In a move that has taken the gambling industry by surprise, two leading payment processing companies will no longer accept payments made via prepaid MasterCards as of the 25th of November. Skrill and Neteller have announced that customers in more than 100 countries located all over the world will have to find some other payment method to transfer funds to their accounts. Both companies which are owned by the PaySafe Group will now only deal with prepaid MasterCards in SEPA (Single Euro Payments Area) countries. Many online casinos have also updated their home pages to inform customers of the change.
This is sure to cause a lot of inconvenience to gamblers, at least in the short term, since the PlaySafe money transfer options are very popular being both quick and cost effective. For instance, Entropay does not give customers quick access to their funds and they might have to wait a while after transferring before they can start playing. The same can be said for bank wire transfers.
It is hard to understand why PaySafe has decided to take such a radical step. While the company hasn’t offered any explanation, many people are speculating that this has been done to curtail llegal gambling activities. Given that the gambling industry is expanding at a very fast pace it is only to be expected that some sites handle illegal transactions.
Customers of Skrill and Neteller were made aware of this development via an email from the respective company. The email also assured them that their account remained unchanged. In other words, their balance in the account would not be touched and they would be able to use it for the same purposes as before. Customers would be able to withdraw funds from their accounts and even transfer them to other accounts that accepted Skrill or Neteller.
The use of Skrill and Neteller MasterCards to transfer money from ewallets will now be restricted to 28 countries that are part of the European Union and 6 other nations that have entered into certain monetary agreements with the Union. At the same time, players living in China and Russia will be permitted to use their cards till they expire. Once the cards expire they will not be permitted to order new ones.
PaySafe Group Decision To Have Major Impact
The decision of the PaySafe Group to restrict the use of Skrill and Neteller MasterCards will affect gamblers in Russia, Brazil, and Australia. Online gambling is very popular in these countries and the restrictions will make it inconvenient for gamblers. They will be required to withdraw money for gambling from their bank accounts and this will open them up to scrutiny from the taxman. One of the biggest advantages offered by online gambling is that it affords a high degree of anonymity. If this were to be taken away then the industry might lose a lot of its shine.
Bitcoin To Take Advantage Of Restrictions
Online gamblers who are eager to retain their anonymity are expected to move to smarter alternatives. They are a few cryptocurrency options available these days but Bitcoin is by far the most convenient one. It has been increasing in popularity over the past few years and many casinos have started to accept it in keeping with changing customer requirements. It is also a reliable currency even though it is not backed by any country’s central bank. Furthermore, Bitcoin is a very popular currency that is increasing in value at a steady rate. It will definitely be interesting to see whether this crypto currency can take advantage of this situation and become much more popular.