The landscape of iGaming is undergoing a shift as revolutionizing advancements are made in instantaneous payment options. For much of its history, iGaming players experienced lengthy processing times, frustrating delays, and cumbersome transactions in the effort to deposit or withdraw money from iGaming operators. Often, customers found this unwieldy system to be a dealbreaker when dipping their toes into the world of iGaming.
Recently, a wealth of new payment options have made their way into the mainstream, empowering players with a sleek, seamless, and secure transaction system that’s changed the way we game.
Why is it important?
Previously, players in the iGaming market had to accept the fact that payouts are high-risk and expensive. Fraud was rampant, and staggering chargeback rates were the norm, not to mention the struggles surrounding methods to facilitate the transactions to begin with. This challenging environment was beginning to limit the growth of the iGaming industry. Although streamlining debit/credit card transactions improved things marginally, many of the existing payment solutions only further fractured the experience as third-party providers would cater only to contracted banks.
New instantaneous payment methods have revolutionized the player experience for iGamers. Companies must adapt to secure player loyalty in the long term and ensure that iGaming is safe and secure while maintaining the convenience that’s been a historic goal of online gaming industries.
Instant payment options
First, it’s important to take a look at the new options becoming available for players. These are just a few of the subsets of online payments available that are slowly beginning to eliminate traditional payment options, not just in iGaming, but across all industries.
Cryptocurrency
Crypto itself is experiencing a renaissance across many industries, and the iGaming industry is no exception in reaping the benefits from this. Cryptocurrency is a fast and secure payment method that runs on decentralized networks. No one entity oversees the transactions, and this is the big reason behind its speed and cost. Blockchain technology ensures that all transactions are fully encrypted, and there are hundreds of currencies and crypto-wallet options now available in the mainstream.
Mobile Payments
Mobile payments are making a big difference in our day-to-day lives, and they’re gaining popularity in the iGaming world as well. Options such as Apple Pay and Google Wallet allow players to make instantaneous deposits and withdrawals from their mobiles at minimal cost.
E-wallets
E-wallets are gaining popularity in iGaming. By storing money in a digital wallet, players can make speedy and safe transactions. Familiar names such as PayPal, Skrill, and Venmo are among the most common. This popularity is due to the sheer simplicity offered by e-wallets, and they’re set to become the most popular transaction method on iGaming platforms, with instantaneous virtual transactions and high security.
How have they changed the iGaming industry?
So, what are the changes that have come about in the iGaming industry since the introduction of these methods?
Enhanced user experience
Instant payments have entirely eliminated the experience of waiting days at a time for deposits and withdrawals to be processed, and this is the revolution that is most felt by players, even those with the most casual level of experience. Transactions are seamless within the site, and players can gain immediate access to those hard-fought winnings, not to mention that there has been a great alleviation in the fear of fraud.
Players in the US and Canada should look for instant withdrawal at online casinos to avoid being left behind in the ever-changing global market.
Increased convenience
It’s hard to imagine a world where you had to wait for a check to arrive in the post and travel down to your local bank just to access your winnings from iGaming. The current payment methods mean that shifting money between your account and your iGaming pot is as easy as clicking a button.
Global accessibility
One of the more overlooked benefits of the new payment methods emerging on the market is how they’ve facilitated access to iGaming platforms across the globe. Methods such as cryptocurrency are entirely independent of geographical location and don’t require players to have an existing bank account. This has expanded the customer base to a huge number of new countries and opened up opportunities in online gaming to everyone.
Improved security
iGaming transactions used to be rife with fraud, but now, players can enjoy a vast relief with the new transaction methods available for use. E-wallets and mobile payments eliminate the need to share bank details directly, and cryptocurrency has built its name on total encryption and security of transactions.
Featured image source: By Rodion Kutsaiev at Unsplash
