Best Payment Methods For Online Gambling In India
The Indian gambling industry has become more than a fun and entertainment zone for players. The gambling gameplay showed rapid growth during the pandemic when everyone enjoyed playing games such as Poker, Rummy, Online Lottery, etc. The total revenue of the casino games market was $25.30 million in 2022 and is expected to reach $52.50 million by 2027. The CAGR growth rate is expected at 14.97%. This whopping revenue increase shows how people spent most of their time playing casino games on their desktops or mobile devices.
The casino gaming market in India supports other sectors such as Animation, IT, Virtual Gaming, etc. This market will become a billion-dollar market by 2027, minting almost $8.6 billion. This growth will include modern technology and the development of newer testing and analysis tools.
These rising figures rightly showcase how the casino industry has gained a landmark achievement in India. Hence, India has already touched the $0.82 billion figure in 2023. The growth chart will rise at lightning speed in the coming years. Casino spending is possible with the right payment methods. This insightful guide will help you learn more about deposit and withdrawal methods.
Top Casino Payment Methods in India
1. UPI
Unified Payment Interface (UPI) is one of the fastest payment methods in the country. It was launched on August 25, 2016. In the same month, the transactions reached almost 10 billion.
To improve things for the users and to touch the 100 billion per month mark, four new UPI features were dropped by NPCI (National Payments Corporation of India). These four products included:
Credit line on UPI
UPI Tap and Pay
UPI Lite X
Conversational Payments through BillPay Connect and Hello! UPI
Dilip Asbe and his team are behind the UPI creation. In 2016, he was the COO of the National Payments Corporation of India. He is also behind the innovative and instant payment revolution by creating BHIM, IMPS, and RuPay. They empower users to pay instantly by scanning the code at any merchandise shop/platform.
This is the reason many casinos in India allow payment through famous UPI methods such as:
Google Pay or GPay
Paytm
MobiKwik
BHIM app
Axis Pay
SBI Pay
BOB UPI
CRED
Uber Pay
Amazon Pay and much more
Almost 150 bank partners allow UPI payments, and this single-click app works well 24*7 and 365 days. Players can make the payment anytime and from anywhere within a few seconds.
Well, players of gambling age that is above 18 years prefer paying through popular UPI methods. Google Pay stands at the top as 38% of users use it, Amazon Pay stands second at 37%, and Paytm clinches the 3rd position, as 36% of the users use it. Freecharge is used by 32% of the users. Most females prefer using GPay for making payments, and males prefer Paytm, Amazon Pay, and GPay.
The consumer growth at CRED is also stunning, with more than 16 million users in 2023 using this young UPI payment platform. It has registered tremendous growth from last year, as there were only 11.2 million customers.
2. PhonePe
It is a mobile digital wallet platform that allows payments through PhonePe UPI. This is the fastest-growing payment method picked after GPay by online Indian casinos. This UPI offers a flexible interface to deposit and withdraw the wins from the casino.
The ease of navigation and the seamless user experience have made PhonePe the choicest payment method among Indian gamblers. The market has already captured 50% of the market share, with over 47.2% of user accounts using PhonePe for casino payments.
Moreover, it has emerged as the biggest market player in digital payments, processing UPI transactions of over 3,802.67 crore in January 2023. The total transaction accounting comes to be 47%.
3. Debit and Credit Cards
The debit and credit cards are widely used payment methods that are easy and convenient. Players mostly use MasterCard, Visa Card, Maestro Card, etc. Some key banks, such as HDFC, Axis, and ICICI, allow debit and credit transactions.
The deposits are instant, but the withdrawal processing period depends on the banking platforms. A few banks allow for casino transactions, and some others don’t. You have to check out the regulatory transactions of a particular bank before making the casino transaction. However, casino experts suggest using bank credit cards for making online transactions to make payments and avail of casino bonuses and promotions.
Moreover, the number of credit card users has increased to 8.5 crore in 2023, meaning almost INR 25 crore payments were made through credit cards compared to INR 22 crore spent using debit cards. This staggering figure shows that people prefer using credit cards over debit cards because of their bonus points. When playing at a casino, read the terms and conditions and wagering requirements for debit and credit card transactions.
4. E-Wallets
If you are looking forward to a high level of security and legalized online casino payment transactions, nothing can beat the speed of e-wallets. They come second to none and make instant payments as the UPI.
The casino regulations in India have changed tremendously after the first Gambling Act of 1857 was introduced during the British reign. It was applied to lotteries, horse racing, games of skill and chance, and sports betting. After independence, the casino was made the state matter where the center could intervene if it stood against the public interest. However, certain states such as Goa, Sikkim, Meghalaya, and Nagaland legally allow online gambling after the enactment of certain laws.
It shows that Indian players can bet using different payment methods, including popular e-wallets such as Skrill, Neteller, MuchBetter, etc. The players need to check for online casino gameplay in their respective jurisdictions. The renowned e-wallets used by online casino players in India include Neteller, Skrill, and PayPal.
These e-wallets are secure, convenient, flexible, easily navigable, and make instant payments with no to minimal fees. This modern payment method is great for beginners and experienced players. You can easily manage your casino deposits and withdraw your wins into your bank account through these payment methods.
Neteller and Skrill are widely used in Indian casinos alongside PayPal. The significant reason to use them is fast deposits and withdrawals and a high level of security. These e-wallet payment methods are PCI Compliant. PaySafe is the official operator of these casino payment methods. Over 600 online casinos support Neteller but may involve a fee of 1% to 9%.
Skrill, however, allows deposits and withdrawals in 40 different currencies. It is a FCA Regulated platform offering gambling transactions using cryptocurrencies. Users can even link their debit and credit cards to Skrill to easily withdraw or deposit the money. However, you have to pay an exchange rate fee of 3.99%.
5. Net Banking
Players who are not great with technology and are beginners to online casino gambling can choose bank transfer or Net Banking. They are easy and offer a secure payment gateway when transferring money to the casino’s account. High rollers can use net banking and bank transfer methods to transfer huge amounts of money to their casino account.
These are the best methods for players who are skeptical about e-wallets or UPI transactions. However, these banking methods may take up to a week to transfer your winnings to your account. The deposits will be reflected instantly. Different banks will have different processing fees. It is advisable to read the terms and conditions of direct bank transfer payment methods.
6. Cryptocurrencies
The Global casino market is now reported to be valued at $263.3 billion in 2023, and gamblers are making payments through Bitcoin, Litecoin, and Ethereum. Indian players can play poker games, lottery games, slot games, live dealer table games, etc., using various cryptocurrencies.
Cryptocurrency users in India are set to reach a record-breaking number of 156 million by 2023. However, crypto users have to pay a tax rate of 30% on the digital earnings they have accumulated through casino winnings or other crypto earnings.
Players using cryptocurrencies, especially Bitcoin, are increasing in the country. RBI has set guidelines for cryptocurrency usage where the players are only allowed to gamble at licensed casinos. The final regulatory framework for legalizing cryptocurrencies in casinos is still under process.
Indian casino players can use any cryptocurrency they hold for online gambling. But, they must abide by the regulations created for crypto casinos and winnings.
Can I Bet On Any Casino In India Using These Payment Methods?
First, check the law related to online gambling in India in your jurisdiction. If it allows, you can use any of these casino payment methods.
Make sure to go through the terms and conditions set aside for different payment methods at a licensed casino you choose. It will help you to know what other deals and discounts you can clinch.
Check out whether the banks allow casino transactions, as RBI provides many strict casino gameplay guidelines. Play after you are satisfied with your chosen casino payment strategies and online casino. Always choose responsible gambling!
Play Wisely With Regulated Casino Payments!
You must check out the security, reliability, flexibility, and innovation casino platforms provide concerning casino payments. Choose the right gambling casino for safe gameplay. Read the expert casino reviews on the payment methods and games provided.
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