MrQ unveils instant withdrawals with open banking

LATEST NEWS & OFFERS / May 20, 2021
MrQ unveils instant withdrawals with open banking

Max Wright

May 20, 2021 2 min read
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Online bingo and slots site MrQ has taken steps to make payments even faster and more secure by integrating open banking, which is rolling out for a select group of players.

Open banking is a payment process that is widely used in Europe, and it works by allowing a merchant to connect directly to the end users bank account, using biometrics or online banking authorisation to ensure security.

In the UK, any time you make a standard payment (that is, without open banking), that payment actually goes through multiple steps, banks and processes before it makes it to the merchant (and vice versa). 

This involves at least 3 layers of fees and communications, making the process take longer and cost more. However, with open banking, payments are instant and much cheaper to process!

The only downside to open banking is that it is not as seamless and quick for people playing on desktop. It is much easier to authorise payments on a mobile phone by using biometric security, however desktop users will need to log into their online banking. MrQ does not see this as a huge issue though, as over 80% of their players use the site on a mobile device.

You might be wondering what benefit this has to you, the player? It’s simple really - instant withdrawals. 

An open banking transaction is as simple as your mate sending you a fiver on Monzo for their share of the Uber. The standard system, however, is more like that same mate promising to buy you a drink when you get into the club - except you actually do get the drink, eventually.

Anything you win from your 30 free spins welcome bonus can be withdrawn instantly (with no wagering), and that money will appear just as instantly in your account. Easy.

MrQ has become one of the first operators in the UK to add open banking, though it seems like this may become an industry standard payment method as players choose to flock somewhere that pays out instantly, rather than after 3 working days.

Interested in seeing how fast open banking makes withdrawals? Sign up to MrQ and deposit a minimum of £10 to claim your 30 free spins on Valhalla, with 0 wagering. Read our full MrQ review.
 

Terms & Conditions: First deposit only. Min deposit & spend £10. Max 30 spins on VALHALLA at 25p per spin. Spins credited upon spend of £10. Terms and conditions apply.

Author

Max Wright

Max has written news & content online for nearly 10 years. As the editor of Online Bingo, Max is writing and editing the site's gambling content and also writes video games content.