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The impact of payment methods on the iGaming industry

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Payment methods play a significant role in the success of online casinos and might just be the key to their longevity.

As the industry has evolved over the past few years, so have the players that stepped through virtual online casino doors.

The enormous task for online casino operators is not just to obtain new customers but to turn them into returning customers. There have been upgrades in games, offers, casino accessibility, and presence, but many believe the payment methods are key.

Payment methods in online casinos

As an online casino player participating in real money gameplay, you need to deposit and withdraw funds via trusted payment methods. Gone are the days of very limited payment method options, and today there are plenty of payment methods available at every online casino.

Payment methods may differ from one casino to the next, but each casino will have different payment options to ensure there is something for everyone.

Today, you have the opportunity to access the best game on different casino devices via your desktop, tablet, or mobile device, but you also have a broader selection of payment methods. This includes traditional payment methods to e-wallets and even cryptocurrency.

The evolution of payment methods

Credit and debit cards are still a very popular payment method in online casinos across the globe. However, in the more recent years, the ability to deposit or withdraw via credit card has become a bit trickier or even forbidden in some regions. These cards have been around since the 90s, and they remain a payment method of choice.

Some payment methods that have slowly but surely made it to the payment graveyard are bank wire transfers and cheques. At the same time, there might be some who still use these options the majority do not. These methods remain available as they are considered among the most secure payment methods.

They are less popular as they take a lot longer to process, and as an online casino player, you prefer instant deposits and withdrawals. In terms of security, these options are top-notch and worth the wait, hence why you’ll probably find them on the list of payment options at top-rated online casinos in your region.

And then, e-wallets hit the industry unexpectedly and have become a vital part of the payment method selection list. There is a great selection which includes PayPal, Neteller, and Skrill which are faster payment options for deposits and withdrawals.

And let’s not forget the option to pay via mobile. This is one of the newer payment methods that is slowly but surely finding its way into online casinos, and it enables you to pay via your phone bill. In essence, it’s a credit-type payment plan as you play now and pay your phone bill later.

Then there is cryptocurrency, one of the latest and, some might say, greatest payment methods to hit the iGaming industry. This payment method is the newest craze, with Bitcoin being the leader of the crypto-cult. There are many benefits, including anonymity and fast and secure transactions with cryptocurrency. It also enables you to enjoy a range of unique games and higher withdrawal limits.

The goal

For many Fintech companies, the main objective is to develop innovative payment systems specifically for the online casino industry. Methods like Trustly enable Pay N Play online casinos action and eliminate the tedious registration process. These are particularly popular in regions like the Netherlands and Sweden.

Bitcoin or other cryptocurrency casinos are also quickly becoming more popular with unique Bitcoin games, fast payments, and advanced security options.

The reality is that player demands are continuously changing regarding payment methods and the online casino industry as a whole. While conventional methods like Visa and Mastercard will still be used by some, like Cheque and Bank Wire Transfer, they are bound to be replaced by a better preference payment method that caters to the current needs.

Crypto payment options like Bitcoin and Trustly, with their Pay ‘n Play options, allow for fast, instant deposits and withdrawals. Which ultimately makes it the best choice for players looking for instant satisfaction.

Cryptocurrency is said to be one of the best ways to perform online casino transactions these days. Not only is it fast, but it is anonymous and secure. And as its popularity grows, more online casinos are warming up to the idea of adding cryptocurrency to their list of available payment options.

Payment methods matter

When it comes to player satisfaction, it’s not just about the number or quality of games online casinos have to offer. It isn’t even about the promotions or gamification they can partake in.

Of course, these elements play a significant role in the entertainment part, but when it comes down to keeping players, a stress-free payment experience is gold.

Adding more variety in payment methods will enable online casino operators to draw in a more significant consumer base, especially if this includes modern payment methods that allow quick and hassle-free payment processing.

Published: April 12, 2022

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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