i-BANQ is a speedy, secure and easy-to-use internet payment service that’s available 24 hours a day, connecting merchants with customers to enable them to enact web-based payments.
Here is a break down of what each casino that offers i-BANQ as a payment option can provide you with:
i-BANQ is owned and operated by the Tokyo-based electronic and internet company Rakuten, which was founded by Hiroshi Mikitani in February 1997. The company was initially called MDM, but was changed to Rakuten in June 1999. In Japanese, the word ‘rakuten’ means optimism. By 2012, the company had revenues of $4.6 billion, and had an employee workforce of over 10,000 individuals.
Originally a Japan-only company, Rakuten expanded outside its home country’s borders in 2005 when it began to acquire companies that offered the same services as it did (mainly as an internet-based retailer) but in other countries. Among the companies it purchased were Buy.com (United States), Priceminister (France), Ikeda (Brazil), Play.com (United Kingdom), Wuaki.tv (Spain) and Kobo (Canada).
Rakuten now operates over forty separate companies and businesses, the services of many being far beyond the company’s original, online retailer scope. These include banking services (which, of course, includes i-BANQ), portal and media websites, travel, online securities brokerage and an online video club. Rakuten also owns the Tohoku Rakuten Golden Eagles baseball team, who won the Japanese equivalent of the World Series in 2013.
i-BANQ describe itself as “a dynamic team that has an in-depth knowledge of the Japanese payment systems with a specific focus on the gaming sector.”
The payment system created by Rakuten as i-BANQ was engineered to be as simple to use as possible.
Once someone becomes an i-BANQ customer, they must link at least one Japanese-based bank account to their new account. They can eventually link as many bank accounts to their i-BANQ as they see fit. Other payment methods, such as credit cards, debit cards and other eWallet solutions cannot be used via an i-BANQ account – it’s Japanese-based bank accounts only.
As soon as a bank account is linked to a customer’s i-BANQ account, the customer is able to use it to transfer funds. There are no fees involved (i-BANQ receives its fees from the merchants, and not its customers), and players can also withdraw funds back into their bank account(s) whenever they want, and again without any fees.
They can use the cash they have stored in their i-BANQ account to pay for merchant services or, as is commonly the main reason people start up i-BANQ accounts, to fund their playing accounts at online casinos.
Most i-BANQ transactions are enacted instantaneously, and all transactions and each customer’s personal information is encrypted via SSL Server Certification, to ensure high levels of security. Extra benefits are available to i-BANQ customers if they specifically link a Rakuten bank account to i-BANQ.
Currently, i-BANQ is only available in Japan, and only to people who have a Japanese bank account. Merchants from around the world can apply to become i-BANQ merchants, though.
There are a decent number of online casinos that are fine in accepting i-BANQ transactions, mainly because it is recognised as the most convenient (and often, the only) way for online gamblers who are based in Japan to enact online transactions.
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