UPayCard – A New Payment Method for Online Casinos?
If you know your way around digital money transfers, and you probably have used PayPal before, you might have heard about UPayCard. We first heard of them because they were the Platinum Sponsor for the iGB conference in Amsterdam, one of the largest gambling conferences in the world, and they are going to sponsor next year’s iGB conference in London as well. Since we are all about online casinos, we naturally got excited and wanted to find out a little more.
What is UPayCard
UPayCard is an e-wallet that lets you make online purchases, transfer money to other UPayCard account holders worldwide, and withdraw funds instantly & securely, all in 20 different currencies. It’s as easy as opening a free account, and you’re good to go. What’s great is that UPayCard also offers free physical cards, which you can use for in-store purchases or withdraw money from the cash machine globally. All physical cards are prepaid cards, which means you have to transfer money onto them before you can use them anywhere.
For those of you that have experience using cryptocurrencies, such as bitcoin, for online purchases, there is good news. With UPayCard, you automatically get a crypto wallet, which allows you to send, receive and buy Bitcoin, Ethereum, Litecoin and Ripple, and exchange them into any available currency.
Is UPayCard safe?
Safety & security is crucial when it comes to making money transfers. You want to be sure that your hard-earned money is safe and you won’t fall victim to fraud or hacking. UPayCard has various fraud prevention processes in place and is authorised and regulated by the Financial Conduct Authority (FCA) of the United Kingdom, under the Electronic Money Regulations for issuing of electronic money and provision of additional payment services. Legal jargon, we know, but basically it means that UPayCard has to go through the same screening processes like any other financial institutions in the United Kingdom.
Financial Conduct Authority (FCA)
The FCA is a financial regulatory body in the UK that regulates firms providing services to customers and maintains the integrity of the financial markets. The FCA is responsible for the conduct of almost 60,000 business with over 2 Million employees.
We highly rate UPayCards transparency when it comes to fees. It’s all publicly available on their website, and you don’t even need to sign up for it. Have a look at the tables below where we’ve compiled all fees, whether its account to account, deposit to the account, withdrawals, and more.
Deposit to Account
|Mastercard transfer||1.2 – 2.9%|
|Maestro transfer||1.2 – 2.9%|
|Visa transfer||1.2 – 2.9%$|
|American Express transfer||0.25 EUR + 3.9%|
|Paypal transfer||0.35 EUR + 7%|
|iDeal transfer||0.5 EUR + 1%|
|Skrill/Neteller transfer||0.29 USD + 3.8%|
Withdrawal from Account
|Bank/Wire||10 – 25 EUR|
The reviews for UPayCard are somewhat mixed. Some people love the simplicity of the app and the customer service while others show frustration around the document verification, which seems to take a long time and is required before you can withdraw larger sums. The company is very new, and we often see negative and angry reviews when processes are not yet streamlined and correctly in place. We have reached out to the team at UPayCard for comment and will update this article with more information on this, but for now, we have added two reviews that show both, praise and anger.
Can I use UPayCard in Online Casinos?
Probably the question you are all waiting for is whether you can use UPayCard in UK online casinos. Unfortunately, most established casinos have not adopted UPayCard yet, at least not those available to British players. Having experience in the online gambling world, we know it’s very complex for casinos to integrate new payment methods as they have to go through a lot of legal steps, which takes time. However, with UPayCard being a Platinum Sponsor at both the iGB conference in Amsterdam and London, there is good hope that this will change over the next year. When it’s time, we will make sure to let you know!