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
Please quote the above copy right information
Related Articles:
Chinese Manufacturing Investment - Problems for New China Manufacturers
Foreign companies investing in China manufacturing facilities face difficult tasks in dealing with Chinese engineering and construction companies. Chinese design and construction policies and practices are vastly different from those in the West.
Investing In China: Chinese Banks
China?s banking sector has traditionally served as a party-controlled feeding trough for its inefficient, unprofitable state-owned enterprises (SOEs), most of which were technically insolvent. The process was simple ? extend a loan to an unqualified SOE applicant, then write off the loan as a bad debt when it failed to repay. This situation is beginning to change, and Chinese banks are attracting the attention of foreign banks that are beginning to view them as investment opportunities rather than potential competitors. Nevertheless, China?s banking industry is beset by several problems.
Zunch China's President to "Unlock" Search Engine Optimization for Chinese Businesses
Zunch China President Terrence Ou to be Keynote Speaker at Beijing SEO Seminar.
Christian Real Estate Network Blog Announces Community Authoring and New Functionality
The CREN Blog, one of the oldest real estate blogs in existence, has undergone a complete remodel adding new functionality including community authoring, and a brand new design.
Clarity Launches Hearing Health Blog - MyHearingHealth.com to Provide Educational Forum for Hearing Loss Community
Clarity®, a division of Plantronics, Inc. (NYSE: PLT) and the nation’s leading supplier of amplified telephones, today launched MyHearingHealth.com – a blog devoted to the hearing loss community.
Ozura and ChinaByte Partner to Deploy China's First Tournament-based Mobile Gaming Community
Ozura Mobile, a wholly owned subsidiary of Nextnation Communication and a leading international publisher and developer of mobile entertainment, announced today its partnership with ChinaByte in the creation of an exclusive China-based tournament mobile gaming community portal - MOSTAR.
Mandarin-Language Blog from Moguldom Media Group Taps Into China's Booming New Media Market
MingXingYao.com celebrity gossip website is positioned to capitalize on rapid growth in Chinese Internet usage, online ad spending.
Great Wall of China - Embrace the Chinese Dragon
The Great Wall of China was originally created in 221 BC by joining several local walls which were built by ducal states to defend their own territories. Construction continued up to the Ming dynasty (1368-1644), when the Great Wall became the world's largest military structure. The current measurement of this defensive wall, which stretches across northern China from east to west, is 7300 kilometers (4300 miles). Beijing without a doubt is the best place to experience the Great Wall.
Pingo Offers Customers Free Calling To China And Vietnam During Chinese New Year Celebration
Subscribers get fifteen days of free and reduced-rate calling from regular phones during annual spring festival.
CEA Launches Online Community and International Blog to Enhance Study Abroad Experience
Leading study abroad provider, CEA, introduces technology initiatives to keep students in touch with faculty and peers. Comprised of an International Study Abroad Blog and an online study abroad social network, CEA has created a web-based resource designed to answer students' questions about study abroad and serve as a forum in which students can share their experiences.