In the world of payment processors, names like MasterCard and VISA are considered the gold standard for reliable, high-quality service in the UK and around the world. Over the past few years, however, the old guard of financial technology has been slowly destabilized by newer firms bringing fresh innovation to the typically-stagnant space.
That, of course, is barring mention the elephant in the room—that is, the UK’s 2020 ban on all gambling-related transactions made with credit cards. In light of these developments, online-based payment services like Paypal, Skrill, and Neteller have been more than eager to step up to the plate, along with newer names like Instadebit and Interac.
And then there’s the topic of iDebit.
iDebit is a relatively new firm in the payment processing space, providing a fresh alternative payment option for UK casino players to use for their transactions. The company is quite similar to Instadebit in more than just name, being both bank-based payment processors.
As a bank-based payment processor, iDebit essentially serves as the intermediary that handles the transfer of funds between your bank and the online casino, allowing the transaction to be processed more quickly and without any snags along the way.
One of the big benefits of iDebit for some UK casino players is that the site has a very straightforward setup process—in fact, users don’t even need to register an account at the site as they can use a placeholder guest account for their trasactions instead.
To transact through iDebit, the user first needs to set up the transaction with the site, specifying which online casino account the money will go into. Once this is done, all the user has to do is to deposit the amount they specified into iDebit through their bank, which can be done either online or offline.
It’s also possible to utilize iDebit to pay in your winnings from an online casino. Create an iDebit account if you haven’t already, choose the ‘withdraw funds’ option, then specify the origin and destination of your fund transfer. Your newly-acquired money will be immediately sent to iDebit, but you’ll have to wait for up to five business days before the transaction can be completed.
The safety and security of iDebit is no different from that of any other online payment method, using 128-bit encryption to ensure that all transactions are safe and secure.
In addition, your bank account information is never saved or shared with merchants, keeping your personal information safe. iDebit boasts that their servers are housed in a “state of the art data center” that can only be accessed by passing biometric scanners, with security guards on duty 24 hours a day, seven days a week.
iDebit boasts that they have “no hidden fees,” although they aren’t exactly clear on what their non-hidden fees are, either. They charge $1.50 for every transaction and $2 per withdrawal according to our sources. Merchant-to-merchant transfers appear to be completely free of charge.
Unfortunately, being a newer payment firm means that iDebit doesn’t have a particularly wide range of affiliated banks. As far as we know, iDebit only has 10 partnered banks, which understandably locks out a lot of UK online casino players from using iDebit’s services. Thankfully, this seems to be changing as iDebit is looking to expand their services to cover a larger swath of the market.
There are no personal details required to transact through iDebit, similar to other bank-based payment processors. However, as we touched on earlier, its main drawback really is its lack of coverage. The number of casinos that accept iDebit deposits is significantly lower than the number that accept deposits from Interac or Instadebit.
To recap, here are some of the pros and cons of using iDebit for your online casino transactions:
iDebit is a pretty viable option of casino players in the UK, especially thanks to its simplicity and ease of use. Online casino players who prefer to use their mobile devices to make deposits will appreciate how easy it is to fund an account. Individuals who choose to remain anonymous do not have to submit any personal information.
Sadly, both banking institutions and iGaming operators aren’t helping to sustain the service, with such low coverage. Only time will tell if the situation for iDebit will look up in the future.