Technologies marked the start of innovative changes in various aspects of our lives. This is true for casino payments as well, where traditional banking methods are constantly replaced by more modern and flexible options.
But which innovations have greatly impacted the banking model of online casinos? And What was their main role in the overall development? Join us to discover all these aspects together.
Digital Wallets
Digital wallets or e-wallets are not a novice integration in the iGaming sphere. However, the changes they brought to the entire industry and how they simplified the lives of so many players is the greatest proof of their innovative nature.
Unlike classic online casino payment services, this option is far more convenient and up-to-date. Similar to your physical wallets, virtual ones are designed to store funds. The only difference is the way you add cash to them – you can do it right from your online banking account without even going out from home. This lets you store and use funds when playing at quick payout casinos or making bets on your favorite football team.
The integration of digital wallets into online casinos has brought many advantages for users. The key one is enhanced security, which restricts the amount of financial and personal information you let onto the Internet. To be more precise, through them, you can easily generate financial deposits in an instant and protect passwords and other important details.
On top of these, with e-wallets, the charges and fees are lower. This gives you the freedom to make deposits and cashouts as many times as you want.
The best examples of digital wallets accepted at online gambling sites include PayPal, GooglePay, ApplePay, AliPay, American Express, and so on.
Blockchain Technology
Among relatively new innovations, blockchain certainly stands out, and cryptocurrencies are one of the crucial “products” of this technology. Day by day, the number of casinos integrating crypto payments and players making bets through digital coins increases rapidly.
This can be seen from the recent data provided by SoftSwiss, which shows that the share of crypto bets in Q1 of 2023 reached 30% in total betting. It means there was a 19% volume growth compared to Q4 of 2022.
The key reason for the popularity of cryptos like Bitcoin, Dogecoin, Ethereum, Tether, etc., in online casinos is that they not only offer relatively low-cost transactions with increased anonymity but are also instant and don’t take hours to get processed.
When you make casino deposits or withdraw funds using crypto, your funds will be directly transferred from person to person, meaning there is no third-party involvement, like banks. And this is exactly what makes your payments far quicker compared to traditional banking solutions.
Biometric Authentication
We live in an era of all possible gadgets and devices. There is no shortage of options when it comes to choosing a device with up-to-date features and modern design touches that incorporate all necessary security measures and simplified access controls.
Today, in order to get access to your banking account or open any important information, a simple biometric authentication is enough. These may include fingerprint scans or facial recognition. These features save a ton of time for players who don’t need to provide long and complicated login details to access their gaming accounts. Moreover, they can also use biometric authentication to confirm payments directly on their mobile wallets or online banks without going through various verification processes every time as it is implemented in netti kasinot.
Another benefit that comes from biometric authentication integration is the enhanced security. According to a 2021 study from Juniper Research, biometrics will be used to secure an estimated $2.5 trillion worth of mobile payments by the end of 2024.
As the number of gamblers who like to play from their mobile devices is quite high in the iGaming market (according to the Gambling Commission report, 50% of all players as of 2019), it directly benefits from this tendency.
Some Final Words
The main perks and benefits that both online gambling providers and their customers enjoy today come from the digitization of the payment ecosystem. And these perks rise every second. Starting from crypto integration to utilizing newer and more convenient payment gateways, there are innumerable ways to make your casino payment process instant and worry-free.
And these innovations are welcomed with widely opened arms, as all of us like to experience the ease of gambling from the comfort of our homes and do it safely.
