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Last Updated: January 19, 2018
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uPayCard used at Online Casinos
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.