The biggest dream of all online casino players when online gambling first emerged was to use cash to somehow play with at an online casino; this dream came true with the appearance of e-Cash. The term e-Cash relates to the funds stored in a banking computer system, backed by the central banking system and by fiat currency. In simpler words, it is the cash you somehow put on a third-party processor, like an eWallet, and you're using it for online payments. Various alternative payment solutions allow for transactions with electronic money, the most renowned being PayPal. And while you probably already have an idea of what this solution is all about, let's explore more things about it together. What is e-Cash and why use it across online casinos for deposits and withdrawals?
About e-Cash
As its name implies, electronic cash is the funds you have somehow managed to get stored in a banking computer system, either by sending it yourself via a card or bank transfer, or by having someone pay you a certain amount of it. This concept is backed by fiat currency and the central banking system, so it is completely legit and has been around for decades, since the 1980s, when the term electronic cash was first coined. The idea behind it was to facilitate online transactions, but it took years before the right, secure online payment systems were developed for it to become a reality. That happened in the late 1990s.
To put it simply, it is the money that you as a user, have stored on a third-party processor, like an eWallet, for instance, or a prepaid card, in that parallel. If you’ve ever used such an alternative solution, you know what happens: you have money on your bank account or credit/debit card, but you don’t want to use it online, out of safety or any other reasons. For this, you create an account with an alternative payment method, say eWallet, and transfer the funds from your bank account/card to your eWallet account.
With that, your money becomes electronic, stored on your eWallet, to be used wherever you want, just like cash, but only available online. Various companies allow for such transactions with e-Cash, like PayPal that we mentioned in the introduction, Apple Pay, Zelle and Google Pay, for instance. With that, we can trace its roots to the appearance of the first eWallet, so somewhere around the same time gambling went online.
Therefore, you should not be surprised that electronic cash is widely accepted and in demand across the online gambling industry. Countless players do not want to share credit card details with casino operators or have their online gambling transactions recorded on their monthly bank statements. For that reason, they resort to alternative solutions, to use e-Cash for their deposits and withdrawals. Stay with us to learn how everything functions really so that you know what you'd need to do to get started with it and potentially use it as your online casino payment method.
Getting Started with It
This solution is just what its name suggests, cash that you use electronically. So, the first thing you need in order to start using it is, of course, some money, either on your credit/debit card or bank account. The next thing you need to do is choose an alternative solution, an eWallet you would like to create an account with, to transform your money into electronic cash credits, and store them on that eWallet account.
Let’s take PayPal as an example. PayPal gives you the chance to do exactly what we just said, fund your eWallet account with cards or bank transfer. All popular card brands are an option, VISA and MasterCard included, of course, but in case you don’t have a bank-issued card, bank transfer would do. So, the next step would be topping up the eWallet account with money, by entering the respective card/bank account details. The minute the transaction is completed and the money is stored in your eWallet account, you can start using it right away.
One thing is for sure: every second, if not every single, online casino offers at least one eWallet you could use to play using e-Cash. PayPal is among the most popular, but you will find hundreds of others really, so when doing your search for the casino to join, make sure you check for its payment methods list. In the next segment, we’ll guide you through the process of how to properly choose a casino to join, and how to make your deposits and withdrawals with electronic cash effortlessly, so stick with us.
How to Deposit at Online Casinos with e-Cash?
The most popular eWallet out there, PayPal, is offered across over 600 online casinos for deposits, and almost that same number of casinos accept it for withdrawals. In comparison, Google Pay is offered in approximately 200 casinos. Therefore, you’ll be anything but short of choices when it comes to sites to explore to be able to use e-Cash for your transactions.
So, the first thing to do is decide on the alternative solution you’d like to go with. Once you decide on it, and create your account with it, you’d need to look for casinos that accept it. And once you find the right casino for you, join it. Finally, to make a deposit with e-Cash, do the following:
Visit the Payment Methods/Banking page on your registered casino player account.
See where the Deposits tab is and press it.
From the list of offered methods, select the alternative solution you’ve created an account with.
In the new window, enter the eWallet account and fill out the required transaction details.
Specify how much you wish to deposit in electronic cash.
Confirm the transaction and you will see the funds arriving in your casino balance instantly.
How to Withdraw Winnings with It?
eWallets have been dubbed the preferred method in the industry, especially for withdrawals, thanks to their fast processing times. So, you can rest assured that if the solution you went with is accepted for deposits, will also be accepted for withdrawals, allowing you to cash out your winnings in electronic cash.
The procedure pretty much goes the other way around, meaning you need to specify how much you’d like to cash out from your casino balance to your eWallet account. The casino will check whether your request is legit and you have enough money to cash out, and when it approves your request, the amount of electronic cash you requested will arrive in your eWallet account within minutes!
Fees and Limits
To use e-Cash, as you probably expected, you would need to pay some fees. Now, these fees would depend on the alternative solution you decide to go with to use your electronic money online, so you would need to see with your respective eWallet provider to find out more about them.
You should know, though, that fees would apply for topping up your eWallet account and cashing out funds from it, but not for transactions with the solution. Transactions with this solution will be fee-free. Limits will also apply, but again, you need to see with your chosen alternative method to check how much you’re allowed to store and use.
Allowed Countries
e-Cash can be used by anyone, from any place in the world, as it was designed for that purpose, to make users’ online transactions better and more convenient.
You would, of course, need to check whether you’re eligible to use the alternative solution you wanted to. PayPal, for instance, is available in most countries globally, with some exceptions, but you still need to ensure that your country is on the accepted methods list, if you wish to use it.
Accepted Currencies
Mainstream currencies, like US dollars, euros and UK pounds, are always an option with electronic money. For instance, PayPal supports over 20 currencies, but there are such eWallets that accept them all.
So, depending on your native currency, you can look for eWallets that accept it, to make conversion-fee-free transactions with your electronic money.
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Is there an official website I could visit to learn more about e-Cash?
No, not really. e-Cash is a concept that stands for all the money you have stored electronically. As such, it is not an individual product, a standalone solution per se, that’s why if you wish to learn more about it you can do a Google search or visit the official website of the alternative solution you’d want to use to transact with electronic money.
Is e-Cash accepted all over the world?
In theory, it is. It was designed to serve people from across the globe and help them make seamless online transactions. What’s more, you will find at least one alternative solution offered in your country that you can create an account with to store money electronically. That may not be PayPal, but plenty of other options will be at your disposal to consider, to still be able to use electronic money.
How many online casinos approximately offer electronic money?
Every second, if not every single, online casino will give you the opportunity to use electronic money in one way or another. You would need to look for casinos that offer alternative payment methods to cards and bank-related methods, in order to be able to use electronic money for your deposits and withdrawals.
Will I be able to use electronic money for withdrawals by default if accepted at the casino for deposits?
In most cases, yes. Players love using alternative methods for their deposits and withdrawals, so when such a method is accepted for deposits, it usually is for withdrawals, too. You would need to double-check that, by visiting the casino’s Banking page and the respective Deposits/Withdrawals tabs, but you probably will find your alternative method in both tabs.
Can I cash out my winnings with e-Cash at an ATM?
Some alternative methods allow you to use a card, to manage your electronic money better. One example is PayPal’s debit card, for instance, which you can use at any ATM to cash out funds you have on your PayPal account using your respective PIN. Many eWallets allow you to apply for a card to do the exact same thing, so before you decide on the alternative solution to use, if you intend on cashing out your winnings at an ATM, make sure you check whether it offers a card.
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