Online casinos allow you to gamble with unparalleled convenience. However, several factors affect a player’s experience. One such is the payment method available in an online casino. Operators in Kenya offer diverse banking methods for flexible deposits and withdrawals. The two most prominent ones are MPesa and cryptocurrencies, such as Bitcoin. Although both payment gateways perform similar functions, they appeal to different players. M-Pesa is for individuals who prefer fiat casino deposits. In contrast, cryptocurrencies are for crypto enthusiasts. As you can expect, both banking options have advantages and disadvantages. In this guide, our experts will compare M-Pesa and crypto to help you decide which is for you.
In this article
Brief Overview of Payment Methods for Casinos M-Pesa Crypto Main Characteristics Comparison User FriendlinessPayment Processing Speed Service Fees Security and Data Protection To Sum Up
Brief Overview of Payment Methods for Casinos
Here is a quick rundown of the two banking options before we compare their features.
M-Pesa
M-Pesa or Mobile Pesa is a mobile phone-based money transfer service. It was founded in 2007 by Safaricom and Vodafone. M-Pesa is the largest mobile network operator in Kenya. Nonetheless, it is active in nine other African countries, including South Africa, Egypt, and Ghana. The casino payment option has 60 million active users across Africa and completes one billion daily transactions. Plus, a mobile app for iOS and Android helps you send or receive money and make quick payments.
M-Pesa does not rely on a traditional bank. In other words, customers deposit or withdraw money from resellers and retail outlets. Hence, it is for gamblers who don’t have active bank accounts. Besides, the payment channel allows domestic and international transfers. Almost every online casino in Kenya accepting MPesa grants bonuses to increase bankroll. For instance, 22 Bet awards 100% up to 35,000 KES to M-Pesa users. Transactions are encrypted, and the gateway is ideal for players in regions with limited access to traditional banking.
Crypto
Cryptocurrencies are becoming popular in Kenyan casinos due to their sophistication. Players enjoy a high degree of privacy. Bitcoin and altcoins are decentralized. Put differently, they are not controlled by a bank or financial institution. As a result, you don’t need to provide a bank or personal information to complete deposits. Instead, cryptocurrencies use wallet addresses. This feature allows you to gamble anonymously.
Bitcoin casinos charge lower fees than traditional online casinos. Besides, transactions are also faster. Blockchain technology secures transactions, making it impossible for hackers to alter records or steal data. The blockchain verifies each transaction through cryptography. A cryptographic hash also guarantees provably fair gaming. Instead of relying on a third-party organization, the hash ensures neither the player nor the casino can manipulate game results. Some Bitcoin casinos are leveraging extended realities to create an immersive gaming environment. Plus, smart contract automates gaming, payouts, and bonus distributions.
Main Characteristics Comparison
In this section, we’ll compare the two payment options and highlight factors to consider before choosing.
User Friendliness
M-Pesa is easy to use. All you need is your phone number and password. The payment method is suitable for everyday users, as it doesn’t require specialized knowledge. Since MPesa is popular in Kenya, the learning curve is minimal. That said, Safaricom outlets and customer service centers offer a robust support system.
Crypto has a steep learning curve, especially for customers new to the concept. To fund a casino account, you need a crypto wallet and must understand blockchain technology. Plus, the customer has to be familiar with exchanges to buy and sell cryptocurrencies. Finally, the support is limited, as users rely on community forums or online resources for troubleshooting.
Payment Processing Speed
M-Pesa transactions take anywhere between a few hours or days before they reflect in the casino account. According to the recent collaboration with PayPal in its FAQ page, funds transfer takes between two hours and three days. The payment speed depends on the amount transferred.
Crypto deposits are almost instant. Network congestion during peak hours may affect the speed of Bitcoin. However, altcoins like Ethereum, Litecoin, and Ripple or a stablecoin like Tether offer faster transactions.
Service Fees
M-Pesa fees vary by amount, outlet, and whether the payee is registered. Here is a breakdown of the rates:
Safaricom charges up to KSh66 for KSh10 – KSh500 transfers to an unregistered user.Registered users incur KSh27 or 5.4% – 27% for the same amount. The fee is KSh110 for a transfer of KSh50,001 – KSh70,000. The maximum you can transfer to a non-registered user is KSh35,000, and the fee is KSh275. Cash withdrawals incur KSh10 for KSh50 – KSh100 or 10%-20%. Players incur KSh330 for withdrawing KSh50,0001 – KSh70,000 or 0.47%-0.66%.
On the other hand, low network fees apply to cryptocurrencies. The network fees can spike during peak hours or if you’re using Ethereum. Nonetheless, you can always explore alternative digital currencies. For instance, the average fee for using Litecoin is less than $0.10, while Ripple and Solana are less than $0.001.
Security and Data Protection
M-Pesa transactions are protected by PIN. Safaricom also uses its robust encryption data to safeguard users. That said, customers need to share phone numbers and identification in some instances. Cryptocurrency relies on blockchain technology. Hence, players enjoy the highest crypro security level. Transactions are anonymous, and you don’t need to share personal information.
To Sum Up
M-Pesa is simple and accessible for Kenyan players. Its widespread adoption means you won’t struggle to find an online casino that accepts M-Pesa finances. However, cryptocurrency stands out for its lower fees, enhanced privacy, and transaction speed. In the end, the choice depends on familiarity with the deposit method and individual priority.