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Regulated by the Financial Conduct Authority in the UK, uPayCard is an online payment solutions provider with a focus on supporting worldwide and prepaid financial services. It works like most e-wallet accounts supporting online transactions along with separate virtual or physical MasterCard accounts. After the 2013 launch, the company started out a bit rough with a menu of fees a mile long. After establishing a presence and learning from the mistakes of their competitors, such as Neteller and Skrill, they’ve since lowered or eliminated fees and customers have taken notice.
Getting Started with UPayCard
Sign-up online for free by entering personal details including date of birth, address, email etc. During the registration process, you’ll also select your preferred currency. To gain full account access, the required ‘Know Your Customer’ procedures are carried out, so be prepared to provide government issued identification. Anti-Money Laundering and Counter Terrorist Financing monitoring runs in the background and, depending on how your account is used, may result in additional verification. It sounds like a bigger deal than it really is. All banks and regulated payment methods operate this way to meet regulation standards and if you’re looking for a new e-wallet, you definitely want to select one that plays by the rules.
Once you’ve made your way through the initial set-up, including email and mobile verification, you’ll set up funding sources and the e-wallet is ready to be used to make purchases or deposits online. Choose uPayCard at checkout or as a deposit method in the casino cashier.
The prepaid MasterCard allows you to withdraw cash from ATM’s and make purchases anywhere MasterCard is accepted. For an added sense of security, opt for the virtual MasterCard to generate a single card number for short term use and help to cut down your risk of fraud. Each of these products are separate from the e-wallet and must be funded separately.
Among the most critical aspects when shopping e-wallets are the fees. So, what can you expect? Let’s start with the free stuff.
No fee for:
- Bank or wire transfer funding source
- Monthly maintenance
- Receiving money
- Sending money
- Balance check
- Online statement
To gain some perspective on some of the fee rates, funding your account with Visa or MasterCard came with a 1.2 – 2.9% fee in April 2017, while ecoPayz charged 1.69 – 2.90% and Neteller topped them both at 1.9 – 4.95%. Check the latest fees list for your region and local currency.
The Bottom Line
Nothing is perfect. One may argue that requiring separate funding for the MasterCard separately is an inconvenience, while others may see this as a great security feature since a data compromise of your card details would not affect the balance in your e-wallet account. It’s down to a matter of preference.
Eliminating charges like the monthly maintenance fee is a step in the right direction and we’d say they’re on the way up as long as they don’t revert back to their old ways.
uPayCard Payment Method Fees and Facts
1. What security measures does the service apply to keep their customers’ private details and funds protected?
The company is fully licensed by the Financial Conduct Authority, and operates under optimal circumstances. SSL protocol and encryption standard requirements have also been met. What is more, they are fully compliant with Know-Your Customer and Anti-Money Laundering regulations, as well as Counter Terrorist Funding.
As for newer measures that allow the individual user to feel more in control of their own account, the service has additionally enabled dual-factor authentication as an option. By activating it, you will make sure to require a one-time-use code for all your activities – logging in, sending money or making payments.
2. What are some of the major online gambling markets that have restricted access to uPayCard’s services?
While the uPayCard is accessible in many locations worldwide, there are still some major markets it hasn’t managed to cover. Therefore, online casino players from these regions won’t be able to make use of the payment method for deposit and withdrawal purposes. Such markets include the United States, India, Turkey and Azerbaijan, among others.
3. Are there any cryptocurrency options for uPayCard account holders?
The uPayCard service aims to keep up with the latest trends, and crypto is definitely one of them. Account holders can now make use of several major crypto tokens through this payment method, and make both deposit and withdrawals to their top crypto casinos. This includes the following cryptocurrencies: Bitcoin, Litecoin,Ethereum, and as of recently, Ripple.
This is the result of the change in ownership of the specific banking method, moving under PAP Onpoint Services Ltd.
4. Are there any withdrawal fees I may be subject to when cashing out my online casino winnings?
The company prides itself on being able to adapt to the needs of their user pool, and has managed to retain and attract many new clients due to lower or eliminated fees. Such is the case with sending and receiving money, as well as account activation and maintenance.
As for withdrawals, uPayCard users are subject to a specific fee of EUR10 for EU users, i.e. EUR25 for non-EU every time they cash out using direct bank transfer.
5. What are some of the accepted fiat currencies I can use to process payments via this payment method?
Aside from cryptocurrencies, users are able to enjoy speedy, secure and low-fee transactions in about 20 currencies. The Euro and US Dollar are the primary options, although transactions are also available in CAD, CHF, AUD, GBP, NOK, SEK, ZAR and DKK, among others.
6. Can I use this banking method for my mobile casino?
Yes, uPayCard has been fitted for mobile use, as the company launched an inherent app for easy, fast and secure access to respective accounts. All you have to do to use this payment method at your mobile casino of choice is select it from the list of deposit/withdrawal options and follow the standard procedure of making a payment via the service.