Tech-Driven Payment Innovations Transforming the Casino Industry
Digital payment companies will generate $31.5 billion in 2024, four times the industry’s revenue in 2020. Fintech’s unprecedented growth in the past few years is the result of innovation and increased adoption by fast-growing industries such as online gambling, e-commerce, and digital healthcare.
In this article, we’ll focus on Fintech innovations disrupting the online casino industry. Let’s get started.
#1: Crypto and Blockchain
Cryptocurrencies like Bitcoin and Ethereum have made a lot of people rich in the last decade. But that’s not all they’re good for. Digital currencies also act as safe, convenient casino payment methods.
Bitcoin supports borderless, peer-to-peer transactions in every part of the world. That enables casino lovers to deposit money to their favorite gambling sites regardless of their geographical locations.
Compared to bank transfers, cryptocurrencies process transactions incredibly fast. You can send money from one corner of the world to the other in a couple of minutes. The best part is that the transactional costs are low.
In light of these benefits, there’s been a rise in the number of online casinos accepting cryptocurrencies. Some of these sites also feature provably fair slots built on the Blockchain.
Provably fair slots provide transparency in gaming. They allow you to verify that a slot is fair, something you can’t do while playing conventional casino games.
#2: Electronic Checks
Contrary to popular belief, checks are still a popular payment method around the world. In the UK, 78% of businesses still accept checks. On the other hand, 52% of Americans write checks regularly.
Many people who love checks are now switching to electronic checks—paperless, versions of traditional checks. Electronic checks are safer, process payments faster and don’t bounce.
That last point about e-Checks not bouncing is a big reason why casinos are accepting e-Checks. When you use electronic checks for casino deposits, you benefit from instant payments. On the other hand, the casino is assured it will receive your deposit.
In the past, bad checks were a major problem in the financial industry. Far too many people conned businesses using paper checks. Electronic checks are eliminating this problem by ensuring an eCheck goes through only if you have enough money in your bank account.
#3: Pay by Phone
Pay by Phone is a financial service that enables casino players to gamble on credit. It sounds like a big risk for payment companies to offer this service. But not everyone qualifies.
To qualify for Pay by Phone, you need to have an excellent credit score. Another thing to note is that payment providers seldom lend you a lot of money. They loan you a small amount of money you must pay together with your phone bill.
If you keep your word and pay the bill on time, they can increase your loan amount. Boku is the most popular Pay by Phone service provider. But you can also use the service if you prefer to pay with Apple Pay, PayPal, or Venmo.
Pay by Phone is an excellent service for responsible casino players with cash flow problems. But there are better ways to fund your casino bankroll. Going into debt to play casino games can be a slippery slope.
Cancel unimportant subscriptions to free up money you can use for casino gaming. Or, skip weekend drinking to play your favorite games. You might lose the money. But it won’t be a debt.
#3: No-Registration Casinos
You might have read a blog post about these casinos. Maybe a friend told you about them. No-registration casinos are real. And they’re safe. Sweden payment provider Trustly provides no-account gaming through its Pay N Play technology.
Trustly does the hard work of Know Your Customer (KYC) verification in the background. It provides all the necessary documents to casinos and banks. As a result, casinos don’t need to ask for your personal information.
You don’t even need to create an account with your password. No-account casinos give you an ID to help you track games and profits. Trustly allows you to deposit and withdraw money seamlessly.
Pay N’ Play technology is a young industry presently available in Finland, Germany, Sweden, and a few more countries. But it is growing quickly. More payment providers are also creating similar platforms.
Soon, online casinos might evolve to eliminate data collection altogether. Time will tell how such a change will impact their marketing efforts. But one thing is for sure—no registration casinos will make the industry grow even bigger.
#4: Mobile Payments
Fact: there would be no mobile casinos without mobile banking. Payment apps like Google Pay, PayPal, EcoPayz, and Skrill are some of the reasons people play slots and card games on their phones.
Mobile wallets allow you to complete casino deposits quickly and conveniently. You need just a couple of clicks to move money from your bank account to your favorite online casino.
The withdrawal process is equally simple. You connect a payment app and cash out your profits seamlessly. The best payment apps are highly personalized to favor your preferred language and currency. They’re safe, fast, and charge low or no transaction fees.
In this age of crypto apps, mobile banking doesn’t limit you to microtransactions. You can send millions of dollars around on a simple app. However, most casinos have payment limits. Some of them cap the maximum you can deposit at $10,000. A few high-end sites allow you to deposit up to $100,000.
#5: Voucher Card Payments
Online casinos are continually testing new payment methods to keep their customers happy. Lately, some online casinos are accepting voucher cards for deposits.
Voucher cards are a secure way to make payments online. That’s because you don’t need a payment app to pay with vouchers. You just need a special code you can redeem at your favorite online casino.
You can buy a voucher card at a local retail store or website. But keep in mind you can’t deposit a lot of money using this payment method. Also, most casinos don’t support vouchers for withdrawals. You have to use a different withdrawal method.
