Hundreds of positive components have come together throughout this century to ensure that online businesses can generate trillions of dollars’ worth of profit. Without the existence of reliable, convenient and fast payment methods, the whole idea of online businesses would have been a much more difficult sell. As early as the 1970s, when pioneers in programming and computing talked of a world wide web that could connect everybody instantly, most people still weren’t convinced about how seminal the internet would become in pioneering and innovating future business, particularly in the casino industry.
Financial experts understand just how integral the emergence of different payment methods has been to the reliability and consistent growth of the Internet. Casino gaming is far from alone in just how beneficial the range of variety and convenience can be when it comes to making payments online.
Modern financial technology
Broadly speaking, you can fit payment methods into two categories: ones that exist because of the internet and more traditional types of payment that have been around for decades. As the world becomes more enveloped in technology, the payment methods pioneered because of the internet have become the preferred options for millions of people.
Servicing nearly half a billion customers worldwide, PayPal has established itself as one of the most recognizable financial brands in modern society. First emerging alongside the groundbreaking innovation of the global bidding marketplace eBay, merchants worldwide started to accept PayPal — including casino companies.
The beauty of PayPal is that you can make payments using your e-mail and directly raise disputes with the company if you have any issues. This means you receive the security and guarantee of a bank and the convenience of a modern-day electronic payment method. For this reason alone, using PayPal in online casinos was one of the first alternate payment methods to begin making serious waves in the industry. If you use PayPal for other online shopping, then connecting your verified account to a gambling provider will be straightforward. Given that they offer many modern lending options, flexible e-wallet cards and lines of credit, they have grown with modern society and continue to innovate, adding hundreds of new merchants to their colossal service yearly.
By guaranteeing the security of your card within a digital wallet, smartphone providers have created yet another avenue for casino gamers to deposit their cash. Financial technology has evolved so much that many start-up challenger banks operate online. As the days of the physical bank branch head into structural decline, online banks now offer services where you can set up your account and receive your digital e-wallet card on the same day, which you can use at hundreds of online casinos.
E-cards operate like physical cards, and you can also add existing physical cards to your Apple or Android wallet, depending on the provider. However, given the money this sector generates and how many people decide to switch to electronic wallets, many other companies have followed suit, especially credit card companies. Technology is driving seismic change in all key sectors. While finance might be the most notable, given that most of us use it daily, the changes are ongoing in industries such as education, law, agriculture and travel.
Bitcoin and Ethereum are back in the news again. As the reports of potential investment from massive asset management institutions begin to gather more momentum, more people are seeking out information on how to use these assets to play their casino games. Crypto wallets use blockchain technology to verify all your transactions. The reason blockchain is so secure is because each block must run concurrently with the next and can’t be altered. The new block interweaves with the previous one and creates a network of highly secure transactions that remove any requirement for a third-party bank to oversee the security.
Although many people are unaware of the technology and innovation of Bitcoin and other cryptocurrencies, many casinos have emerged, allowing you to connect your wallet directly with the provider. Regulation is still catching up with these types of casinos. Although many have shown a lot of promise thus far, the real sink-or-swim moment will be when there is cohesive, international regulation, the likes of which we already see in traditional casinos. That isn’t to say that it won’t come eventually, but crypto casinos will face a fork in the road sooner rather than later.
Traditional payment systems
Online casinos still offer various options if you prefer more traditional payment methods. Credit cards and VISA transactions still make up the bulk of global casino deposits and withdrawals. They were the first to highlight just how profitable the sector was and how much potential there was to unlock. While newer payment methods might be grabbing the headlines and slowly loosening the grip that credit cards and VISA have on the sector, there will always be an avenue to deposit and withdraw via your card, given that it links directly to your bank and usually has relatively low fees.
American Express caters to consumers in over 100 countries. While they might have the reputation and name that rings out across the financial sector, they’re considered a niche way to deposit your funds due to the fees and minimum deposits involved. However, many significant names in the industry will offer Amex deposit routes and other credit cards.
As we move down the list to more niche payment methods, many online casinos still accept wire transfers and cheques. These methods may be phased out over the next few years as financial technology continues to take up more traffic within the casino industry, and it becomes more costly to maintain these niche methods of depositing, but they’re still making up the numbers and part of what supplies casino gamers with such a variety.
The key to finding a suitable payment method goes beyond casino gaming. As long as you’re happy with a particular payment method when you shop online, you can extend that to be used with casino gaming too, as long as you can find a provider that supports it. Although there are many benefits to using different payment methods, it’s common for us to stick to what we know. If we have no issues using Apple Pay or credit cards online, we will transition the same mindset to online casinos. Our goal today was to show you the alternatives that exist outside of traditional or popular routes. Using new casino payment methods could open the door to using these payment methods in other areas of your life and online, so it’s something for you to consider.
As financial companies are endlessly searching for innovations that will encourage more customers to use their services, the most effective angle is usually to provide a more convenient and secure payment method than the competition. The decentralization of cryptocurrency is a good example of how people will flock to cheaper and more secure options. While it might not be the best example in casino gaming just yet, it highlights the potential for a financial institution that can unlock new angles and better ways to pay for goods and services online.