How Important are Alternative Payment Methods for Indian Entertainment Users?

How Important are Alternative Payment Methods for Indian Entertainment Users
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There are many factors to consider when choosing an Indian betting site. Some people compare the options for what can be wagered on, ensuring their favorite sport or game is featured. Others look at what else the site might permit, such as slot games or table games. Others are looking for a bargain and try to scoop up the best welcome offer or ongoing promotion. But some look past this at the functional aspect of the site. How important is it, therefore, for an Indian betting site to offer a range of different deposit and withdrawal methods?

Bank transfer is one of the most prolific of these payment methods and many people around the world opt to use it. It’s simple for those who might want to play without any extraneous accounts or wallets, and it allows most people to track their expenditure. But many can’t or won’t use bank transfers, so it’s important to have other options for engaging with these sites.

Many customers use the payment methods on offer as a way of deciding which site to use when faced with a range. For instance, as the options for online betting in India show, there is a wide range of sites, each focusing on the benefits they offer to their customers. One focus is the payment method that people can use, which can be seen as a differential factor between two otherwise similar betting sites. It shouldn’t be underestimated the importance of being able to withdraw and deposit money into your account, and this site details aspects in more information.

What Alternatives are There?

Options range from e-wallets to cryptocurrency and depend on the country the user is in and the site they are using. Some of the most popular are Skrill and Neteller for e-wallets. Boku is gaining popularity for mobile payments as whatever is spent is just added to the phone bill. PayPal is also still a popular method and has gained a lot of trust from its partnership with eBay. Prepaid vouchers are also accepted widely in the form of Paysafecard. For Indian users, the digital payments platform Paytm is also popular.

Indians without Bank Accounts

The primary benefit for a range of different deposit and withdrawal methods is that some of the population don’t actually have a bank account. While bank account ownership in India has risen tremendously in the past decade – it was at 35% in 2011 and 80% by the end of 2017 – there is still a sliver of the population without one. These deposit and withdrawal methods often don’t require a bank account, which means that 20% of the population who can’t make bank transfers to play at betting sites are catered for.

Some suggest that while the figure of 80% bank account ownership sounds promising and represents the push for financial inclusion for the poor in the country, many don’t actually use their bank accounts. Many reportedly opened accounts because it was free to do so, and they were told of the ‘free money’ that came with the overdraft facility. Yet a report found that 52% of those who opened accounts still keep savings at their homes.

Benefits of Alternative Methods

Alternative payment methods are often touted as being safer and more secure. Encryption and password protection for digital payment methods are often seen as more reliable than traditional methods. This security is why some people have opted to use them. Security is increasingly important to online platforms and websites and this reliance on security reflects the importance that people place on their online security. Alternative payments are also more accessible, with digital platforms working on most operating systems.

The main benefit is convenience. If you are using one method for online betting, you can keep your money separated from other funds and control your experience by using a dedicated payment platform. Some people prefer alternative methods because they can be quicker. The digital nature of payment methods means that they can bypass some of the lengthier processes that banks have to go through. This is especially true of overseas payments which can be made quickly through digital means and by foregoing banks.

crypto currency

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Although there are many benefits to alternative payment methods, there are drawbacks. In the same way that those without financial understanding are wary of banks, some are also wary of how the payment methods may work. Cryptocurrency, for instance, maybe offered on some rare occasions, but the media pandemonium over its volatility and the gamification of the industry has led to a great deal of distrust. Many may see all alternative methods as being like cryptocurrency.

Ultimately it comes down to financial education. Informing people of what methods are available and how they can use these methods means that everyone can make payments for online entertainment sites in the way they feel most comfortable. The range of Indian betting sites offering a variety of payment methods shows that they understand their customer base and that offering different options is a good move for the industry.