UkashOut: A Popular Prepaid Option

UkashOut is a product from the electronic payment processor Ukash. UkashOut was launched in August 2008, about six months ago. In this short span of time it has reached a triple digit growth according to figures released by Ukash. This shows remarkable acceptance by both online casino operators and players. 

UkashOut is essentially a prepaid payment solution. Online players can purchase UkashOut vouchers from retail outlets by paying cash. This is a major advantage because it eliminates banking transactions in the casino account funding operations. These vouchers contain secure codes that can be given to the cashier section of the online casinos to fund the account of the player. Incidentally UkashOut can be used for other online operations as well, thus increasing its utility. UkashOut also eliminates the use of credit and debit cards. Identity theft is a major concern for online players. Therefore by eliminating credit and debit card fraud, repudiations and charge backs and by protecting the personal information of the user UkashOut offers relief to online players.

UkashOut can also be used to withdraw funds from online casino accounts. Most electronic payment operators who allow withdrawals insist that the deposits be made through them. This is not the case with UkashOut. Online casino players can withdraw their funds using Ukash no matter which option they used to deposit the funds. In this operation UkashOut is backed by MasterCard. Players can withdraw funds using UkashOut cards from any ATM that supports MasterCard. Not only that, players can directly make payments to online and offline vendors who accept MasterCard using funds in their online casino accounts. Another advantage of payouts through Ukash is the elimination of costs and delays associated with check payments and bank transfers. This is because UkashOut uses the existing Ukash system. Hence it does not draw on separate resources and uses a time tested interface.

Mark Chirnside, the Chief Executive Officer of Ukash, is not surprised by the success recorded by UkashOut in the six months since it was launched. The launch was preceded by an extensive market survey to determine the most convenient and reliable option possible. UkashOut was developed on the basis of the results of that survey. Chirnside was sure that UkashOut would perform better than the targets set and is pleased that the expectations have been met. Of the future, Chirnside says, “UkashOut has major benefits to merchants, cost-effectiveness and reliability being the key ones, and we expect the growth to continue.”

Ukash is operated by Smart Voucher Ltd. and is regulated by the United Kingdom Financial Services Authority as an Electronic Money Institution

• Tools
• Print
• e-Mail
• digg
• del.icio.us
• StumbleUpon