India's iGaming industry
has seen significant expansion in the last few years. The majority of Indians
are joining the world of online gambling, and the industry is emerging to be
thriving among Indian punters.
The online gambling industry scored $62 Billion in 2019, and this figure seems projected to increase up to $250 Billion in coming years. Inspired by the advancement in technology and the ever-increasing population of India, even online casinos shift their paradigm for Indian players.
One of the most intriguing technologies introduced in India is UPI payments, and many casinos have successfully adopted UPIas their primary payment mode to offer their Indian players. UPI-based casinos have changed the entire overview of the iGaming industry. The main reason why Indian punters are so relaxed to try out offshore online gambling sites is that these online casinos offer UPI transactions for deposits and withdrawals.
What are UPI Based Casinos? Unified Payment Interface, also abbreviated as UPI, is a permanent service launched by the National Payment Corporation of India in 2016. Using UPI, you can transfer funds directly from your bank account to the receiver's bank account. Reserved Bank of India regulates the payment interface, and all the transaction seems processed under their guidance. Almost 140 Indian Banks allows their customer to make their UPI ID and address via bank's net banking account. Almost $19 billion worth of transactions are processed via UPI each month, and data is supposed to accelerate up to $240 billion in the coming year.
As per most reviews on casinofox.in its obvious that all top online casinos offer UPI payments as their primary payment method. UPI-based casinos have made it possible to reduce the day's long processing time to a few minutes.
Probably why so many bollywood and hollywood celebrities are promoting the new casinos these days. Offshore gambling sites offer almost every mobile applications that allow their users to make UPI transactions.
Some of the mobile applications available for Indian players on these offshore betting sites are Google Pay, Paytm, PhonePe, and BHIM UPI. Players can easily create their UPI wallet on any of the mentioned mobile applications by entering the bank registered mobile number and selecting your bank from the list of banks.
The bank will send you a confirmation code. Once you submit that code, you have to set your 4 - 8 digit UPI ID and are ready to make payments. Deposits and Withdrawals at UPI Based Casinos UPI-based casinos have changed the entire process of deposits and withdrawals. Now players do not need to wait for days to get their fund processed, and then they get the payment confirmation. Also, the processing charge of each UPI transaction is just 50 paise which is way cheaper than the processing charge of any other payment method; even Indian banks charge more processing cost than UPI.
One of the most common dilemmas Indian players faced during the deposit or withdrawals on the online casinos before UPI is foreign currency conversion to Rupees. Currency conversion not just takes time but also takes up extra charges.
Online casinos seem to provide the utmost comfort to players to enjoy an online gambling experience from their homes. Still, players didn't have the total comfort of online casinos because there has always been a burden to remember your account details or keep them handy in case of deposits and withdrawals.
The process of both withdrawals and deposits is pretty simple at UPI Based casinos. If you already have a UPI ID and address, enter your UPI address and ID in the payment section to complete your deposit. Each online casino has different terms and conditions for withdrawals. Ensure you are clear about the minimum wagering requirements and the maximum amount that the online casino allows you to withdraw via UPI. To withdraw the winning amount, you only need to enter your UPI address.
UPI transaction comes as a blessing, especially when you are playing in a live casino or betting on live sports. The instant transactions save up crucial time and help you focus on your strategies. Advantages of betting in UPI Based Casinos Players have unique perks while betting on an online casino via UPI transaction. We have jotted down some exciting advantages of UPI-based casinos that benefit players.
● UPI transactions are processed faster than any other card or net banking service.
● UPI offers the lowest processing charge of 50 paise on each transaction.
● Each UPI transaction is regulated by the Reserved Bank of India and hence is safe.
● Players do not have to take the headache of currency conversion. Driving force behind the growth of UPI Based Casinos There are many solid reasons why UPI Based casinos have taken over India's iGaming industry. India has had massive success in terms of technology over the decades.
Now almost every person you encounter has a smartphone with internet connectivity. India has made a significant advancement to provide each citizen with cheap data usage facilities. Ever since India took a step towards digitization, there has been tremendous growth in the number of players interested in online casinos.
Many UPI-based casino games like Teen Patti, Andar Bahar, Rummy seem the most played casino games in India. Online casinos with these famous Indian casinos offer players instant deposit and withdrawal the cash amount into their bank account. Population with the added ease of UPI transaction is another reason why UPI-based casinos are striking their way in the iGaming industry more effectively than ever.
Even though offshore casinos are not answerable to the Government of India, UPI as a payment mode has always provided security to players because each transaction is regulated under the Reserved Bank of India and hence tested and safe.
Since UPI transactions seem commonly used by Indian players in their daily lives and even for the smallest amount, there is an in-build among Indian players for UPI transactions. The tremendous growth rate of the UPI-based casinos shows no sign of slowing down in the future. The markets seem to rise to 400% in the next few decades.