A new payment system has hit the market. The MiFinity E-Wallet is the newest online payment system to serve the gaming industry. Developed by global payments provider MiFinity Payments, this e-wallet seeks to mitigate many of the payment challenges faced by online gamers. We’ll be looking into the MiFinity eWallet, with the aim of discovering what gamers can expect from the new system.
What is MiFinity?
MiFinity is an e-wallet. An e-wallet is an online wallet where consumers can store payment details, giving them an added layer of protection and security during online purchases. MiFinity is a new system which can send money from anywhere in the world to any other location. E-wallets are known for carrying out seamless payments, making mobile purchases far easier.
Users can load funds or carry out withdrawals using any Visa, Mastercard, China Union Pay credit or debit, prepaid or virtual card using the MiFinity PayAnyCard and PayMyCard products. The system includes fraud monitoring controls and authentication systems which are inevitable to mobile gamers. Online betting transactions often fall into a high-risk category, due to the risk of money laundering and geographical issues affecting the sector.
How does it compare to other e-wallets?
MiFinity faces some competition in the e-wallet sector. PayPal and Neteller both present a similar product to the market. PayPal has been available since 1998 and is used widely in the retail sector. It also has the capacity to make transactions all over the globe. The brand has branched into the online gaming world with a high level of success. As many already know the brand from use in retail transactions, it is often attractive to stick with the same e-wallet for gaming transactions.
Neteller offers the market something slightly differ. Owned by the Paysafe Group, this e-wallet comes from a company with a vast array of payments knowledge. Paysafe Group are a registered partner with Mastercard, which allows them to offer their users a prepaid Mastercard. Players can use this card anywhere that accepts Mastercard. It can be used to fund an account and withdraw winnings.
Unlike both of these systems, MiFinity e-wallet was developed with gaming in mind. It was developed solely for use in this industry alone. Therefore, it is uniquely suited to adapt to the challenge specific to the gaming sector.
When will it be available?
MiFinity is already available. The company debuted the product in London on 2nd February 2016.
How is it great for mobile bingo?
As we mentioned earlier, MiFinity is the only e-wallet developed specifically with the mobile gamer in mind. Therefore, ideally placed for use in mobile bingo. We expect to see many bingo sites that accept MiFinity bingo, to start appearing on our radar.
The gaming sector is tasked with finding a payment system that offers increased protection against fraud and the ability to make payments quickly. As there is only one source of service, gaming operators can offer players a flexible experience. The system has a wide range or reporting capabilities and real-time monitoring to lower the risk of fraudulent transactions.
MiFinity bingo may just become the newest sensation to hit the web. Tailor made for the online gambling industry, this e-wallet looks to set new standards.