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It works this way:
- Bank issues a credit line to its customer.
- A customer gets a card.
- The customer goes to a store that accepts this financial brand.
- The merchant swipes the card and gives the product to the consumer.
- The merchant charges the consumer’s bank.
- The consumer now owes the bank what he purchased from the merchant.
The biggest concern with a payment service like this is that many people cannot get approved by banks for a credit line. And because of this, banks introduced the prepaid line. It is a process by which a customer must have a bank account, preferably checking, and this account will be tied up to a Mastercard debit card. The maximum amount that a consumer can spend is equal to the balance he has in his checking account.
People used this as a payment method to merchants who accepted the brand for online purchases. Some utility companies also accepted it so their subscribers can use it to make a payment online.
But not all people can afford to have a checking account, let alone use Mastercard in online casinos for gambling. Because of this, several financial institutions worked with the company and issued cards to the general public. The consumer has to set up an e-wallet and whatever amount he has in there is the same money he can access through his physical card. And this is why you can now use Mastercard in casinos. You can also use this to pay for online purchases for as long as the merchant lists it as a payment option.