Credit Card Initiative for iGambling
Credit Card Initiative for I-Gambling developed in Ireland. GRAI, The Gambling Regulatory Authority of Ireland has reportedly created a partnership with the Irish Banking Board, IBCB, to allow players to block their bank cards from use on gambling sites. Member banks such as AIB, Bank of Ireland and PTSB are following countries such as Sweden and other nations to clamp down on gambling.
In this article
- Frame work of gambling with credit cards
- Pro and Cons of playing with credit cards
- Credit card casinos
- What is a credit card?
- FAQ to credit card casinos
Frame work of gambling with credit cards
Some 200 Members of the IBCB have applauded the introduction of the new safety measure. The Irish market has now embraced the ability to allow players to block use of their credit cards for online gambling.
Credit cards and Online Gambling
Credit Card are accounting for 99% of all casino and betting transactions in Ireland. Most of those transactions are online and cards are the easiest way to close a transaction.
With the latest implementation , Ireland follows Gamestop, the equivalent in the UK , with their approach to responsible gambling.
The program of Commitment of care includes simultaneously the develop of training programs for banks, supportive employee training and the ability for bankcard holders to block voluntarily their credit card.
What is a Credit Card?
To answer what is a credit card, we need to dive a little bit deeper into the history of finance. The earliest beginnings are in the 1900s, when restaurants and store cards were introduced. The classic BUY now PAY later was then manifested with the first Credit card launched in New York in 1950. Diners Club Credit Card.
How does a credit card work today?
The breakthrough came in the 1970-1980s with the magnetic strip. The use was made easier and more secure. The next step came only 20 years later with the introduction of EMV, or chip technology. Around 2010, Contactless payments , virtual cards, mobile wallets such as Apple Pay, Google pay and Revolut became common.
A credit cards are easy to work with – A bank issues a credit line associated with an account for your daily use. The customer can make purchases, balance transfers, or get cash advances. In all cases however, the customer has to pay back a minimum monthly payment.
