Even though it is not the most popular payment method, GoldPay is definitely a unique one. Sadly, in 2011 this method of payment closed its doors to punters looking to bet online. In case you are interested in what GoldPay has to offer and you want to learn how it works, keep reading. Our article will thoroughly cover the ins and outs of this payment method.
GoldPay acts as an eWallet that allows its users to deposit funds into it by purchasing virtual gold via MoneyGram, Western Union, or bank wire transfers. Based on the value of gold, GoldPay converts your fiat currency into a new currency. Then, you can use that new currency to pay for goods online.
In a nutshell, GoldPay works like any other eWallet out there, except for the fact that it introduces a new currency.
The main benefit of using GoldPay is the currency that it offers. While many other fiat currencies fluctuate regularly, gold is one of the most stable currencies out there.
Also, this payment method comes with a simple-to-use platform that allows you to transfer funds in no time. Needless to say, all transactions are secured. To make things even better, once you deposit money into your account, you can use it to purchase goods directly from your eWallet without having to enter any personal or banking information.
Once you have funded your GoldPay eWallet, the process of depositing using GoldPay becomes extremely easy.
If it’s supported, the method of withdrawing cash using GoldPay is pretty straightforward.
That’s all there is to it. You can opt to withdraw funds to your Western Union, Bank Wire, or MoneyGram account. Bank wire transfers may take up to 48 hours to process; however, if you choose to do it via Western Union or MoneyGram, you will be able to see funds in your account within 24 hours.
GoldPay was a niche method used mostly by casino players across the US who valued anonymity and fast and secure transfers. However, this method was short-lived — it stopped functioning before getting a chance to become internationally recognized.
In 2011, due to pending legal matters, GoldPay announced that they would be closing their doors to the world of gambling. Therefore, there are currently no sportsbooks that support this method of payment.
GoldPay comes with a couple of disadvantages that may deter many consumers from using this payment method. The first one would be the fact that no casinos or sportsbooks are currently accepting GoldPay as a method of payment.
The second one would be the fees that come with every transaction. Even though these are not insanely high, many other payment methods do not include any fees whatsoever. In addition, you also have to register on their website, which many users dislike since that is another form of authentication.
If you have any questions or issues regarding GoldPay, the best course of action would be to visit their official website — it includes all the information necessary. You can also contact them via phone or write an email and wait for a response from their customer support team.
How long does it take to receive money using GoldPay?
That depends on the account that you are using. It can take anywhere from 24 to 48 hours for a transaction to be completed.
Does it cost more money if I make a large deposit?
That depends on the merchant you are depositing money to. Usually, GoldPay has the same fee for every transaction, regardless of the sum that you are depositing.
Can I use GoldPay outside of Canada?
Whether you can use GoldPay outside of Canada depends on the merchant and the place where you want to use it. Generally speaking, yes; you will be able to use GoldPay outside of Canada.
Who benefits most from using GoldPay?
Users who value gold as a currency benefit the most from using GoldPay.
Which banks is GoldPay available through?
That depends on your location. Check their website to learn all about its availability.
Do I have to open an account with GoldPay to use their services?
Yes, you do. In order to fund your GoldPay eWallet, you have to open an account on their website.
Are transactions via GoldPay protected?
GoldPay uses GoldKey authentication technology to verify both the user and the vendor and ensure the safety of every transaction.
Can I reverse a transaction using GoldPay?
Not to our knowledge. However, depending on the circumstances, it might be possible — for example, if a purchase was made by mistake.