How Fintech affected the online casino
Financial technology (Fintech) made its breakthrough in the 21st century and has proven to be beneficial to large industries, especially online businesses. The online casino benefited a lot from the innovation of Fintech as it helps to grow this business and makes it one of the most in-demand iGaming industries with its current global market gambling size of $61.5 billion and is predicted to skyrocket by 2028, up to 114.40 billion dollars.
You can find the best online casino with the best Fintech payment option which is undoubtedly proven by all virtual punters to introduce casino sites that guarantee safety and security.
Fintech as an online casino payment system
In the early 2000s after the mobile casino was introduced, it became challenging for most punters to bet online using the traditional banking system of debit/credit cards. Cyber theft, online fraudsters and malware were widespread back then.
The innovation of Fintech opened doors for many online industries to thrive and gain consumer trust.
List of examples of Fintech
- Digital lending and credit
- Mobile payment
- 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 the way for all online businesses to thrive and have more choices. Fintech has proven to be efficient and secure, and some even guarantee instant bank transfers. Consumers and entertainment became more sophisticated and fast, and new Fintech innovations mean more solutions to bank transfer problems.
Modern online casinos not only boast of their capacity to be accessible to the latest technology and its convenience that can be played and wagered at the player’s comfort, but also of being able to use 5G connectivity for seamless and secure online gambling by the customers.
The payment options of virtual casinos
The following legitimate fintech companies are trusted and introduced by most online casinos:
Paypal is the most trusted and till now very famous digital wallet of all time. It was established in Palo Alto, California in December 1998 and later in 2002 eBay acquired it. Paypal has proven to be efficient and reliable. All major online casinos trusted Paypal and it is highly recommended in a gambling casino as a digital wallet for their players.
One of the best payment options for casino sites, Neteller is an e-money transfer service for merchants and other companies, including the online casino. The company of Neteller is based on the Isle of Man and this fintech is gaining the trust of many users, especially now that it is part of the Paysafe group for more efficient uploading of funds in a secure way.
This payment option is like the old method because it is a play now, pay later style by simply marking the player’s payment on the monthly phone bill for them to pay later. Pay by phone is another payment option where players can make quick and easy deposits using their phone’s bank statement.
This is an open banking system that allows consumers to buy goods and other services, including entertainment, with cash or cards. All online gambling transactions are allowed at Trustly and they even have a special feature for their returning customers where they can come back and continue playing where they left off without having 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 in order for them to be used.
Unfortunately, this fintech has limited availability. It is only available in Sweden, Estonia, Germany, UK and Finland.
As the online casino develops, the alternative payment method also became more flexible. Cryptocurrency plays an important role in the development of the virtual casino because it protects the player’s identity due to the anonymity feature and keeps their money safe. This is possible because cryptocurrencies are supported by blockchain which makes all data and currency safe.
Final insight:
The online casino still has huge payment options, although the availability of some depends on the location. Having a different banking system is the best option, especially for players who are not comfortable using their bank accounts in any online transactions. As the online casino grows, an opportunity for wider alternative payments will be introduced for the virtual players to get the best gaming experience.
