Visa payments at online casinos
Visa's credit card made its original appearance in 1958 as Bank Americard, part of Bank of America's credit card program, and was renamed Visa in 1976. It represented the first successful implementation of an all purpose credit card, a product in dire demand at the time. According to The Nilson Report in 2019, Visa held a 53% market share of the credit card marketplace by purchase volume in 2018.
Visa credit cards work like all other credit cards; i.e. you are able to make payments up to a credit limit set on your card. The online casino collects the payment from the card issuer, usually your bank, to whom you then repay the amount. At the end of the month you are issued a card statement, where you can choose to pay off the whole amount due or pay in monthly instalments.
Due to the potential for the abuse of credit by problem gamblers, players in some jurisdictions (notably the United Kingdom as of April 2020) cannot legally use a Visa credit card to deposit at an online casino. However Visa debit or Electron cards attached to a bank account where adequate funds are held at the time of transfer will usually work fine.
Visa uses a tool called "Verified by Visa" to determine whether the card number that has been entered online is valid and that there is sufficient credit; whereupon your transaction is approved by Visa. When purchasing at online casinos a Card Not Present (CNP) transaction is used, as you are unable to enter your pin or sign a credit card slip. Since fraud is possible this way, merchants pay higher rates for these kinds of transactions and the security on the transfer is higher from the financial service company.
Previously Visa's debit card was known in the States as Visa-check card and in the UK as Connect and Visa Delta. Nowadays the name Visa Debit is used everywhere. The card is attached usually to your current savings account at your bank. If you have an agreed overdraft you will be able to make payments with Visa Debit as it allows for them. This is the card's advantage over the Visa Electron card which can only make payments if all the funds are available in your account. Many online companies do not have systems that can check for this and thus Visa Debit is more widely accepted, in the real and online world.
To use the card you will need to punch in the card's number and expiration date as you can use the card with the CNP (Card Not Present) transaction when online. The funds will then be instantly debited from your bank account.
Visa Electron is an alternative form of debit card to the Visa Debit card. It is only linked to accounts that can't be overdrawn, such as basic bank accounts for people who do not want or are not allowed credit or overdrafts. Therefore when using a Visa Electron card you must have all the funds available at the time of payment. Many online casinos accept Visa Electron and you may play safe in the knowledge that you are not spending more than you can afford.
Further information about Visa is available here: Visa website