What is Mastercard?
Unless you live under a rock with no connection to the outside world, you already know what Mastercard is. So, let’s just sum up the services before jumping into the details.
- Mastercard was launched as InterBank as a counter business practice to BankAmericard (now Visa Inc.) in the 1960s.
- There are billions of people all over the world who put their trust in Mastercard.
- Mastercard allows you to pay merchants online, shop at POS locations, send or receive money from friends and family as well as accept payments from your business customers.
- Most of the online sportsbooks that operate in India offer Mastercard as a deposit method.
- In recent years, Mastercard has withdrawn itself from gambling withdrawals. But you’ll still find it at many bookmakers.
How Does Mastercard Work?
Before we get into the details of Mastercard betting sites, we think you should know how the payment method works in the first place. Don’t worry. We won’t get into the fancy technology it uses. Rather, let’s do an overview of the process from top to bottom.
Primarily, the transactions are divided into 3 major steps. They are Authorization, clearing, and settlement. Of course, it applies to credit cards. For debit cards, it’s done within the first 2 steps.
In the authorization step, you put in the request at Mastercard betting sites to deposit into your account. Mastercard receives the request, contacts your bank, and verifies whether the merchant is secure or not. It’s an automated background process so you won’t have to waste a single minute.
On the clearing step, the Mastercard network “clears” the payment to the merchant after verification is successful.
The last step is simply you settling your tab with your bank. The “credit card bill” that you pay is for the merchant bank to adjust the ledger against your credit card. On debit cards, the last step is non-existent.
History of Mastercard
In response to Bank of America’s BankAmericard launch in 1958, InterBank was launched in 1966. BankAmericard is essentially the predecessor of Visa Inc. that we all know today. The bank sent the cards via mail to over 60,000 recipients at that time! It was quite the stunt!
Initially, BankAmericard was not profitable at all. It’s believed that BankAmericard started to get traction in 1961. That’s when the other banks realized the potential of credit cards and launched InterBank.
From 1966 to 1969, the network was known as InterBank. It was changed to Master Charge in 1969 and lastly to MasterCard in 1979. Since then, the longest era of the same stylization began. Of course, we’re referring to the unique MasterCard logo with the uppercase “C”.
Recently in 2016, it was changed to Mastercard and that’s how it is to this day.
Did you know that despite being a big corporation, Mastercard didn’t go public until 2006? And since then, it has been unstoppable. In fact, the infamous Apple Pay is a result of the partnership between Apple and Mastercard!
Mastercard in India
It wasn’t until 1988 that India got its first Mastercard. Vijaya Bank is credited to the introducer of the payment network in the country. As of now, the state-owned bank no longer exists as it was merged with the Bank of Baroda.
Since its inception in the country, Mastercard has received widespread love for its wide availability and ease of access. There are thousands of Mastercard-enabled ATMs all over India. Pretty much every major retailer or online shop now accepts Mastercard payments.
The same benefits carry over to the Mastercard betting sites. You can pay to deposit into betting sites that accept Mastercard just like you would pay for groceries!
However, there’s been a regulatory change since July 2021. Apparently, the Reserve Bank of India took away Mastercard’s ability to issue new credit or debit cards. It might be a problem for punters who’re still thinking about getting one.
But for those of you who already have a Mastercard in your wallet, you can get started with Mastercard betting sites right away.
As for the unfortunate ones who’re still to get one, don’t worry because we have a list of alternatives ready for you in an upcoming section.
Advantages of Mastercard Betting Sites
Of course, there are advantages to Mastercard betting sites. That’s why you want to use it for transactions in the first place, don’t you? So, without beating around the bush, let’s get to know them.
Security is one of the, if not the, most important aspects of any online payment method. Thankfully, Mastercard has a very strong suite of security measures to safeguard your money and information.
Let’s start with the 3-D Secure. Although it’s not exclusive to Mastercard, the company utilizes it like no other company. Currently, the network is protected with the 2nd generation of the technology, 3-D Secure 2.0, replacing the previous 3DS protocol.
The “3” and “D” part refers to 3 Domains. The issuer, the merchant, and the interoperability. All 3 domains are protected under this protocol.
Then, you have the SecureCode. It’s essentially the OTP you receive for every payment. It’s a unique code that changes every time to ensure that the card owner hirself.
Apart from these, you get liability protection, ID theft protection, account encryption, and lots of other security parameters.
Although Visa is technically ahead of Mastercard in terms of market share, both of them are equally available at merchants or at online betting sites. Where you find Visa for deposits and withdrawals, chances are you’ll find Mastercard too.
In fact, the wide availability is one of the reasons why betting sites that accept Mastercard are more common. Both the offshore and local operators know how much Indian punters are comfortable with the method.
Although you can’t use the app for any transactions, it’s a great tool to keep track of your credit in real-time. It’s also packed with information and guides to help you unlock the full potential of a Mastercard credit or debit card.
How Does Mastercard Perform in Betting?
We know that you have burning questions regarding the betting aspects of Mastercard. Let’s try to put the fire out in this section.
First of all, Mastercard betting sites are abundant in India. We’re not even sure how many times we’ve stated this so far. The wide availability is one of the main reasons we’re recommending this payment method to our readers so confidently.
Pretty much every betting site that accepts credit cards as transaction methods will accept Mastercard. Even if you don’t get to withdraw using the cards, you can definitely deposit with your credit or debit card.
How to Deposit and Withdraw Using Mastercard?
If you know how to use a credit or debit card, you already know how to use Mastercard. Just to be safe, we’re going to cover both the deposit and withdrawal process using this electronic payment method in India.
How to Deposit at Betting Sites that Accept Mastercard
- Pick a Mastercard betting site from the list you can see near the beginning of this guide. Our experts have tested all of those sites to ensure that they have Mastercard.
- Log into your account. If you don’t have one yet, now would be a great time to open one. In most cases, the registration process takes no longer than a few minutes.
- Navigate to the deposit page. Many operators have a deposit button readily available on your account. If you can see one, click on it.
- Enter the amount you want to deposit. If you’re aiming for a particular promotion, learn about the minimum deposit requirement beforehand.
- Select Mastercard, enter your card number and all associated details.
- Enter the SecureCode you’ve received to authenticate the transaction.
How to Withdraw From Mastercard Betting Sites
As we’ve already said, you may not find Mastercard for withdrawals at all online sportsbooks. But you can expect to find it on the majority of them. And when you do, you’ll know exactly what to do to get your winnings back.
All you have to do is follow the steps we’re sharing with you right now.
- Log into your bookmaker account again. Navigate to the cashier page. Or, you may find a withdrawal button on your account.
- Click on the withdrawal button to select Mastercard again. It might already be selected if you’ve used it for a deposit.
- Enter the amount you want to withdraw. Make sure it’s under the defined limit by the bookmaker. Otherwise, the bookmaker may decline the request.
- Enter all the necessary details and submit the request.
- Most bookmakers have a pending period. It’s there in case players change their minds regarding the withdrawal. Once the processing is complete, you can expect the money in your Mastercard within 3-5 days.
How Secure is Mastercard for Betting?
Whatever the safety standard you have in your mind, rest assured that Mastercard surpasses it by a landslide. We’ve already covered the major security protocols this payment gateway has in place. So, you know that there’s no room for fraudulent activities.
As for the safety at Mastercard betting sites, you are good as long as you’re registering at a licensed bookmaker in India. The best way to go about it is to stick to the operators we’ve suggested in this guide.
How to Open a Mastercard Account?
Here’s the thing. You can’t open a Mastercard account and call it a day. Mastercard is a payment network that works with local banks and credit unions. So, you need to get your Mastercard, whether debit or credit, from your local bank.
While we can’t give you a step-by-step scenario on how to sign up for Mastercard, what we can do is walk you through the process.
- First, select a bank that’s convenient for you and has a good reputation in your area.
- Walk into the bank and locate a customer service representative. Or, you can call the 24/7 helpline of the particular bank to get the details you need.
- If you’re eligible for a credit card, you can take out a form right then and there. If you’re going for a debit card, you’ll need to open a bank account first.
- Fill up the form and submit all necessary documents like your salary certificate, bank statements, proof of address, and so on.
- You should receive the card within a week. The bank will notify you once the card is ready.
When you pay cricket betting sites with Mastercard or any other betting site for that matter, you most likely don’t have to pay any fees. Deposits and withdrawals over the online payment gateways are almost always free.
However, don’t freak out if you come across a fee because there are operators who do impose fees. When that happens, you can expect the fee to be minimal.
Outside of the Mastercard betting sites paradigm, you have to pay fees for your credit cards or bank accounts on an annual basis. And if you use an international card with multiple currencies, you may need to pay for conversion charges.
Alternatives to Mastercard
It’s very unlikely that you would not want to use Mastercard in India if you have it. Here’s the thing though. You may not have it. Does that mean you can’t bet on sports? Of course, not! That’s why we’ve assembled a full list of alternatives for Mastercard betting sites.
You’d be lying if you try to decline that you didn’t know Visa was going to be our first alternative. It’s very obvious and not just in India but all over the world. Visa is currently the largest online payment company in the world. Needless to say, Visa is offered across all major online bookmakers in India.
India’s very own online payment gateway has recently been a massive hit for online betting. The online bookmakers in circulation are gradually opening up to Paytm payments. If you don’t have a Mastercard and you can’t get one anyways, PayTM could be a great alternative.
UPI or Unified Payments Interface is another great invention by the Indian government to unify and streamline online bank transfers. Plenty of online bookmakers and casinos are not offering UPI. So, you can easily use it to transfer money to and from your bank accounts directly.
2 of the largest names when it comes to e-wallets. In fact, these 2 methods have been dominating the iGaming payments for almost 20 years now! Thankfully, both of these are available at most Mastercard betting sites in India.
Frequently Asked Questions
It is absolutely safe. Just make sure you don’t try to pay any scam or phishing website with it. Rather, pick the sportsbook from our list.
You’ll most likely find Visa and Mastercard at most of the bookmaker websites. A few of the selected sites may also offer American Express.
You don’t. If it’s a credit card, you should have credit ready to go. If it’s a debit card, your bank account must have the money prior to the transaction.
You may need to verify your identity, payment method, and residence at Mastercard betting sites in India.
None for betting sites that accept Mastercard. However, you need to pay for the credit card or bank account maintenance yearly.
Contact your bank first. If there’s no problem with the bank, contact the bookmaker’s customer support.
Most Mastercard deposits will go right through unless there’s any technical difficulty.
First, the bookmaker will process your withdrawal and it may take anywhere between a few minutes to a few days. Once that’s done, you can expect the payments within 3-5 days on your card.
Tips for Betting Sites that Accept Mastercard
- Take Your Time
“Take your time” is probably one of the most said phrases all over the world. It applies not only to sports betting but to every context in life. We’re simply saying that when you enter the details for your Mastercard deposit or withdrawal, double-check all the info before you press the final button.
- Inquire About the Fees
The Mastercard betting sites generally have no fees but you can never be sure without asking. The same goes for your bank account or the credit card issuer. You should inquire about all the potential fees before you start playing.
Learning about all the fees may give you helpful insights on whether you want to use Mastercard or if there’s a better alternative for you.
- Double-Check Mastercard
Just because you can see the Mastercard logo on a bookmaker’s website doesn’t mean it absolutely offers it. In recent years, Mastercard has imposed stricter regulations on gambling. So, we highly recommend that you get in touch with the bookmaker’s customer support to ensure that you can use Mastercard.
- Dig the Limits Out
No matter how awesome the payment method is, it’s bound to have limits. The same is true for Mastercard as well as betting sites that accept Mastercard. Sure, you can’t do too much damage by not knowing the limits. But it’s always good to be aware of your options, isn’t it?
Summary: Mastercard betting
Sports betting is gradually becoming one of the mainstream entertainment channels in India. If you’re passionate about sports and betting at the same time, Mastercard betting sites might be a great start for you.
In this guide, we’ve covered the online payment gateway top to bottom. As you can’t get a new Mastercard anymore in India, we’ve added a list of alternatives for you too. So, why don’t you pick a banking method and a bookmaker to have a wonderful time?