Using Vyne at online casinos
Vyne speeds up transfers by asking users connect with their bank account via Open Banking. This allows online casinos to accept payments from customers without the user having to input their long card number every time they transact.
As well as boasting payments that can be completed in seconds, Vyne also offers strong protections against fraud. Know Your Customer (KYC) checks and Secure Customer Authentication (SCA) fraud controls can be carried out quickly with Vyne, which also offers reassurance to the customer that the site they are depositing at is genuine.
Our expert team here at WhichBingo has taken a detailed look at the best bingo sites that accept Vyne, as well as the leading Vyne casino sites, to help you choose the best places to play where you can use Vyne to fund your account.
The advantages and disadvantages of using Vyne
Pros
- Access your funds almost instantly –When using bingo and casino sites that accept deposits and make payments with Vyne, you can have access to your funds from your e-wallet almost instantly. Vyne uses Open Banking to offer payout options that bypass the card networks that can slow down deposits and payouts at other sites.
- Vyne cuts out the middleman –Vyne uses account-to-account payments to remove the need to use debit or credit cards to make deposits at online casino and bingo sites. This speeds the whole process up dramatically and enhances the security of the transaction as both the customer and the merchant know who they are dealing with. That’s why account-to-account payments are making up an increasingly large proportion of online payments in all sectors.
- The risk of fraud is reduced with Vyne –When making payments directly from your own verified bank account using Vyne, the online casino site you are playing at knows exactly who you are. This means that Know Your Customer checks and Secure Customer Authentication checks can take place quickly and seamlessly, making the experience for users much more satisfying.
- No account required – Vyne is completely free to use, and you do not need to have or open an account with Vyne in order to use it as a payment method.
- Vyne is an award-winning payment method –Vyne won the 2022 Future Digital Award for Open Banking Innovation, fending off strong competition in the Fintech and Payments category. The award recognised Vyne as an impactful service that is driving innovation and growth in the sector.
- People enjoy using Vyne – While Vyne is still quite a new name when it comes to selecting payment options at online casinos, it has earned a strong reputation in its first few years. Sites that have been offering Vyne for a number of years have reported more than 60% uptake of the payment method among their customers.
- Vyne is FCA-authorised –Vyne is a limited company that is authorised and regulated by the Financial Conduct Authority (FCA). This means that when you use Vyne for deposits and payouts at online casino sites, you can rest assured you are using an Authorised Payment Institution.
Cons
- Still the new kid on the block – Vyne remains a new payment system and, while it is growing quickly and achieving success, it has yet to become established as one of the more common payment methods available in online casino, bingo and igaming sites.
- Withdrawals often not available – At a number of the sites where Vyne is offered as a deposit method, players are unable to withdraw using Vyne. As it becomes more widely available there may still be restrictions attached.
Banking with Vyne
An ever-increasing number of bingo sites and casinos online are offering Vyne payments to their players, due to the success and popularity of the Vyne system. That said, it is still worth taking a detailed look at the way Vyne works before you make the decision to use Vyne to make deposits and withdrawals yourself.
Deposit and withdrawal times
Vyne casino sites and bingo sites with Vyne give players the opportunity to make deposits and access payouts instantly, thanks to the account-to-account payment system at the heart of Vyne’s technology. The experience of using Vyne for deposits and withdrawals is quick and seamless, meaning players do not have to wait around for their deposit to land in their site account, or for their payouts to come the other way. Vyne’s system dramatically reduces the time that payment providers ordinarily spend on security checks, because with account-to-account payments there are much stronger protections against fraud. As such, any withdrawals can be accessed directly from your e-wallet as soon as the bingo site or online casino you’re playing at makes them available.
Ease of opening an account
You do not need a Vyne account to use Vyne as a payment method, because Vyne uses the Open Banking system. Instead of filling out your card details as you might expect to do when paying by debit card at an online bingo or casino site, with Open Banking you simply give Vyne permission to connect you with the site you’re playing at. This permission is usually granted using your mobile banking app. The process is simple: you choose Vyne as your payment method, click on the banking app that you use, then confirm your transaction in your banking app.
Fee structure
There are no charges for making deposits into your account at Vyne casino and bingo sites. Likewise, there are no charges for transferring money to another account holder or for making purchases in GBP. Vyne simply allows money to move between accounts quickly and securely, so there are no fees incurred by the customer.
Our final thoughts on Vyne
Vyne is an exciting newcomer to the payment methods landscape in the online bingo and casino sector, offering a frictionless way to move money between accounts. At the heart of Vyne’s ethos is making sure payments are quick and easy for consumers to conduct, and the experience users can expect is seamless, fast and safe.
Anyone who loathes having to input their card or bank information when using casino or bingo sites will appreciate Vyne’s system, which utilises a secure connection between the site and your personal bank so that there is no risk of your details being exploited or money arriving in the wrong account.
Bingo and casino sites are incentivised to use Vyne because it cuts out the expense and the friction of traditional payment solutions, which are burdened with extensive and slow security and fraud checks.
Reassuringly, Vyne payments are protected under the Consumer Rights Act (just like cash and debit card transactions), and in the unlikely event that a payment is misdirected, Vyne will reimburse you under the Financial Conduct Authority regulation.
Vyne is a relatively new service and is not as widely available at online bingo and casino sites as other payment solutions. However, its streamlined user experience and merchant advantages will undoubtedly lead to more and more sites offering Vyne as a payment method in the near future.
Author
Sam is passionate about all things bingo and has more than 10 years’ experience of writing about the game in its online and land-based forms, as well as casino, sports betting and gaming. When he’s not testing and reviewing the latest online bingo sites, Sam stays abreast of developments in the industry through his extensive network of contacts around the world.
