For sports bettors, knowing which payment method to use when betting is crucial. They determine how fast you can start placing wagers and receive your winnings. They also need to be safe enough to ensure your money arrives at the right place.
Some payment methods are known to be more popular among bettors. Some are loved because of their processing speed, some others because of their high security measures.
Bettors need to be well-informed. It’s not just about researching team performances, players’ stats, or injury reports. Knowing how to bet safely is another thing a bettor should know. If you’re unsure of which payment method you should use when betting, here are some of the best payment methods on betting sites for Indian users.
UPI (Unified Payment Interface)
| Speed | Instantaneous |
| Security | High (no personal information required to be shared with third parties) |
UPI is one of the most common payment systems among betting sites in India. One of the examples is the Dafabet sports betting site. UPI is listed on many notable sports betting sites, but not without a reason.
UPI is a banking system officially developed by the government to provide an online payment solution for Indian citizens. Its instant payment system supports inter-banking transactions, allowing users to access the system through their mobile devices. Through one UPI app, bettors can connect the app to their banking account and use their UPI for payments.
NetBanking
| Speed | Medium (30 mins-2 hours) |
| Security | High |
When it comes to popularity, NetBanking might be ranked number one. It’s a traditional method of transferring money online. There are a few attractive advantages of using NetBanking, including:
- Easy setup
- User-friendly interface
- Convenient to use for depositing and withdrawing
- Mostly free-of-charge
Despite the many plus points that NetBanking offers users, there are still some downsides that make bettors choose other alternatives. One of them is the transaction speed, as there are several other methods offering quicker transactions.
PhonePe
| Speed | Fast |
| Security | Medium |
Indian users might have known how PhonePE has been growing in popularity rapidly over the years. It had been gaining a lot of attention, so sports betting sites available to Indian users are now offering PhonePe as a payment method.
It’s a payment method integrated into the UPI system, so security measures are high. It’s also an exclusive payment option only for Indian citizens, offering quick and easy money transactions.
E-Wallets
| Speed | High |
| Security | High |
When it comes to online payments, e-wallets have always been popular among users. They’re safe, easy to use, and usually have quick processing that only takes minutes. In addition, they’re highly user-friendly with multiple security measures. These include two-factor authentication and push notifications confirming transactions.
There are many e-wallets that top sports betting sites usually offer. The two most popular ones are Neteller and Skrill, which you can commonly find in most notable online betting sites.
The downside to e-wallets is that transaction fees are often higher than those of several other payment methods. For bettors who often make transactions, the fee can stack up and eat into their deposits or withdrawals.
Cryptocurrency
| Speed | Instantaneous |
| Security | High |
Cryptocurrencies are emerging digital tokens that are gaining popularity worldwide. One of the advantages that can be charming to many is its higher anonymity and transparency.
However, it’s still not a common payment method among online sites. More bookmakers have started to include cryptocurrencies in their accepted payment options. Bitcoin and Ethereum are the two most popular cryptocurrencies, but there are also betting sites focusing only on crypto users.
