New Payment Solution
Mastercard and Visa have devised a new and legal way of providing services to
online casino gamblers in an effort to abide by the law while continuing to make
their services available to the gambling public. The context that led to this
move: Internet gambling in the USA is not necessarily unlawful, but the
electronic fund processing sparks the real controversy and federal liability.
The illegal status of transferring money related to internet gambling has
hampered several banks from continuing their processing services to customers of
online casinos. Mastercard and Visa in particular, under the direction of the
Department of Justice, discontinued its processing services in the summer of
2010.
During the period that Mastercard was forced to halt the company’s services
between US gamblers and the online casinos, Mastercard inevitably lost a
plethora of commissions. However, by teaming up with InterCash, Mastercard has
finally found a viable solution by offering a new credit card service to the
gambling public. According to Patrick Seguev, InterCash’s chief executive
officer, the joint venture is a positive move forward into becoming an industry
standard, which is evident in the steps of several software providers and
operators; these have already integrated into their software package the said
safe and smart payment solution. As such, online casino players are now offered
with a much easier way of handling their funds.
The prepaid card operates and works similarly with other prepaid options, but it
has an additional feature that allows online casino players to withdraw their
funds to their Mastercard. One of the new product’s widely practical effects is
that players no longer have to use wire transfers or endure waiting for a check.
Furthermore, through their personal bank accounts players will just have to load
up their card and immediately play. |