Comparing Secure Payment Methods Used on Malaysian Casino Apps

Security is one of the most important aspects when players choose online casinos. They want to ensure their deposits and withdrawals are completed securely and that money in their betting accounts remains safe.

As well as checking the casino’s software and its security policies, one way of ensuring a more secure playing experience is by choosing an appropriate payment method.

Fortunately, there are more available options now than ever before, with modern innovations like cryptocurrency being added to the list of traditional methods like credit card and bank transfer payments.

Online Casino Choice

Malaysia, like the rest of the world, has seen an increase in the popularity of online casinos. They offer a convenient alternative to physical casinos, with modern platforms being designed for mobile use, as well as desktop use.

Real money casino sites in Malaysia offer access to the most popular casino games, as well as locally popular games like Sic Bo. They also provide a varied selection of payment methods, including traditional methods like credit card and bank payments, but also more modern alternatives, including digital wallets and even cryptocurrency payments, some of which can offer improved security features.

Bank Transfers

Bank transfers are a traditional payment method for online casinos. With this method, money is sent directly from one bank account to another. It is a widely accepted payment method, although there can be restrictions whereby some banks do not permit the sending or receipt of money from known gambling website accounts.

And, although fees are low compared to those associated with credit card payments, they can be higher for international transfers. Where bank transfers are available, they can come with big deposit and withdrawal limits, but payments can take several days, potentially up to a week or longer, and bank payments do not come with the same fraud protection and other security features offered by credit cards.

Using bank transfers means submitting bank details to the casino, so there is a risk, albeit only a small risk, that hackers or thieves could get away with that personal information.

Credit Cards

Credit cards are another popular, traditional means of payment. Like bank transfers, some credit card companies may prevent the use of their accounts for gambling transactions. Credit cards are among the most expensive methods of paying for online gambling. Transaction fees can be as high as 3% or more.

While the casino pays these fees for player deposits, they pass them along indirectly, with lower jackpots and potentially even withdrawal fees. However, credit cards are widely accepted and are generally considered a very secure payment method.

Payments are encrypted, and users can track their spending and card use history via their credit card account. Credit card companies also offer fraud protection services and typically offer more help in reclaiming lost or stolen money than bank accounts do.

Digital And Mobile Wallets

Digital and mobile wallets have become increasingly popular with payers and payees. Services include the likes of PayPal as well as mobile wallets like Google Pay and Apple Pay.

These accounts are ubiquitous, however, Malaysians predominantly rely on local e-wallets like TNG eWallet for their daily financial activities. Most mobile devices include access to mobile wallets and the convenience they offer, in the form of contactless physical payments, which means many people have accounts. Wallets connect to the user’s bank account or credit card and can be used to automatically route payments to or from these accounts.

Using a digital wallet means the user doesn’t have to submit bank or card details directly to the casino, and these accounts offer multiple layers of security. However, they are not as widely accepted as some other payment methods.

Cryptocurrency

Cryptocurrency is the new kid on the online casino payment block. Although the first Bitcoin gambling site launched in 2012, Bitcoin and other currencies have really increased in popularity recently.

And, it isn’t just dedicated crypto casinos that accept cryptocurrency now, with some well-established sites also accepting this payment method. Cryptocurrency is built on highly secure cryptographic techniques, payments are considered private and secure, and users do not need to submit details to the casino website.

However, while crypto is becoming increasingly popular, it is still not as widely accepted as credit cards and bank transfer payments, and users do need to learn to use crypto wallets and exchanges.