In the past few years, online sportsbooks have seen a proliferation of online banking options, particularly digital wallets, in their cashier sections. Punters are increasingly likely to encounter the fintech brand MiFinity while perusing bookies’ websites. Many of them are already taking advantage of the service to fund and withdraw from their betting accounts.
Let me say a few words about the business. In business since 2002, MiFinity has amassed a wealth of experience in the field of online payments over the course of its 20 years in operation. MiFinity has multiple regional offices, including in Dublin and Malta in addition to its main office in Belfast. It is authorized by the Financial Conduct Authority (FCA) and has a certificate from Union Pay International to issue physical prepaid cards, offer acquiring services, and back the MoneyExpress remittance program.
Over the years, MiFinity has built strong connections across a variety of industries, including the online sports betting market. As a result, its electronic wallet is widely accepted by sportsbooks around the globe. Some of the countries where MiFinity is particularly well-liked by online gamblers include (but are not limited to) the United Kingdom, New Zealand, the Netherlands, Germany, Sweden, and Finland.
How MiFinity Functions?
This payment processor is well-liked because of the convenience, safety, and speed with which it processes transactions. The company’s three primary offerings are an electronic wallet called MiFinity, a money transfer service called Send Money, and a global payment system called Union Pay International. The second option provides a secure means for customers outside of China to load funds onto UnionPay cards used inside the country. Whether you’re on a desktop computer, a tablet, or a smartphone, you’ll always be able to make instantaneous, secure money transfers with this service because it uses the UnionPay MoneyExpress network.
When it comes to the quality of the services it offers, MiFinity never stops striving to do better. We last heard from this fintech company in early 2022, when they started offering digital IBANs. MiFinity e-wallet holders can now add funds by requesting and linking a free IBAN. Visa, Mastercard, MiFinity eVoucher, CashtoCode, Interac, Sofort, Trustly, UnionPay, bank transfers, etc. are some of the other deposit methods accepted by MiFinity. You can tell the company cares about its customers because it has implemented features that are accessible to a wide range of end users.
AUD, CAD, CHF, CZK, DKK, EUR, GBP, JPY, NOK, NZD, PLN, RUB, SEK, USD, and ZAR are just some of the currencies that can be used to make purchases with the digital wallet. In addition, MiFinity announced in August 2021 that it now supports Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin for both deposits and withdrawals. Customers can use the service to exchange the aforementioned cryptocurrencies for traditional currency. The equivalent sum is then added to the digital wallet, from which it can be spent on instantaneous online purchases or deposited into online gambling accounts.
Opening an MiFinity Account
Sports bettors who use MiFinity to make and take out money will find their finances are easily managed. Account creation is a prerequisite for making use of the e-payment provider’s services. According to the company’s terms, customers can create up to nine separate digital wallets under a single account. The signup process is simple and will only take a few minutes of your time.
Simply select a username and password, then confirm your selection, and you’ll have an account set up. The next step is to customize your wallet’s settings to meet your requirements. Be mindful when deciding on a currency to use in order to avoid future conversion fees. Personal information like name, country of residence, address, etc. must also be provided. You can specify that you need a Gaming type of e-wallet during registration if you intend to use MiFinity primarily for making deposits to and withdrawals from your sports betting account. This allows the service provider to tailor future promotions specific to your interests.
A further layer of security is added to the protection of your data when you select secret questions and answers before verifying your account. After you have completed account setup and verification, you can fund your account. Fortunately, there is a wide selection of deposit methods, so you can easily find one that works for you. MiFinity’s system for determining how much money can be added to an account is fluid. The limits that apply to a given customer depend on their current verification level and the payment method they have selected.
Depositing to Your Sportsbook Balance
MiFinity is likely to be the quickest and most convenient way to deposit funds into your betting account when compared to the other methods listed in the cashier. It’s a convenient way for gamblers to quickly add funds to their accounts so they can continue participating in their favorite pastime without disclosing any sensitive financial information.
Obviously, a bettor’s MiFinity account must be registered and funded before they can use it to deposit funds into a sportsbook account. Now that that is done, players just need to log in and head to the cashier to make a deposit. Most online bookies have a dedicated deposit button, typically located in the top right corner of the screen, in addition to the cashier within the account.
When you choose MiFinity as your deposit method, you’ll be prompted to enter the amount you wish to deposit and, if applicable, a bonus code. The next thing to do is to log in to your electronic wallet. Click the “Create Account” button and then follow the on-screen instructions to sign up for an account if you haven’t already. Alternatively, some online bookies’ interfaces allow you to enter your bank card information and have MiFinity act as a middleman between the online sportsbook and your card.
When making a sportsbook deposit through your MiFinity account, you can use either your e-wallet funds, a previously saved credit or debit card, or any other service registered within MiFinity. Your betting balance will update instantly once you’ve decided on a deposit method and given your consent to the transaction.
Withdrawing from Your Sportsbook Balance
On the whole, online bookmakers require their registered users to initiate withdrawals using the same method deposits were made. Thankfully, MiFinity doesn’t get in the way and makes withdrawals easy and quick. Withdrawal requests from reputable betting platforms usually take between 24 and 48 hours to process, depending on the sportsbook’s policy. Your wallet balance is available for withdrawal to a card or bank transfer shortly after the transaction has been completed.
Where do you go from here to get your hands on that money? The procedures are nearly identical to those of a typical deposit. You’ll need to head into the cashier section of your betting account and select withdrawals after logging in. After locating the MiFinity button in the electronic wallet section, clicking it will open a new window asking for the desired withdrawal amount and the digital wallet account number or registered email address.
Once you have finished your end of the withdrawal process, the bookmaker can proceed with processing your request. Keep in mind that most online bookmakers have a cash-out policy that prevents you from withdrawing your winnings immediately for security and verification reasons. MiFinity withdrawals can take up to 2 business days, but keep in mind that each betting platform has its own policies.
Cost and Fees
The costs associated with making a purchase online are an essential consideration. Several sportsbooks were researched, and no fees were found to be associated with using MiFinity. MiFinity is among the most cost-effective payment solutions in the gambling industry because the e-wallet service provider does not charge you to create an account.
You should not assume that using the digital wallet is without cost, as the company does charge users some internal fees. All of these are, sensibly enough, collected in one place on the MiFinity site, and you can get to it right away without even logging in. The company’s fee table indicates that the only deposit method that does not incur a fee is SEPA bank transfer. Visa, Mastercard, UnionPay, and cryptocurrency transactions have the lowest fees at 1.8% and 9%, respectively. If you’re interested in switching to a different banking option, you should check MiFinity’s website first because fees can vary widely depending on your location. It costs 7 percent plus 0.35 euro cents, for instance, to add funds to your electronic wallet from a bank in Latvia or Lithuania.
Withdrawal fees can be expressed as a percentage of the total transferred amount or as a flat rate, depending on the service you select. Users incur a 1.8% fee when withdrawing funds to their cryptocurrency wallets. Fees for using a Visa or Mastercard at an ATM range from €1 to €2, depending on whether the transfer is made within or outside the European Economic Area.
You should be prepared to pay an additional fee of at least 2.99% if you need to make a transaction that involves a currency conversion. In the case of less-familiar currencies, the sum may rise even further. It’s crucial to set up your electronic wallet correctly from the start.
Besides the fees we’ve already covered for making deposits and withdrawals, MiFinity does not charge its customers anything for using their accounts. Please note that an inactivity fee of €1 per month will be deducted from your balance if you do not log in at least once every 12 months.
Security and Privacy
MiFinity’s strict security measures to protect all transactions and the sensitive information its customers provide is one of the reasons the company enjoys a persistent and ever-growing user mass. Importantly, the payment processor is PCI DSS Service Level 1 compliant, which guarantees regular audits of its operations and the legitimacy of its products and services.
Data is encrypted using SSL (Secure Sockets Layer) and MiFinity’s IT infrastructure is protected by cutting-edge firewalls. In addition, the service provider has implemented Strong Customer Authentication (SCA) in line with the Payment Services Directive (PSD2). To guarantee that electronic payments are only processed when multi-factor authentication is in place, the SCA mandate was implemented in 2019. It is mandatory for a payer to use SCA whenever:
- accesses his online payment account.
- starts an electronic payment transaction.
- carries out any other action remotely that raises the possibility of financial fraud.
Additionally, the supplier of the e-wallet service employs a number of organizational safeguards to ensure the security of your personal data. Each account can only be accessed by inputting a special username and password, and occasionally users must respond to a set of secret questions.
In the dedicated thorough sections of MiFinity’s website, you may read more about the aforementioned security and privacy protection methods. You can use the following ways to contact customer support if you have any queries or grievances:
- Regular mail: MiFinity Malta Limited, LS3 – Digital Hub Malta Life Science Park, San Gwann, SGN3000, Malta.
- Phone: + 44 28 9587 0100
- Email: [email protected]; [email protected]
Advantages of MiFinity
- The e-wallet is accessible to customers from many countries. The payment service provider currently has legal operations in 170 nations and territories, making it one of the most widely used digital wallets, closely trailing Neteller, Skrill, and PayPal.
- MiFinity has put in place a number of excellent security features. As this payment method has a stringent policy regarding the protection of financial and other personal information, users shouldn’t worry about their safety while using it. SSL encryption, firewalls, two-factor authentication, Touch ID, and Face ID are just a few of the features.
- Users have access to a wide range of deposit options. You can find all of them in your MiFinity account, ranging from conventional bank transfers and debit/credit cards to cryptocurrencies, online banking techniques, and locally well-liked payment options. Simply sign in and select the option that best suits your needs.
- On-the-go gamblers can download specialized mobile software for Android or iOS. In recent years, mobile betting has grown in popularity, and MiFinity has taken this development into consideration. As long as your device complies with the necessary technical specifications, you may easily download the mobile app from the App Store or Google Play. It must be version 11.0 or later if you’re using an iPhone, iPad, iPod Touch, or Mac. Android devices must have an operating system that is version 5.0 or higher.
- Multiple currencies are accepted on the online payment system. Although users can choose between 15 fiat currencies and 5 cryptocurrencies when setting up their accounts, MiFinity has fairly high costs if currency conversion is necessary. Nevertheless, this is not a major problem.
Disadvantages of MiFinity
There are a few concerns that should be taken into account when using MiFinity’s digital wallet. Even if they aren’t vital, it’s better to have all the facts before you so you can make a wise decision.
While it’s nice that bettors aren’t hit with fees for making deposits and withdrawals, nearly all other transactions in a sportsbook’s cashier are subject to a cost. Payment processing fees vary widely between services and sometimes amount to a hefty 9 percent or more. You should evaluate the regulations and fees by reading the fine print on MiFinity’s website.
Although MiFinity has received regulatory approval in a number of jurisdictions and appears to have all the necessary capabilities for use in online sports betting transactions, it is not yet offered by as many betting platforms as its major competitors, Neteller and Skrill. Sometimes it can be tough to identify a bookmaker that has included this digital wallet in its selection of payment methods it takes, depending on the country in which you are now based.
Sharp gamblers who wish to wager large amounts whenever the mood strikes them will find the transaction restrictions imposed by the service provider surprisingly low, even after full verification of their MiFinity account.
Conclusion
MiFinity has been available for some time, but it is only recently that it has begun to gain traction in the sports-betting industry. MiFinity is a noteworthy payment provider in the realm of online betting because of its instant deposits, player-to-player transfers, multiple ways to load your e-wallet, and continuously updated mobile application. We hold off on calling this digital wallet the best option for online gambling transactions because not all bookies support it.
The financial technology company’s offerings include tools for conducting financial dealings online in a safe, quick, and convenient manner. MiFinity’s decision to let users create several accounts is a smart one, and the company’s Gaming eWallet has gained massive popularity among online gamblers all over the world. In addition, you can create as many as nine individual electronic wallets within a single account, each with its own unique set of preferences.
