How Fintech influenced the Online Casino
Financial Technology (Fintech) made its breakthrough in the 21st century and has proven to be beneficial to major industries, particularly online businesses. The online casino benefited much from the innovation of Fintech since it help boost this business making it one of the most in-demand iGaming industries with its current world market gambling size of $ 61.5 billion and is predicted to skyrocket by 2028 up to $ 114.40 billion
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Fintech as Online Casino Payment System
In early 2000 after the mobile casino was introduced, it became challenging for most punters to wager online using the traditional banking system of using debit/credit cards. Cyber theft, online scammers, and malware were rampant back then.
The innovation of Fintech opened doors for many online industries to thrive and gain the trust of consumers.
List of the examples of Fintech
- Digital Lending and Credit
- Mobile Payments
- Mobile Banking
- Digital Wallet (Paypal)
- Cryptocurrency and Blockchain (Bitcoin, Ethereum)
- Banking as a Service (BaaS)
The importance of Fintech
The growing number of Fintech paved way for all online businesses to thrive and to have more choices. Fintech is proven to be efficient and safe and some even guarantee immediate banking transfers. Consumers and entertainment became more sophisticated and fast-paced hence new innovations of Fintech mean more solutions to bank transfer issues.
Modern-day online casinos do not only boast of their capacity to be accessible to state-of-the-art technology and its convenience to be played and wagered at the player’s comfort but also being able to utilize 5G connectivity for seamless and safe online gambling of the customers.
The Payment Options of virtual casinos
The following legit fintech companies are trusted and introduced by most online casinos:
Paypal is the most trusted and up to now very famous digital wallet of all time. It was established in Palo Alto, California in December 1998, and later in 2002 eBay bought it. Paypal has been proven to be efficient and dependable. All major online casinos trusted Paypal and are highly recommended in a gambling casino as a digital wallet to their players.
One of the top payment options for casino sites, Neteller is an e-money transfer money and service to merchants and other firms which including the online casino. The company of Neteller is based in the Isle of man and this fintech gains the trust of many users especially now that it is to Paysafe group for more efficient uploading of funds in a secure way.
This payment option is like the old-time method because it is a play now, pay later style by simply tagging the gamer’s payment onto the monthly phone bill for them to pay later. Pay by phone is another payment alternative in which players can make fast and simple deposits using their phone’s statement of account.
This is an open banking system that allows consumers to purchase goods and other services including entertainment using cash or card. All online gambling transactions are allowed at Trustly and they even have a special feature for their returning clients wherein they can come back and continue playing where they have left without the need to pay. The player simply has to link their Bank ID to the casino site. A Bank ID is given by an authorized bank to the user for them to be used.
Unfortunately, this fintech has limited availability. It is only available in Sweden, Estonia, Germany, the UK, and Finland.
As the online casino develops, the alternative payment method became more flexible as well. Cryptocurrency plays a vital role in the development of the virtual casino because it protects the identity of the player due to its anonymity feature and keeps their money safe. This is possible because cryptocurrencies are supported by blockchain which makes all data and currency safe.
The online casino still has vast payment alternatives although the availability of some depends upon the location. Having another banking system is the best option, especially for players who aren’t comfortable using their bank accounts in any online transactions. As the online casino grows a possibility of broader alternative payments will be introduced for the virtual players to have the best gaming experience.