Entercash is a rapidly growing Fintech payment method for depositing and withdrawing at online casinos in the UK and elsewhere in Europe. It was founded in 2011, and now runs out of Malta. It is regulated by the Malta Financial Services Authority (MFSA) and is fully compliant with the third EU directive of Anti-Money Laundering Guidelines. Entercash Ltd operates under the supervision of the Central Bank of Malta.
Entercash is a very safe and secure way to pay for goods online, as well as for making online casino deposits. Today, the Entercash network covers 18 countries, 4,300 banks and serves up to 100 million consumers.
How does Entercash Work
Entercash is similar to payment methods such as giropay, sofort and Trustly. You do not need to register an account specifically with Entercash, and you do not need to link it to a credit card or a bank account. If Entercash is a payment option on the casino of your choice when making a deposit, then select it when attempting to make a payment. Then all you have to do is follow these easy steps.
- Login – Select your bank, and gain access with your usual online banking digicode/username/password.
- Select Account – If you have multiple accounts with your bank, such as a checking or current account, or even a savings account, then select the one you’d like to pay from.
- Sign – By completing the usual verification process attached to your bank’s security, you can sign off on the transaction. These could be either with a code or a signature. Many customers these days have phones with fingerprint recognition technology. If your phone has this capability, and you have linked your fingerprint to your bank account, then a quick fingerprint scan will verify the transaction.
- Complete – And that is that! The transaction is complete and the funds have been transferred. You will find confirmation of your payment in your bank statement. The transaction should appear as “Entercash” on your bank statement. That does not mean that your funds have gone to Entercash. It simply denotes that your payment was processed through them.
Advantages & Disadvantages
As with other similar payment methods, the one downside is that not many casinos offer Entercash at this stage. Though not that common currently, it should become more widespread. There is certainly a desire amongst consumers to reduce extraneous third party interfacing. Even e-wallets, designed to collate all online financial activity in one place, have a fair amount of unnecessary registration administration that must be completed before a first payment can be made or received.
In Inside Casino’s humble opinion, payment methods that go through your bank are the future. The UK is starting to catch up with this idea now. If the casino that you have just joined has Entercash as a deposit option, then select it today. On this page, you’ll find the casinos that offer Entercash as such an option.