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Introduction
In the early years of the online gambling industry, players were quite limited in their choice of gambling platforms and the content available there. It was only in the past decade that operators have been able to make up for the lack of diversity, and boost their offering with a range of games from top software providers, optimally functional banking options and a range of player bonuses and benefits.
In time, these features became main indicators of a casino’s player-oriented nature. With everyone looking to meet the standards, it soon turned into a choice between similar platforms packing all the top services and content.
Due to this, the online casino sites, as well as other gambling platforms, were soon looking into ways to make their business stand out from the rest.
In this regard, emphasis was particularly placed on those solutions which allowed operators to provide more dedicated services to the members of their player pool. For instance, poker rooms filled with experienced players were interested in tailoring their tournaments and gameplay action to the needs of the pool. Or, online casinos looking to focus on particular gambling markets like the USA or Australia per say, would opt for banking solutions and game themes that fit the culture and legislation of the region.
For online casinos looking to attract players from Sweden, BankID is sure to do the trick for getting players to flock to your platform.
About BankID
Issued for the first time in 2003 in Sweden...
...BankID is essentially a digital identification and verification solution. It was invented and used by a group of Swedish banks as a legally binding means of signing official documents, confirming one’s identity or performing easy, secure and practically instant transactions to reputable online merchant platforms.
The following banks currently make up the group of issuers, although its growing volume of usage is expected to attract additional attention in due time:
- Länsförsäkringar Bank
- SED
- Nordea
- Ikano Bank
- Danske Bank
- Swedbank
- ICA Banken
- Svenska Handelsbanken
- Ålandsbanken
- Sparbanken Syd
- Skandiabanken.
So far, this service has accumulated up to 8 million users, as stated on their official site. The main reason for such an expansive trend is mainly due to the numerous benefits provided by it.
For one, BankID...
... allows users to enjoy online banking straight from their desktops or mobile devices alternatively. The former is simply set up by downloading the necessary application from your issuing bank – this is the BankID application and security software. As for the latter, you will need to order a mobile version specifically from your issuing bank, download the security software and later on, install the appropriate mobile BankID sent to your device.
Activating the service...
...is done via a QR code scan in the case of the static, desktop version, or by going to the activation link provided on the platform.
There is also a third option...
... for those who are wary of holding their identification solution on a device. The banks offer the possibility of having your ID issued on a smart card – it is a sort of plastic card, much like the credit and debit cards we are all familiar with. For those interested in going in this direction, make sure to contact your bank and request for an issuance.
This specific card comes with a PIN number, and will require users to additionally get a card reader. The first thing you need to do after getting all the necessary components is log into your online banking account. Here, you will be able to download the same security software that is required for the abovementioned options.
Afterwards, connect the card reader you have purchased with the computer device, and install it properly. Once everything is in place, simply slip the card into the reader and make sure you enter the PIN in order to authorize its usage. This can either be done via the computer keyboard or the built-in keypad on the card reader, depending on your specific device.
What BankID does in terms of identification...
... and signing is allow people to confirm their identity through secure gateways. It uses the information the person has provided in order to open a bank account in one of the partnering banks and securely transfers it as a unique means of identification. Bear in mind that, in order to open an account in the first place, you would need to have a social security number, known in Sweden as a national ID number. Once you have set up the BankID of choice, according to the appropriate procedure, you can use it at a number of government, tax and utility billing platforms.
BankID at Online Casino Sites
Considering its widespread use and fully secured and authenticated technology, it was only a matter of time before Sweden-oriented gambling platforms realized the huge potential of this banking service.
Online casinos which don’t require registration...
... have already started appearing when this method was introduced in the online gambling industry. Ever since then, BankID has become a top choice for anyone looking to avoid the hassle of creating an account, or verifying their identity for that matter.
Nowadays, this online banking and identification method is present in a growing number of casinos, sportsbooks and other gambling platforms for Swedish players. All interested players have to do is follow the steps of the procedure and enjoy smooth and seamless gambling entertainment in no time.
Depositing at Online Casinos
Step 1: The process of choosing a suitable casino platform is just as crucial as getting the deposit right. Therefore, you need to check for all important aspects – game collection, bonus offering, customer support contact channels and responsiveness – before committing to one. Be sure to check if the payment method is also available, otherwise you may be left with the standard banking options that you’ve actually been trying to avoid.
Step 2: Registration has nowadays become optional, or is made fully redundant at the latest casino platforms using this type of service to identify their customers. The Pay N Play solution from Trustly works in a similar manner, and may be used as a payment facilitator for your online casino deposits, with the BankID security code being entered before confirming the transaction. For this option, you will need to enter the banking section and select Trustly, i.e. Pay N Play.
Step 3: Nowadays, there is a separate BankID icon available in the Cashier section at the top casino sites. Players interested in depositing directly from it are supposed to select the option, as well as the appropriate banking institution where they hold the account. Next off, you will need to specify the amount of funds you would like to transfer to the online casino, and authenticate the transaction with the ID code.
Step 4: Once you have confirmed the transfer, go back to your online casino platform. You should see the funds credited instantly onto your player account, fully available for real-money casino gameplay.
Making Withdrawals from Online Casinos
Step 1: These casinos constantly update their content, ensuring an enjoyable and rewarding experience for their player base. Once you get a taste of the fun, and all the cash prizes you can collect, this banking method is also available for withdrawals. Just head to the Cashier section again, choose to cash out funds from your online casino player account and get started.
Step 2: Out of the list of available payment processing options for withdrawal requests, you can choose whether to go through Trustly or BankID directly, same as with deposits. Both options would still ultimately channel the funds from the online gambling platform to your specified bank account.
Step 3: Players can click on Trustly and perform the withdrawal via the e-wallet service, or directly by using their BankID to access their bank account and move the funds there. Either way, the service is instant and completely free of charge, but above all secure, helping these casinos build up a reputation solely on their withdrawals.
Advantages and Disadvantages of Using BankID
- Ease of access – The ease of access for BankID users is more than just a simple and intuitive platform. With this electronic identification and banking solution, users are able to simplify a range of additional everyday tasks – paying the bills, handling taxes, or confirming their personal identity at legally regulated platforms.
- Security – There is no question about the security and safety measures applied by the banks issuing this service. Just the fact that their names are among the top ranking banking and financial institutions in Sweden is sure to reassure players and users alike. What is more, they have all been licensed and certified by their respective Financial Security Authority, whose strict policies is all the more reassuring.
- No fee charges – Players using the banking solution at their preferred online casino sites will not be subject to any fee charges for their transactions. This is a great advantage for them specifically, as most payment processors, or the accompanying banks, are known to impose a fee for taking part in funding or cashing out of the casino site.
- Accessibility and user convenience – The service’s growing popularity has definitely done wonders for its accessibility, and it is mainly due to the many conveniences and benefits it offers. Users are able to enjoy a completely smooth experience that skips through some of the most tiresome procedures like KYC or ID scans.
With all these features making up BankID’s bright sides, there are still some issues which need to be overcome. Until then, there are players that consider them as slight inconveniences:
- Country restrictions – At first, the solution for banking and identification has been solely used in Sweden, but it afterwards spread to additional markets. Nowadays, it is also available for players from Germany and Finland as well, most often through the mediatory service Trustly.
- Availability at online casinos – As a consequence to the prior point, the number of online casinos and other gambling platforms supporting such banking is still relatively low. When compared to banking methods that have been present in the industry since its early years, the BankID solution has a long way to go; nevertheless, they have still managed to achieve admirable progress as it is.
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FAQs
Can I claim any online casino bonuses if I choose to deposit with BankID?
Yes, this is a banking method as any other, and if the desired casino bonuses and promotions are available at your online casino site and you meet the necessary requirements, choosing BankID is no obstacle to claim them.
How will the online casino platform know it is me accessing the account if I don’t use standard registration and signup procedures?
The online gambling platform collects the information through the secure BankID service – it provides operators with all the identification details you have submitted with your bank. This way, there is no violation of privacy due to the high-end security protocols, yet they achieve complete compliance with any Know Your Customer policies in the country.
Which currencies are currently accepted by the BankID banking service?
Considering the limited coverage of the service, there hasn’t been much need for currency varieties. Still, all the currencies accepted by the issuing bank are normally transferred and available through this banking option as well. The Swedish Krona is by far their most popular choice.
Is this service supported by customer service representatives, or will players need to address their chosen online casino platforms for issue resolutions?
The BankID service does not have a dedicated customer support channel; however, each of the banks in the group which launched the product initially, and have been issuing it ever since, is fully available and responsive regarding any used inquiries or issues.
What are the suitable alternatives for online casino banking, should BankID be excluded from the list of available methods?