PayPal is probably the largest institution around the world for all types of online payments. PayPal is the electronic method of making payments across the globe rather than sending cash and having the possibility of it being lost or stolen. It is also one of the best payment options to use when playing for real money at a PayPal casino. It allows you to deposit you money in a safe and secure way.
PayPal is known the world over for being the most recognisable and popular eWallet for making payments online. The company began life as ‘Confinity’ in 1998, but quickly merged with X.com, a fledgling online banking company created by Elon Musk. This combined company was renamed PayPal in 2001.
PayPal’s fortunes exploded in the early 2000s when it became the payment system of choice for people using eBay, the then rapidly developing online auction site. It was bought by eBay in July 2002 for $1.5 billion, but was spun off again in 2015 as a separate company.
PayPal remains the biggest eWallet globally, despite competition from the Paysafe Group (which includes Neteller, Skrill and paysafecard). It’s estimated that there are currently 200 million PayPal accounts in use across the globe.
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So, how does PayPal work?
Put simply, PayPal connects your bank account with your email account. This is a safer way of handling money transactions, as your bank details are at no point given out to any online entity, whether you’re being paid for your old junk on eBay or if you are sending money online to your favourite casino.
However, keeping your precious personal data safe is not PayPal’s only advantage. By replacing long and often hard-to-remember details like your bank account number, SWIFT code and more, all you need to remember, is your email address and your PayPal password. When receiving money, it’s even easier – all you need is to give your email address.
PayPal is an extremely convenient payment method that only asks users for one or two (maximum) pieces of information while still keeping them safe when depositing or transferring money online.
The Pros and Cons of PayPal
Let’s take a look at the merits of using PayPal for making deposits and withdrawing from online casinos. We’ll then look at the disadvantages, so you can decide if PayPal is the best online casino payment method for you.
- Extra security – all you need to pay is your PayPal email address and password
- Multiple ways to pay – link credit/debit cards and bank accounts to your PayPal address
- Manage all your PayPal account details in one place
- You can use PayPal in thousands of outlets, offline and on!
- Transactions are very fast, sometimes taking only a few seconds
- Send and receive money at any time of the day or night
- Opening a PayPal account is free
- Customer support is reportedly not the best
- Linking a bank account takes time
- Some cross-border fees apply
How do I open a PayPal account?
Setting up your very own PayPal account is easy and can be done in just a few steps. Let’s take a look at each of them.
- Step 1. Visit the PayPal website or open the PayPal app on your mobile device. Select ‘Sign Up’ to get started.
- Step 2. When requested, enter the email you wish to connect to your PayPal account as well as a password. This information will be needed to access your account so make sure you keep these details safe!
- Step 3. Fill in your personal details. These include name, address, and phone number.
- Step 4. Confirm your email account. You will receive an email from PayPal asking to confirm your email address. Click the button in the email received to tell PayPal that you are indeed the owner of that address.
- Step 5. Link your bank account. You must complete this step before you can use your PayPal account to send or receive money. Click the ‘Add/Edit Bank Account’ option from the PayPal page.
- Your bank may already be listed. If it is, enter your online banking login details to proceed.
- If your bank is not listed, you will need to enter your bank details including account number.
- To verify your account, PayPal will perform a transaction along with a code. You will need to enter that code when requested, to prove that you have access to the bank account in question. This part of the process may take a day or two, so be patient.
- Step 6. Once you’re all set up and verified, you can customise your PayPal account. Add or remove specific credit or debit cards. Send money to friends and receive money with ease. When receiving money, you will only need to quote your email address, thus keeping your other details private.
Is PayPal really secure?
PayPal itself is extremely secure. You can keep money in your PayPal account, but most people connect a credit or debit card, or their bank account to their PayPal account. You can ‘auto-approve’ any transactions via PayPal but if security is a concern, then you should set your account for all purchases to be approved. That way, if someone with bad intentions does get hold of your PayPal email address and password they will be unable to take money from your connected accounts without your knowledge.
When it comes to depositing at an online casino, there is no need for the casino to store your PayPal email address or password, as deposits are made on a payment-by-payment basis.
Deposit and withdraw with PayPal
Depositing from your PayPal account is almost instantaneous. Just go to the deposits section of your chosen online casino and enter your desire to fund your account using PayPal. You should then be taken via a pop-up window to PayPal itself in order to ratify your deposit. The money should quickly appear in your casino account.
Withdrawals can be just as speedy, but some online casinos will take between one and three days, after payment processing is complete. As with all payment methods, casinos are bound by law to ensure that their products are not being used for illicit activity. Whichever way you pay, you can expect to be asked to verify your identity.
It is also possible to connect your PayPal account to other eWallet type systems. Skrill and Neteller allow users to move money to and from their PayPal account and into (or out of) their eWallets. This adds another layer of security for users and is a much faster way to perform transactions than through a bank, which can impose waiting times.
Another benefit of PayPal is that transactions are possible around the clock. No need to wait until office hours to have someone process your request. Users can send and receive money at any time, making it a convenient way to top-up your casino account, no matter when you choose to play.
How easy is it to use PayPal?
PayPal is so popular because it is so easy to use. You can open a PayPal account simply with a valid email address. You can then fund your account on a payment-by-payment basis, or link your PayPal account to your bank account or any number of credit or debit cards.
Economists report that, after credit and debit cards, PayPal is the most popular way to pay in the United Kingdom, representing a whopping 96% of all online transactions in the UK. There’s no doubt that casino players in Britain make up a strong share of that percentage!
Why should I use PayPal?
If the financial world handed out awards for ‘ease of use’, then PayPal would win hands down. Payments can be made as easily as correctly typing in your email address! Not all online casinos accept PayPal, but an increasing number do. Check out the best PayPal-happy casinos here at CasinoUK!
Updated on 23 August 2018