New Deal for Online Casino Financial Transfers

October 18, 2009 | News Category: Casino Banking

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Players and online casinos alike are always looking for better solutions when it comes to payment methods. The Payzone website have recently released the news that MasterCard and Ukash will be joining with them to create an easier method for players to deposit funds with online casinos.

The new system should be launched near the beginning of 2010, first in the United Kingdom, and then in Europe. The system will be bypassing commercial banks, and players can top up pre-paid cards using cash. This method will be especially helpful since funding online casino accounts via commercial banks has become more and more difficult over time, especially where there is a lot of pressure on large financial institutions to distance themselves from online gambling. When opening up in Europe, Ukash will use the services of other parties that are appropriate for the market place in each country.

The three companies that are combining their respective strengths will do so as follows: MasterCard will provide the actual cards that will be used in order to transfer the money; Ukash will provide the electronic payment system on which the new method will operate; and Payzone will be providing the actual outlets where players can use cash to top up the cards provided by MasterCard.

The system will be known as the MasterCard rePower. The way it works is that players will take their MasterCard or Maestro prepaid card, and will load it with cash at any of the Payzone retail outlets. There are already more than 18,000 of these outlets available. The user will pay cash, and then swipe their MasterCard rePower card in order to load it with the amount of cash that was deposited.

The card can, of course, be used at online casinos, but its usefulness does not stop there. It can be used to make purchases at all outlets that already accept MasterCard, both online or offline.

At this time, Payzone are already handling mobile phone prepaid card top-ups, calling cards, bill payments, money transfers and ticketing. Topping up the MasterCard rePower card will simly be a new service added to their already existing and efficient system.

Mark Chirnside, the Ukash Chief Executive, said, "The MasterCard rePower service is a real addition to the prepaid card segment in the UK. The prepaid market is very significant and has proved a key growth area and will continue to be an important revenue stream for Ukash as we continue to diversify our range of products."