The New MiFinity eWallet

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Gone are the days when casino players depended entirely on credit cards and debit cards. Alternative payment methods like ewallets have been accepted for years, but a widespread group of players are at last using these at their favourite casinos. But now there is a new option in the form of the MiFinity eWallet.

Understanding the MiFinity eWallet

The MiFinity eWallet comes from a relatively experienced payment provider in the form of MiFinity Payments, which used to go by the name of NXSystems. The company had been known for its payment work in industries like hospitality, travel, and igaming. But now the plan is to step up its presence in the igaming industry.

But the igaming industry is already filled with popular ewallets, so how will MiFinity get gamers to switch over? Well, the focus appears to be on streamlining the global act of transferring money to and from online casinos and igaming sites. MiFinity has promised gamers ‘a seamless and flexible’ service.

MiFinity Payments COO Gay Hamilton explained that his company’s offering would be more effective than its competitors because the ewallet is designed specifically for igaming sites. Hamilton believes that current ewallets are difficult to use because they have not been specifically designed for playing games.

How it Compares to Other eWallets

Starting with Neteller, both ewallets are similar in that they allow for users to connect a payment method and make deposits without sharing bank details. But the honest truth is that Neteller is already far ahead in terms of acceptance and it will be extremely difficult for MiFinity to close the gap.

PayPal is the second ewallet compare. Again, both of these ewallets can be funded using an external payment method and will protect users from sharing financial details online. PayPal is not quite at the level of Neteller for acceptance at igaming sites, but will still be far ahead of MiFinity eWallet.

The only obvious advantage for the MiFinity eWallet is that users will be able to use exclusive MiFinity Payments’ products like PayMyCard and PayAnyCard. Those are promised to deliver local bank rates due to the established networks of the company.

MiFinity eWallet Now Available

The ewallet was officially launched at the ICE Totally Gaming conference from 2-4 February 2016. Users can go to MiFinity’s website to sign up for the ewallet. Users will then be linked to where they need to go to create their account. And while this news is a positive for the company, the truth is that partnerships need to be secured with major operators. There has to be casinos that accept MiFinity for this ewallet to even work.

Will Casino Players Benefit?

Well, it could be great if online casino players can get the lower international conversion rates that have been promised. Improved compatibility would also be great, but the current ewallets leading the market work just fine. At the time of launch, MiFinity casinos were frighteningly far behind the market leaders. Major investment will be needed to take on Neteller and Skrill.

Read more on this topic: Payment Methods to Go