It is not only because of the pandemic that the online gaming industry started offering different payment solutions; this has been a trend for quite some time now. Just like any other industry is evolving and making sure they stay up to date with online payment options, so do the iGaming and gambling ones. The most popular gaming and gambling platforms are slowly changing the way they conduct business and accept payments, as their main goal is to reach as many players as they can. In order to do so, they have to think about the payment solutions that are slowly taking over the world. It’s always easier and more convenient to choose the payment method you prefer and make a deposit in the most convenient way for you. But what payment solutions are popular in the gaming industry, and how does this work?
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Why not cash?
It is not a secret that many people around the world prefer to pay with cash, even though this number is slowly decreasing while more and more people realize the benefits of other payment solutions. In the same way, operators still prefer cash as it guarantees cash flow and it does not require technology to process it. On top of that, it’s easy to reconcile. However, not adding more payment solutions would be a massive mistake as it would restrict thousands of people interested in joining an iGaming website or online casino. So, in order for more people to make a deposit at an online casino, platforms all around the world offer more than one payment method, so players can choose the one they prefer. Players always seek convenience when they want to buy a service or play, and that is why each slot machine must allow this to their users in order to increase customer satisfaction.
Cashless options
One of the most prominent trends in the iGaming industry is how cash merges with digital formats and how alternative payment methods become more and more popular. These payment solutions include voucher-based systems and options that cater to complete anonymity yet are fully transparent. Many online casino users dislike having their name or card number associated with the website they are playing, which is one of the main reasons they tend to opt for one of their favorite payment options. Coming to this stage has not been easy for the iGaming and casino industries. The gaming sector is one of the most regulated ones, meaning that introducing and implementing new payment methods is not a quick process. To make matters more complicated, regulations vary from country to country. However, it is almost certain that cashless will become prevalent over time, and it’s definitely one of the trends to look out for in the years to come.
Digital wallets
Another very popular payment solution in all industries, not just the gaming one, are digital wallets. PayPal might be the most popular example of a digital wallet and it’s used in the iGaming industry on a daily basis. It was established in 1998 and still features on every checkout page. The benefits of using PayPal to deposit at an online casino are many, one of them being convenience. To do this, you only need to link your PayPal account to the gaming account. Through PayPal, players can request withdrawals and not only make deposits. The transactions are very fast, sometimes even instant.
Another popular eWallet option for iGaming sites is Skrill, a company that has been around since 2001 and is currently accepting online transactions from more than 100 countries. Skrill also accepts more than 20 currencies, making it an even more exciting option for avid players worldwide. The option processes deposits at no cost and the withdrawals include only minimal fees. Apart from Skrill, players also opt for Neteller. It offers a secure channel for all gambling deposits and withdrawals. All ewallet options come with 2-step authentication for the account in order to minimize fraud. Finally, we should also mention ApplePay as one of the most popular e wallet options at the moment.
Cryptocurrencies
Gambling with cryptocurrency is a relatively new trend that doesn’t seem to stop. Thanks to blockchain technology, an important factor for any cryptocurrency, the internet is taking bitcoin and crypto casinos to a whole new level. The most important reason why many players decide to use crypto as their currency is that it’s always safe and secure. Users don’t need cash, nor do they have to connect any third party to their bank account. Some of the most important benefits of gambling with cryptocurrency are:
Transparency and security
Thanks to blockchain technology which is encrypted from beginning to end, all payments are transparent and secure. This means that they cannot be edited, changed or manipulated. Also, they do not require any personal or bank information.
Privacy and anonymity
As already mentioned, data privacy is one of the most significant issues for players around the world, as many of them want to keep their data hidden from other external sources. No registration is required for online casinos, and the whole experience can remain private and anonymous with cryptocurrencies such as Bitcoin.
Convenience
The cryptocurrency transfer process is extremely fast and is most commonly completed in a matter of minutes. Gamblers don’t need a third-party financial institution or a bank when they make a deposit. The verification process is also verified by blockchain almost instantly.
Conclusion
It’s completely understandable why the iGaming companies have to update their payment technology. Giving the users the possibility to choose what payment method they want to pay enhances the customer and payment experience. All of this can be achieved from a mobile phone, which makes this all the more convenient.
