As online casino players, we have many options in how we approach our gambling. From the games we play to the bonuses we prefer, it all comes down to personal preference at the end of the day. Most players have one or two preferred payment methods to fund their gambling activities. Whether that is an e-wallet, a pay by phone option or just your standard card payments, we all have our favourites. Recently, mobile-only banks have been coming to prominence. For those of you who aren’t in the know-how, they function exactly as they sound; Customers of these banks can only access their bank accounts on mobiles. So, that got us thinking, what are the benefits of mobile-only banks and, what do mobile-only banks mean for online gambling?
What’s the Fuss All About?
Most of us are at least partially acclimatised to the world of mobile banking. And, let’s be honest, banking apps are very user-friendly and simple to navigate. But things have gone a step further over the last couple of years with the advent of mobile-only banks. Mobile-only banks are becoming increasingly popular, providing their customers with effortless banking in the most modern fashion. There have been over 1.2 million current accounts opened with mobile-only banks in the UK, which goes to show how popular they have become. This new breed of banks have designed inventive apps, which customers use to access their account. This is the only way for customers to deal with all their banking matters with mobile-only banks. Do you think this is crazy? Although the idea might seem a bit outlandish at first glance, you can understand why their popularity is growing upon further inspection. Whether we like it or not, we are dependent on technology in the modern-day and, many of us are glued to some form of technology most of our waking hours. So, is the idea of a mobile-only bank really so otherworldly? We don’t think so. If anything, maybe we could say that these mobile-only banks are one step ahead of the rest of us dinosaurs. Let’s consider for a moment the benefits mobile-only banks bring.
- Simplicity. We can only assume that logging-in through your mobile to bank is much easier than going to your high street branch.
- Everything in one place. Bills, statements, account information, everything is under the mobile umbrella.
- Low fees. A hallmark of mobile-only banks – at least at the time of writing.
- Personalisation. Mobile-only banks tend to offer customers more freedom in how their account operates.
- Modern. If you’re a cool kid, what could be cooler than a mobile-only bank?
- Stylish debit and credit cards. Out with the boring and old and in with the bright and colourful new
Ultimately, although some are still unconvinced and unimpressed by mobile-only banks, the fact is that they are emerging as genuine alternatives to traditional banking methods for many people.
Top 3 Mobile Only Banks
So, with that being said, who are the frontrunners in the mobile-only banks race? Here are three of the most popular mobile-only banks.
Starling released the very first app-only current account in March of 2017. The Starling current account is the only mobile-only bank which offers interest on current account balances, currently 0.5% up to £2,000 and 0.25% up to £2,500. Customers can also set up direct debits and standing orders with Starling. As a Starling customer, you will not incur any fees for overseas withdrawals or spending, and you will also receive notifications on your phone after every payment should you wish.
Mozno Bank claims to have well over 1 million customers at the time of writing, and almost a third of them are over 40! Monzo customers can enjoy the usual benefits of a current account complete with a debit card and the possibility of setting up bill payments, standing orders and direct debits. Monzo have focused on creating a product which will appeal to regular overseas spenders, and this is their biggest differentiating aspect. Monzo customers can take advantage of free overseas withdrawals of up to £200 every 30 days. There are also no fees when making online transactions in a foreign currency.
This quirky mobile-only bank is everything you would expect with a very modern feel. Atom is not actually a current account bank, and instead offers mortgages and fixed savings accounts. Atom offers some of the very best interest rates around, and this is the bank’s big appeal. Their fixed rate accounts range from just one year to up to five years and you can open an account with as little as £50.
Online Gambling and Mobile Only Banks
So, what does this all mean for the online gambling industry? Well, the bottom line is that many online casinos may have already received payments from mobile-only banks. The debit cards of mobile-only banks which we have seen are Visa and Mastercard cards. This means that players will be able to use these cards to fund their casino transactions. Therefore, mobile-only bank deposits at online casinos are probably already happening! Mobile-only banks could actually be a great option for players moving forward. Considering most us play on our mobiles, having a mobile-only bank makes sense. We will be able to take advantage of seamless navigation from the mobile casino to our bank account should we need to. Furthermore, mobile-only banks typically do a good job of categorising spending into different sections in your account. What better way to keep an eye on your casino spending than this? This could prove to be an invaluable tool for those gamblers who are spending a pound or two too many.
What Can We Draw From all of This?
Mobile-only banks are definitely on the rise, and this looks set to continue for the foreseeable future. Whilst not everybody is convinced, their growth and the benefits they can bring a certain type of customers is undeniable. Ultimately, online gamblers are not going to be affected whatever happens. They will, of course, still be free to use whatever payment method they wish. If a player happens to have a mobile-only bank, using it for casino depositing could actually be a very good option. Whatever happens, are you convinced by mobile-only banks? Do you think they are a gimmick or something to get excited about? Leave your comments below to get the conversation started.