
But mobile banking strips out the tedium of making card payments, because all of your card information is stored on your phone. Instead of having to type in your 16 digit card details every time you want to make a payment, you can simply authorise the payment straight from your phone and carry out the payment quickly, without the need for tedious extra details.
Mobile Banking: Connecting You To Your Bank Better Than Any Other Method
While mobile phone bill depositing and e-wallets have a lot going for them, mobile banking beats them in nearly every single instance. The major way that mobile banking options pull ahead is that they offer the single most important selling point which mobile depositing methods have been striving towards for years: bringing together your bank accounts and mobile device into an efficient and safe payment system.
Mobile phone bill depositing has separated itself from this problem entirely, by simply allowing you charge your transactions to your mobile phone bill. Although this comes with short term benefits, such as not having to input your bank account details online, you will eventually have to use your bank account somewhere down the line, when you finally go to pay your end of the month phone bill.
E-wallets attempt to connect you to multiple banks in the same way, but there are multiple restrictions to the way they do this, with each e-wallets own online wallet creating a gap between your bank and the merchant you're trying to pay. For instance, when you make a payment using a service like Skrill, you can't take money straight from your bank and pay your casino.
The cash must always go into your Skrill wallet, where it then continues on to your casino. PayPal smooths out the process further by allowing you to make direct payments between your bank and your casino. However, PayPal is still responsible for your cash during the transaction and this leads to issues if players want to make a refund. PayPal is actually hesitant to be involved in the gambling sector because of how complicated player's refund requests can get.
That's primarily the reason why there's a divide in how popular PayPal is globally and yet how few casinos it is available at when compared to less popular e-wallets like Skrill and Neteller. Mobile banking gives you access to your bank accounts, so you can make card payments quickly and easily, without the need to input the long card details. Mobile banking also hosts all your bank account details, so even if someone accesses your casino account, they won't be able to access any of your banking details.
Yet, probably the most important factor is that mobile banking allows you to make payments from your bank account, without any restrictions being put on the mobile banking app itself. You simply make payments directly from your bank, without any of the interference you might get from an e-wallet. It's bank and card payments, which are safer, faster and they can be done on the go.
There are many mobile banking apps already available, with Trustly and Zimpler being the first companies to perfect the system and take over online casinos which host the service. Mobile phone makers Apple, Android and Samsung have also released their own mobile banking services, namely: Apple Pay, Android Pay and Samsung Pay.
Each of these mobile operators put themselves in a perfect position to take over their respective mobile markets and they are all already available at certain casinos. With big names behind the payment method, a better service than existing alternatives and an uptake already taking place within the online casino sector, mobile banking is here to revolutionise the way you make deposits and withdrawals at your mobile casino.