Why there is a wide range of digital payment methods in the gaming industry
With the advancement of technology around the world and many nations restricting use of cash during the Coronavirus pandemic, many people are adopting digital payment methods as an alternative. To begin with, a digital payment method is something that takes place via digital or online modes, and there is no physical exchange of money involved – people make their payments over the internet and mobile.
One of the key benefits of this system is the ability to send money from anywhere, anytime you want. At times, cash payments can be difficult for both businesses and customers, there is the inconvenience of manually sorting/counting. Furthermore is the chance of errors and delays that can add on months to the time taken to process payments. But with digital payments, methods are safer, easier, and less expensive, and you can send money with just one click.
There are now many industries adopting and accepting digital payment methods. The igaming industry is also at the forefront of these new innovations and cashless payment methods. Now many casinos offer a broad variety of digital payment methods, including some of the more mainstream brands like Apple Pay, Google, and PayPal.
Covid-19 and digital payment technology
Social distancing and the other covid-19 guidelines are driving people to switch to digital payment options. As people shop from their homes to fight the virus, digital payments are experiencing an explosion. Now, many industries are encouraging their customers to use digital payment methods, and casinos are no exception in also giving digital payment options to their customers.
PayPal as a digital payment option
There are many ways in which a cashless transaction can be performed, but the popularity of PayPal as a casino deposit method still remains high in comparison to other digital payment options. Whether that remains to be seen as more companies expand into the digital payment space is another question, but PayPal is certainly positioned well and has a head start on competitors.
Others have seen the success of PayPal and the potential of digital transactions moving forward, resulting in multiple businesses and digital payment start-ups appearing globally over the past decade. As a result of this, many igaming operators now carry a broad range of digital payment options, the number of which is expanding all the time.
Cryptocurrencies as a payment option
PayPal also accepts cryptocurrency and offers options such as Bitcoin, Litecoin, Ethereum, and others, as igaming providers have started shifting into the crypto space too, with crypto casinos starting to become more and more common. Technology has certainly helped in making payment methods easier and better, and with it, casinos are also advancing their payment technology. With crypto payments, there is also the added layer that the value of crypto can increase or decrease sporadically and at much more volatile rate than regular currency – in a way, it is like an added layer of gambling and timing the market, so one must take the necessary precautions and understand the fundamentals of alternative currencies before actively investing and gambling with crypto.
Nonetheless, operators within the industry always need to be aware of the latest technical advancements and developments – this is also a reason as to why many in the gambling space were keen to adapt and integrate VR into their platforms when it first arrived onto the scene, despite the technology not being at it’s full potential yet. Despite recent volatility in the market, some feel it is still wise for operators to offer Crypto as payments to tap into new markets and attract the attention of new potential wagerers.