The Rise of Mobile Payments in Gambling

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It comes with no surprise that modern gamblers are switching to digital payments, which are way faster, and also a lot more convenient! The high-tech era we live in requires appropriate payment methods, and this is increasingly true of many different businesses. The gaming industry is one of the most fruitful domains for new solutions to be implemented, and so it’s no wonder that this is the sector currently experiencing a huge rise in mobile payments and innovative transactions like crypto!

The Tendency

Some recent research conducted by Paysafe shows us 86% of consumers prefer platforms with enabled payments via mobile wallets. They expect to use this method much more over the next few years. As for casino players, these gamblers are switching to mobile versions; this means that apart from enjoying the games themselves anytime and everywhere, they would like to have some mobile payment options. To provide a better customer experience, online casinos should implement alternatives and care about providing the most convenient, seamless payments.

This doesn’t necessarily mean that cash becomes irrelevant — it’s more about the intermixture between traditional payments and innovative forms of digital cash!

Brand Wallets

Competition on the arena of the mobile wallets is harsh, and signature solutions like Apple Pay or Google Pay work hard on enhancing their offerings and the technology behind them. These companies integrate NFC (near-field communication) to guarantee fast and easy connection everywhere.

Mobiles as a Direct Medium

New companies are constantly emerging, all aiming to facilitate payments made on smartphone bills. Services like Boku, Payforit, or Siru are great alternatives to cards and e-wallets, which make online betting as convenient and simple as mobile billing.

Charge-to-mobile systems designed for allowing buying digital content are only at the beginning of their development. Head of payments for one of such businesses (Oxygen8 Group) claims that the European community is still scrutinizing this opportunity, and they are now only at the early stages of people being engaged in using mobiles directly for gaming payments.

The Key Benefits

Contactless mobile payment systems have only gained in popularity since their inception. Technically, this is not even a particularly innovative form of money, as these systems are linked to people’s bank accounts and actual cards. The important question, however, is what kind of medium is used to perform the operations? Nowadays, the vast majority of people want to do everything on the go. The more these regular, everyday operations become available in mobile mode, the better. It’s true that smartphones have become everything to us: they perform so many functions that it’s already impossible to imagine our lives without them.

When it comes to gaming, you’ll probably need some fast and secure payments, along with an opportunity to check the history of transactions any time you want. So, it’s no wonder mobile payments are getting so firmly established on online gambling platforms and other entertaining services!

Digital Money: Crypto as Alternative Payments

Apart from a digitized medium of performing financial operations, there is some actual digital cash that has been the talk of the town in recent years! Cryptocurrency is, as many in our world today already believe, the technology that is going to reshape many industries, and even the way we deal with money in general! For each and every online casino cryptocurrency technology opens new prospects, as the blockchain technology which powers crypto introduces a new, decentralized system, where every action gets an enhanced level of transparency and security. No change can be submitted to the blockchain without the consensus of all the participants, and everyone involved in any particular operations is able to review all the information kept on the blockchain.

There are lots of cryptocurrencies, with new coins being introduced all the time; and most reputable crypto-friendly platforms try to integrate as many major ones as possible. However, regardless of whichever one you choose, you’ll still get some real game-changing advantages of faster and safer transactions. You’ll even benefit from better privacy, as those transactions are hardly trackable, and don’t require any personal details!

Drawbacks and Risks

Of course, there are also some drawbacks of mobile payments. For example, this type of operation usually has a daily limit, which might not be a big deal for an occasional player, but will most certainly be a problem for some of you high rollers out there!

Another problem relates to increasing the addictiveness of gambling games. By making games more mobile, paying becomes easier, and people end up spending more. The risk of overspending has also been highlighted by some pieces of research. Non-cash payments can lead to people making unreasonable decisions, as customers won’t normally make the connection with spending actual money. It’s up to the operators to take care of such risks and implement some solutions to deal with particular vulnerabilities.

Future Prospects

Experts believe that the future of payments belongs to personalized service. It’s an overall trend of any business, especially an entertainment business, to provide a high level of personalization; in order to create an emotional bond with the customers. Technologically advanced payment solutions are necessary, in order to satisfy clients; thus, any collaboration between gaming providers and payment systems needs to follow a bespoke services model.