The impact of payment methods on casino growth
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Payment methods with fast transactions are in high demand in the casino space. Everyone wants an app that can process deposits instantly. And when they need to withdraw their winnings, they expect their banking partners to facilitate quick withdrawals.
Surprisingly, wire transfers are still a popular payment option in the casino sector despite processing payments at a slow rate. This goes to show all payment methods have an impact on the iGaming industry.
Continue reading to discover how different payment providers contribute to the growth of online casinos.
Providing credibility to casinos
People generally trust their favourite payment methods. But they don’t always trust unknown online casinos. However, players are more willing to trust a gambling site if it accepts their favourite payment method.
Let’s say you like PayPal because it is one of the biggest digital wallets in the world. You also love this company because it provides chargebacks - you can always ask for chargebacks if anything goes wrong.
It’s easier to join new PayPal casinos when you know the digital wallet has your back. Indeed, PayPal is one of the best payment options for casino players. It’s incredibly selective: it works with safe and trustworthy casinos only.
Convenience
Online gambling is fun. If you're lucky, you could even win money while playing slots, blackjack, and roulette. However, no one would be playing the games for real cash if depositing money were stressful.
Fortunately, modern payment options make casino deposits absolutely convenient. Let’s assume you like to pay through cards. And you use either Visa or Mastercard. You can deposit money at nearly every casino in the world.
If you're more into mobile banking, don't worry. You can use PayPal, GPay, Trustly, Skrill, Neteller, or EcoPayz. Also, you can use Bitcoin or Ethereum. The best part of it all is that these payment options work in multiple countries.
Bitcoin, in particular, operates in every country. This allows virtually anyone who wants to gamble online to have a convenient payment method.
Fast payments
Slow payments tend to make people distrust online businesses. This used to be the case for online casinos a decade ago. You would send money to a casino. But after hours of waiting, the money wouldn't reflect in your account.
Similarly, withdrawals used to take ages. Sometimes you had to wait for a month or more to receive your winnings. Nowadays, sending money to gambling sites tends to be instantaneous.
That is especially true if you deposit using digital wallets and crypto. If you pay via PayPal or GPay, the money is reflected in your account instantly. When it comes to withdrawals, money may take a while.
It all depends on factors like a casino’s payment speed, your withdrawal amount, and your chosen payment option. The best payment methods allow you to cash out money within a day or two.
Enabling access to new markets
Payment methods play a big role in the growth of online casinos. Think about Visa and Mastercard. These two card providers operate in 200+ countries. Casinos take advantage of these cards to operate globally.
As long as a casino supports Visa or Mastercard, it can operate in dozens of countries. The only problem is that not every country permits iGaming. Otherwise, gambling sites would be operating in every country.
That being said, not everyone uses Visa and Mastercard. And this is why most iGaming platforms support digital wallets and crypto. Some local payment methods are incredibly dominant in certain regions.
For example, Apple Pay, GPay, and PayPal are popular in the US. This means new casinos in the US need to support these payment options. In Canada, iDebit has a huge fan base. In East Africa, MPESA dominates.
Supporting microtransactions
In the early days of online casino gaming, you needed a sizeable budget to gamble online. Most casinos had a minimum deposit amount of $100 or $200. And they weren’t always trustworthy. If you were not willing to risk $100 on a new casino, you couldn’t gamble online.
Digital payments made the industry better by supporting low payments. They accept as little as $1, meaning you don’t need to overspend on casino games. You can use a small $20 budget and have plenty of fun.
Although these companies support micro-transactions, they also allow you to play with large amounts of money. You can transact up to $10,000 through e-wallets and card providers.
If you have a bigger budget, you can always use bank payments or Bitcoin. These two payment methods are excellent for withdrawing jackpot winnings.
Facilitating mobile gaming
Mobile gaming is presently bigger than PC gaming. This is true for both video games and online casino games. However, it wouldn’t be true if payment companies were unable to facilitate mobile payments.
Most digital payment methods have apps you can use to transact through your smartphone. Sometimes you don't even need to install an app. You can transact through your favorite mobile browser.
Mobile payment apps work like their PC counterparts. They're easy to use. They're secure, fast, and reliable. Of course, different payment options have varying benefits and drawbacks.
For example, Boku has a service that lets you gamble on credit. It can lend you $200 to spend on slots. It then bills you by phone. On the other hand, Trustly allows you to bet online without creating an account.
Technological innovations
As mentioned, payment methods are at the forefront of tech innovations. Sometimes these creations benefit the online casino industry. Take Trustly's Pay-n-Play technology as an example.
Pay N’ Play is changing iGaming for the better. It allows you to gamble online without providing countless personal documents. Trustly does identity verification for iGaming companies. In turn, you don’t even need to register an account.
Blockchain is yet another new FinTech trend impacting casinos positively. It allows casinos to minimise chargeback fraud. Secondly, it helps players gamble online in any part of the world.
Another benefit is that the blockchain helps developers to create fair slots and table games. In a world where trust is a major selling point, blockchain will probably be the future of casino gaming.
