It’s possible to find hundreds of e-wallets in the contemporary world. Many of them have disappeared, but others have proved to offer reliable systems and convenient forms of payment in the long run, and PayID happens to fall in the second category.
Online casinos are always adapting to new technologies. It is possible to find crypto casinos and casinos in Australia that accept e-wallets such as PayID now, allowing punters to pay using the method they feel most comfortable with. Still, this e-wallet, in particular, has become especially popular.
Still, this industry is a bit controversial. Some of the factors may include the rise of fraudulent casinos with extremely unreasonable wagering requirements, suspicious payment methods and strict payout requirements, among many others. However, it seems that PayID has been helping both Aussie players and platforms to find common ground and make it less complicated to work.
Today, the John Gold team will guide you through the reasons why PayID is becoming so popular as a payment method and how it is shaping the online casino industry in different ways.
What Is PayID?
PayID is a payment service developed by the Reserve Bank of Australia. Launched in 2013, it is part of the New Payments Platform (NPP) and allows transactions using identifiable information such as an email address or phone number, instead of traditional Bank State Branch (BSB) codes or account numbers.
As of 2022, PayID reported over 10 million registered users. Its use extends across various sectors, with online casinos being among those that accept transactions via PayID. Once a user links their bank account to a PayID, they can easily transfer funds to a selected casino. The transaction requires only the casino’s unique PayID, eliminating the need for recalling complex account numbers.
Reasons Why PayID Has Become so Popular Within the Online Casino Industry
Factors can be attributed to the popularity of PayID within the casino industry, including the following:
- Anonymity and Privacy: Unlike traditional banking methods, PayID doesn’t necessarily share all the detailed information about the transaction with the bank. It just shares the payment address (PayID) and the transaction details, allowing players to keep their gambling activities more private. All you need is their email, mobile number or ABN. PayID will take care of the rest once you’ve sent the payment. The same process is applicated to the reception of funds.
- Increased Security: PayID operates on blockchain technology, which adds a layer of security against hacking and fraud. Each transaction is encrypted and requires verification, which can be a comforting feature for those dealing with large sums of money.
- Universal Accessibility: PayID can be used internationally without the need for currency conversion. This makes it popular for casino players who play on global platforms or travel frequently.
- Instant Transactions: Traditional banking methods can take a while to process, especially for international transactions. With PayID, the transactions are almost instant, which means players can have immediate access to their winnings or can quickly top up their accounts if needed. Also, PayID does not add extra charges to your transactions.
- Integration with Cryptocurrencies: As many online casinos started to accept cryptocurrencies, PayID’s compatibility with such digital assets made it an attractive option. This integration not only simplifies transactions but also allows players to benefit from the potential growth and benefits of cryptocurrencies.
- Simplicity and Ease of Use: PayID is easy to use. You only need the recipient’s PayID to initiate a transaction, eliminating the need for entering complex bank details, which reduces the risk of errors. This level of user-friendliness appeals to both technologically savvy players and those who may not be as comfortable with digital transactions. PayID allows users to send payments with a single tap through the app or with one click on the desktop version.
- Greater Control Over Spending: Because transactions are instant, players can keep a close eye on their spending in real time. This encourages responsible gambling and assists with better bankroll management.
- Regulatory Compliance: PayID’s design and operation adhere to stringent global regulatory requirements, thereby offering a trusted payment solution for players, as well as a compliant solution for online casino operators.
The Bottom Line
PayID has evolved and progressed since it was first launched. It has amassed a wide community, with thousands of Aussies relying on it to submit payments not only within the casino industry but also outside those platforms for everyday purposes, such as purchases or gifts.
You can expect PayID to become more and more common in the upcoming months as more platforms adopt it as a form of payment to welcome more players to their sites.
Websites like payid-casinos.com offer lists of some of the trendiest casinos in the Aussie community that offer PayID as a payment method. You can explore the casinos listed to be able to find a reliable site.
If you suspect that you or someone you care about is caught in the grip of a gambling problem, we strongly urge you to get in touch with the National Gambling Helpline at 1800 858 858 for guidance and assistance.