The iGaming world saw an explosion of growth in the 21st century that has turned it into a multibillion-dollar industry. With its reliance on tech advancements, the industry is often hailed for the innovative digital trends it regularly incorporates into its rapidly advancing range of casino game offerings.
The fact that online gambling offers enthusiasts the chance to play with and win real money places a need for viable payment methods at the forefront of its success. As a result, the industry is always coming up with newer and more efficient ways for players to bet and win by regularly introducing updated payment methods. As the industry eyes even more expansion, here’s a look at which payment methods will likely become the most popular ones in the near future.
Pay N Play
At the forefront of the most popular online casinos, Pay N Play has become one of the most popular ways for players to utilize them. Online casinos like those available here utilize the Pay N Play model, which ensures a smoother process for new players to join and dive straight into the action without needing to first go through tedious sign up and registration processes. For avid online gamblers, payment methods like these offer a huge incentive since such players tend to try their hand across multiple platforms.
Each online casino will typically make them follow the same drawn out process of having to register, provide copies of identification documents and banking details, and follow a host of procedures just to play. Having a payment method that essentially allows you to bypass most of these procedures becomes a huge bonus.
Online casinos that offer the Pay N Play service basically enable players to provide their online banking details once. After this, the system caters to instant deposits and withdrawals that are safe, reliable, cheaper, and fully compliant with Know Your Customer (KYC) policies since they are run through a FinTech company that provides the service that automates the verification process.
Credit and Debit Cards
While the use of credit and debit cards is slowly becoming a thing of the past in the digital world, it still ranks as the most popular payment method among online casinos at present. The rapid advancement in digital technology has already begun rendering what was once the go-to payment method for most online transactions obsolete. However, among older players and those who aren’t likely to be fully cognizant of just how many more advanced payment methods are available, debit and credit card payments still represent a familiar and trusted way to gamble online.
So long as a player has a valid debit or credit card banking account and available funds, most online casinos allow them to simply register that card and link the associated bank account to their profile. Once registered, players can make payments or withdrawals directly from their accounts. While this method remains the most widely used for now, given that it can be slower and more expensive than more modern payment methods, it isn’t a given that it will remain among the most popular ones for online gambling in the future.
E-wallets, Vouchers, and Mobile Payments
Instead of debit and credit card payments, many players are now turning to e-wallet services like PayPal. On the other hand, voucher services allow them to preload money onto an electronic voucher that can be redeemed by the online casino.
Since smartphones have become an indispensable part of modern life, many online casinos are also mobile-ready or accessible through mobile apps. Due to this, other viable payment methods now include mobile payment methods such as phone bill add-ons, Google Pay, and Apple Pay. The stats show that these services are continuously growing, and are likely to keep increasing their market share to become more popular over time.
Cryptocurrency
The huge success and ever-growing popularity of cryptocurrencies have seen them become far more widely accepted than ever before. The advanced nature of the blockchain technology cryptocurrencies run on makes them an ideal payment method for online casinos.
As a result, the iGaming industry has embraced cryptocurrencies, with many online platforms offering specialized cryptocurrency casinos that enable deposits and withdrawals using cryptocurrencies such as Bitcoin or Ethereum. This method provides a more private experience and enables players to forgo KYC processes and opt to play and withdraw winnings anonymously.
Crypto wallets that facilitate payments involving cryptocurrencies are virtually seamless and can be quicker, more secure, and cheaper than electronic bank transfers or debit and credit card payments. In light of these advantages, crypto transfers are fast becoming the go-to payment for many players and online gambling platforms around the world, with crypto wallets also possibly one day replacing traditional bank accounts.
Conclusion
The iGaming industry continues to rapidly innovate as its colossal growth marches on. As a result, payment methods used by online casinos are constantly evolving too. While traditional online payment methods like debit and credit cards continue to enjoy popularity, more advanced solutions are becoming more widely accepted.
Among them, e-wallet services, electronic vouchers, and mobile payment services like Google Pay are becoming more popular. On the other hand, services like Pay n Play and cryptocurrency payments are becoming more frequently used since they offer cheaper, more instantaneous, and more private services that skip KYC policies and tedious registration processes.
Also Read: Examining the Rampant Success of the iGaming Industry in the United States
