Articles About Finance And Refinancing

Local Payment Method Brings New Legal Considerations to Chinese Online Gambling Market

China has a population approaching two billion, and with an incredibly high propensity to gamble while China has 162,000,000+ Internet users and the increase is still booming. However, online gambling including but not limited to online casino, online poker, online sport books, online bingo and online lottery etc. is illegal in China. China government blocks a lot of oversea online gambling websites, for example, bet365, 888.com etc., even China Telecom (ISP) blocks microgaming software connection. Local payment method between Chinese players and online gambling merchants is mostly through third party e-wallet service. Third party e-wallet providers offer Chinese players a safe and simple way to manage and move money via Chinese local banks. They usually cooperate with Chinese local merchant processor to process China UnionPay bank card. www.chinaunionpay.com UnionPay Brand debit card and credit card, most likely Visa MasterCard American Express JCB, are widely used throughout whole China and 26 oversea countries. Neteller acquired 1-Pay in early 2007, As of 2 Oct. 2007, Neteller discontinued Chinese users Peer to Peer transaction service to encourage people switching to Neteller (1-Pay). China UnionPay card holders can deposit and withdraw with Neteller (1-Pay) via local bank. Meanwhile, some e-wallet service providers, such as Click2pay, Asia SmartCash, Stone-Pay and Fast-Pay etc. only allow China UnionPay card users to deposit to gambling merchants on the Internet. They can not process withdrawal to Chinese local bank. Nevertheless, the situation is not without risk to harness online gambling e-wallet services in China although the cake is huge. For example, e-wallet providers are required to have local partners to process UnionPay card and have to take a long term risk of illegality uncertainly. Moneybookers, one of the most popular e-wallets dealing with online gambling transaction, no longer allows Chinese Moneybookers users to deposit to and/or withdraw from online gambling merchants after 28 July 2007 due to legal consideration. After all, online gambling is not a legal activity in China.

Originally published at http://www.good-online-casino.com written by Stephen Walters. Original URL http://www.good-online-casino.com/content/view/112_40.html

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