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If anyone wants to open an e-cash site, drop me an e-mail…I think it will be in high demand no matter what congress decides about online gambling…
Can you explain this?
This is what I meant by that sentence:
1. Congress wants to outlaw direct transactions between online casino cashiers and credit cards… ie. using your mastercard to purchase $100 of chips at casino-on-net..
2. E-cash, on the other hand, is treated indifferently. If, for instance, I use my credit card to fund a gambling account through Fire Pay or Netteller, all the credit card company knows is that I used these sites to purchase e-cash…thus, a charge to “firepay” shows up on the credit card statement versus a charge to “casino-on-net”. And, they wouldn’t know whether I gambled with it or not, since these sites operate many merchant processing programs.
I am thinking that if the worse comes to pass, ie. that credit card companies no longer allow direct casino transactions, E-Cash sites will be the only way to get money into a casino account.
So, if anyone out there has some programming knowledge that could build a site like firepay etc., I would be willing to help marketing it on the net to search engines, casinos, and other outlets….as I have had some success in getting my site positioned on search engines…and I’m sure online casinos are more than happy to find a secure way to make transaction between player and cashier…
…and how does this differ from Neteller, PayPal, FirePay etc.?
This isn’t anything new, and Neteller’s days are probably numbered too, as once a provider gets tainted by the majority of their transactions being gambling based, the cc companies (may) effectively treat them as the same as making a deposit directly to a gambling site.
Yeah, I wasn’t trying to re-invent the wheel, but what you say is true…
US Law. That’s what matters.
VISA is a US company. And as long as any of their merchants are using VISA as means of payments (regardless of whether its a casino or eWallet) the US government decides what’s ok or not OK.
eWallets may be a good solution in the short run, but if you have heard of Patriot Act, and some other legislation (that prohibits money to change hands) are the instruments agains eWallets and such.
eWallets may survive for now, while ACH transactions are available. But later they will have to be a lot more creative in order to accept in-payments from worldwide customers. US will prohibit banks to allow all gaming payments (includeing ACH, wire, cc, etc)… There will be little option left for casinos (and eWallets) to accept money from US players.
Ofcourse there will be plenty of eWallets based outside US that will offer legal or half-legal means of in-payments. Actually we can see that happening. I watch what’s going on in the industry and see how many eWallets popup every week. Their numbers double every two months.
Neteller, Firepay, PrepaidATM, EvoCash, LogixPay, E-Gold, moneybookers, StormPay, EcoPay, OmniPay, c2it, ecashpay, CentralCoin, VASPay there are a hundred more.
These e-wallets will sooner or later start to accept each other as means of payments too…
I beleive there will not be a distinct leader, as more or less big companies will get hit by some kind of legislation or banks sooner or later, giving way for smaller guys to take their share. (that already happened: PayPal gave place to Neteller).
BonusTracker is right, most likely Neteller’s days will be over soon. I give them no more than a year.
But there will be other rivals. There is demand for the services, and regulation is not international. So its hard to stop the small guys from operating an eWallet. Once they get too big tho, its over.
Where is the point of balance? Too early to tell. Let’s see what happens next
Great post, Vlad.
:bigsmile:
Thanks Guys.
Nice to see you Dominique, how is your project doing?
