When it comes to online casino payments, choosing between PayID and cryptocurrency can be challenging. Both methods offer fast and secure transactions, and you’ll find them at majority of the best online casinos in Australia. But both payment methods tend to cater to slightly different needs and player preferences.
In this guide, we’ll explain the essential features of each payment method. We’ll compare the two, highlight some things to watch out for and help you decide whether a PayID casino is right for you – or if you’re better off using crypto when gambling online.
What Is PayID?
PayID is a real-time payment system developed specifically for Aussie banking customers.
It links your bank account to a simple, easy-to-remember identifier, like your mobile number, email address, or ABN, helping make your transactions quick and hassle-free.
PayID is integrated with Australia’s New Payments Platform (NPP), which offers instant deposits and withdrawals with a high level of securityAustralian Payments Plus – New Payments Platform# Show references.
What Is Cryptocurrency?
Cryptocurrency is a digital currency secured by blockchain technology. It offers decentralisation, anonymity, and fast global transactionsRBA – Digital currency# Show references.
Some of the most popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are widely accepted at online casinos. And you’ll often find casino bonuses specific to those cryptos, which can be attractive!
Unlike traditional payment systems, cryptocurrencies let you make transactions without needing a bank, offering increased privacy, anonymity and reduced transaction fees.
PayID vs Cryptocurrency
Let’s examine how each payment method performs on some of the most important features when it comes to making online casino transactions.
| Feature | PayID | Cryptocurrency |
|---|---|---|
| Speed | Instant deposits and withdrawals | Varies (from minutes to hours, depending on the crypto and casino) |
| Fees | Typically free | Network and exchange fees apply, but fees are very low compared to traditional methods |
| Security | Bank-level encryption | High-level blockchain security |
| Anonymity | Low (linked to bank accounts) | High (no personal banking info needed) |
| Ease of Use | Easy for Australian players | Requires wallet setup and basic crypto knowledge |
| Withdrawals | Fast but dependent on the casino | Typically faster than traditional methods |
| Transaction Limits | Bank-dependent | Depends on platform and currency |
| Regulation | Governed by Australian banking laws | Regulated as a digital asset, subject to tax and AML laws. |
Things to Watch Out For
While both PayID and cryptocurrency offer fast and secure payment solutions, each comes with its own set of challenges.
Learning about potential pitfalls can help you avoid common issues like transaction delays, unexpected fees, and security risks.
Let’s take a look at what you should be cautious of when using each payment method – to give you a smooth and hassle-free experience when gambling online.
PayID:
- Although PayID offers
instant transactions
, some casinos may have withdrawal processing delays. - You’ll need to have an Australian bank account already (or set one up).
- Daily PayID transaction limits might apply depending on your bank’s policies.
Cryptocurrency:
- Crypto is highly volatile! Which can affect the value of your deposits and withdrawals.
- Transaction fees may spike during periods of high network traffic.
- Compared to other payment methods, crypto requires technical knowledge to set up wallets and understand blockchain transactions.
Transaction Limits
Transaction limits can affect how much money you can deposit or withdraw. These can apply per transaction, and/or you may also have daily limits in place.
These limits will vary depending on your chosen payment method, your bank, and the online casino’s policies.
Understanding these restrictions can help you plan better if you’re looking to make larger transactions. It can also help you avoid declined payments and keep you playing without interruptions.
- PayID
: Your bank typically sets
transaction limits
, which can be adjusted through your banking app or by contacting your bank. The limits usually range from $1,000 to $20,000, depending on your account settings and verification status. - Cryptocurrency
: Limits depend on the casino and your specific crypto network. While some casinos have no upper deposit limits, withdrawal caps can vary based on the casino site’s policies.
Australian Regulation & Legal Considerations
Understanding the regulatory framework for payment methods is one way to keep your online transactions safe and secure, especially when gambling online.
Some methods, like PayID, are heavily regulated by Australian financial authorities. But others, like crypto, operate in more decentralised and less regulated environments.
Knowing the legal implications of each payment option can help protect your funds and make sure you’re complying with the law.
PayID transactions are fully regulated under Australian banking laws. It provides strong consumer protections and has solid fraud prevention measures in place.
While crypto transactions are legal in Australia, digital assets aren’t typically prescriptively regulated. Certain digital asset businesses must register with the Australian Transaction Reports and Analysis Centre (AUSTRAC), which ensures helps manage risk around anti-money laundering and counter-terrorism financing. Digital assets that meet the definition of ‘financial product’ under the Corporations Act 2001 are also subject to regulatory oversight by ASICParliament of Australia – Overview of digital assets markets and regulation# Show references.
Which Should You Use?
Use PayID if you prefer a simple, fast, and fee-free payment system directly linked to your bank account.
Use cryptocurrency if privacy, faster withdrawals, and international transaction capabilities are your top priorities.
Conclusion
Both PayID and cryptocurrency offer unique advantages for online casino transactions.
For players looking for a straightforward, secure, and fee-free payment method, PayID is the clear choice.
But, if privacy, a decentralised network and faster international withdrawals matter most, cryptocurrency could be the better fit, especially if you’re tech-savvy and already familiar with blockchain technology.
Article Sources
Our writers use a range of reliable sources when producing our articles. We include stats, reports, original reporting and interviews with casino industry experts. We also reference original research from reputable publishers. Our editorial policy outlines the standards our editorial team need to follow to ensure we’re always providing accurate and unbiased content for our readers.