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Abaqoos closed late 2018 to early 2019 and is no longer operating
Making online payments is core functionality that drives progress across the whole e-commerce industry. It is indispensable for merchants looking to turn a profit for the products and services they are offering on their online platform. At the same time, customers looking to simplify their shopping habits find these services just as necessary in order to complete the transaction without much fuzz.
Certainly, there are still those reluctant to share all kinds of personal or financial details with a third party. On top of that, the earlier bad reputation of gambling parlours, as well as online casino scams during the first years of the industry, vaguely contribute to the lack of trust.
Other interested players, on the other hand, are simply not eligible to use most of the banking methods.
If you don't hold a checking bank account, there is a great chance of this happening. The reason behind it is that most online payment processors have similar principles of operation – they either function as fully fledged online fund storages, or simply an intermediary payment gateway. Either way, the funds need to come from a more permanent location (most often bank account), through the payment processor, so that they finally end up at the e-merchant.
While the number of bank account holders is definitely substantial, the need for alternative options ultimately led to the creation of different formats of payment processors. One such is Abaqoos.
About the Banking Method
Nowadays, payment processors choose to go one of two main ways – either expanding to cover a global user base, or focusing on a particular marketplace or segment for a more dedicated service. That way, there is just enough variety in the industry to keep everyone getting what they want, and at the same time allow business establishments to sustain from it.
One such unique banking method…
… that has appeared in recent years in order to answer the new needs and demands of the market is Abaqoos. This is the top popular payment product from the banking system operating in Hungary.
Bear in mind that the company distinguishes between two main financial solutions offered to their share of eligible customers. One of them is the Abaqoos e-wallet – a complete digital wallet that allows users to keep their money safely stored away. It is a downloadable solution, and solely available to residents of the country that have a bank account with one of the major institutions in the country –OTP Bank.
Nevertheless, such restrictions…
… do not apply to the Abaqoos payment solution that is the topic of this review. In fact, just the opposite – the other financial management product offered by this company is a voucher.
While the Abaqoos voucher functions much like the e-wallet, it is definitely a more popular option. This is so due to its specific nature of keeping users’ information to the minimum, maintaining some level of detachment with the e-merchant (much like prepaid and gift cards) and still meeting all legal and market standards.
Either way, the company has managed to create a rather optimal solution for payment processing needs in the country. All it takes is for interested users to get familiarized with the actual signup and transaction requests, and get the funding started.
Getting Started with Abaqoos
1. First things first – you will need an Abaqoos account.
Bear in mind that the banking system offers both an e-wallet and the voucher in question here. Should you opt with the former, you will need to hold an account with the bank as specified above. However, should you choose the latter option, next thing to do is click on the registration link.
2. Interested users will need to fill out the whole registration form, usually asking for no more than name, address and email, although you could additionally provide your phone number.
3. By the end of the signup process…
… there is a list of the eight largest banks in the country, as well as the ‘Other’ option.
You are supposed to choose the bank where you hold an account. If you have more than one, choose the one you would like to use for Abaqoos funding purposes. Alternatively, choosing Others will allow you to make a deposit into the voucher using a different, non-partnering bank account, but under specific circumstances.
4. Should you take the regular route and choose from the eligible banks, a confirmation would soon ensue and inform users of their successful Abaqoos account creation. The eight eligible banks available for use are:
- Budapest Bank
- Erste Bank
- CIB Bank
- MKB Bank
- K&H Bank
- Unicredit Bank
- Raiffeisen Bank
- OTP Bank.
These comprise the list of eligible banks should you choose to fund your online voucher using a direct bank transfer. This transfer can be submitted directly online, via phone or even in person.
5. Speaking of transactions in person…
… there is an alternative funding option for those that do not have a bank account – cash funding.
If you choose this option by the end of your registration, you will need to head down to the specific bank branch office, or to the Hungarian Post Office for greater variety, and pay the funds in cash. For this purpose, it is advisable to inform yourself of the merchant’s specific account details at your chosen bank, in order to perform the payment without much hassle. Provide the account, pay the funds in cash and don’t forget to include the unique username of your Abaqoos voucher.
The cash payments are particularly instant and will reach your voucher in no more than five minutes. However, make sure the username is correct – otherwise, the money you paid in cash will never find their way to your voucher without a specified destination.
6. Even if you decide to skip the process of determining the banking method straight upon signup, you will still need to do so before being able to use the voucher. Either way, the registration ends with the user getting a unique voucher that bears the specific username you have chosen, and cannot be accessed with anything but the password you have set up.
Taking all this into consideration, it is fairly easy to set up your voucher account straight from the start. If you choose to do it separately, you could set up the voucher first, and determine the funding method later as well. All in all, it is all about the user’s convenience and what works best for them that make this Hungarian payment method so popular.
Abaqoos as an Online Casino Payment Option
With the voucher’s rise to fame, it was only a matter of time before Abaqoos was offered a spot among banking methods at the top Hungarian online casino sites. The service is not limited to Hungarian residents, but everyone who holds an account with the given banks, and this is only for practical reasons – no one would go abroad just to deposit funds into their online voucher.
Still, with plenty of variety and alternatives available, those that do qualify for the service are eager to get started. Abaqoos as an online casino payment method is simple, straightforward, and ultimately beneficial for overall positive player experience.
Online Casino Deposits
Step 1: When getting started with Abaqoos online casino gambling, it is best to choose a casino before moving on to anything else. Run a check on all the segments of the casino’s offering – gameplay, RNG and game fairness, customer support and prior player testimonials, and most importantly, the banking page. Sometimes, interested players will need to sign up to a casino in order for a full preview of the methods; other times, they will be able to see if Abaqoos is an option straight from the home page.
Step 2: Having chosen your suitable casino site, you will need a funded Abaqoos account. You should take care of this as well before making your move on the casino floor. With everything in line, just log into the casino, go to the banking page and select on the Abaqoos logo.
Step 3: This will open a window where you can enter the specifics of your funded Abaqoos account – username, specific deposit amount and any other codes or security layers you may have activated for protection.
Step 4: Seeing that the transfer goes smoothly, you can close the window and return to the casino. Deposits at the casino platform are mostly instant, and may only delay you from enjoying your favorite games for up to five minutes on average. Afterward, simply pick from the game titles at hand and enjoy real money casino action.
Abaqoos Online Casino Withdrawal Requests
With such a popular, attractive and beneficial online payment method, it is practically a shame that withdrawals aren’t available through its platform. This banking system does not support transactions back into your voucher; even at that, you can withdraw the funds that are already in your voucher and see them land in your regular bank account in no time.
While it is a shame, there are numerous banking options that could fit the needs of Abaqoos enthusiasts who can’t use the method. Head below to the FAQ section for further information on this, but not before you get a clear overview of all the perks of the banking method, along with its major faults that call for some improvement.
Advantages and Disadvantages of the Online Casino Banking Method
- Security – There is no denying that the greatest advantage of this payment method is its unique funding approach, allowing players to ensure complete security. Not only does the voucher employ high-end encryption to protect transactions from being intercepted, but the service additionally secures the funds considering it is connected with the top banking institutions in the country.
- Anonymity – All users of this payment method are completely anonymous, as the service does not ask for your banking details. Instead, it provides their own bank account, so that players can fund their online vouchers without sharing anything anywhere.
- Speed – Even with a specific model of transaction processing, Abaqoos is still a fast deposit method for online casino action. It processes deposits directly, although funding your voucher in the first place could take a few minutes, up to two days if you made your request during the weekend.
- Dedicated service – Restrictive user base may be slightly limited to the service profits, but it significantly contributes to the service’s dedicated approach. With a focus on the Hungarian market, it is no wonder that users would get recognition of all their banking needs and preferences.
With all these advantages, players are definitely gaining a head start in regard to the online casino operators, although there is still a way to go before optimizing the method. Key features that disadvantage player experiences include:
- Restricted use – Despite a dedicated approach, many ineligible players and interested users alike are dissatisfied for being ‘disqualified’ in a way. So, many of them view the restrictive nature of this payment method as a disadvantage rather than a benefit.
- No withdrawal functionality – Especially for online gambling, which is the banking method’s primary usage, it is most practical that the banking method allows withdrawals. However, Abaqoos depositors will need to seek out an alternative method in order to cash out their winnings.
What are the top alternatives to Abaqoos as an online casino payment method?
The best alternative banking methods to players that cannot use Abaqoos are the standard credit and debit card, due to user familiarity, although novel e-wallets seem to be working quite as well. However, in order to be closest in nature, it is recommendable that they try Paysafecard.
Are there any expiration dates on the voucher I should use?
No, the vouchers from this service come without any expiration date.
Are there any fees for registration or funding the voucher, or depositing from the voucher to the casino site?
No, the service is completely free of charge, both for the registration process and the funding and payment processing operations. Should you experience some deductions from your bankroll, make sure to check with the respective online casino where you are using it – some may include a fee for transferring funds from specific fiat or digital currencies, banking methods, countries or the likes.
What about amount limits – does the Abaqoos service impose any minimum or maximum limits on the deposits performed through this payment method?
There are no minimum or maximum limits imposed on the deposit amounts processed via this payment method. Should you experience any, it is best to consult your online casino’s customer support, or their terms and conditions.