New Forms of Alternative Payments Operators Must be Aware of
02 August 2019 / Otra
The past few years, the iGaming industry grew in popularity and had consistent growth. The technological innovations that drive the industry have also resulted with the development of various alternative payment methods, created to accommodate the ever-changing rules and regulation, as well as players’ needs. But one thing is constant through it all – operators must provide multiple and safe payment systems, including e-wallets, contactless payment, mobile payment, and even cryptocurrency.
The list of alternative payment methods constantly grows and evolves. And online gaming operators must be aware of the new trends and choose the ones that are most suitable and preferred by their clients. Here are the most prominent alternative payments in the iGaming industry, making for more secure and transparent relationships between players and iGaming merchants.
Even though online gaming and online casino platforms continuously upgrade their safety and security measures, many players still feel uncomfortable sharing personal information like debit and credit card numbers. That’s why, many of them prefer using cryptocurrency payments to play. Everything that both parties want, online gaming operators and players, is provided by cryptocurrencies based on Blockchain technology, like bitcoin, litecoin, and ethereum. Including identity theft protection, everyone access and use it, its decentralized, transparent, secure, cost-effective and recognition at the universal level. So it seems that the iGaming industry and cryptocurrencies are a match made in heaven.
Blockchain Technology and Tokenization
Another way players can make deposits and withdrawals without using personal information is by using of tokenization. Tokenization is the process of replacing sensitive data with unique identification numbers. And usually, these transactions happen over the blockchain technology. The tokenization payments which use Blockchain offer a high level of security, while remaining transparent, yet anonymous. This alternative payment method is very important for the iGaming industry because it gives players the confidence to log in and play. Ensuring them, they will stay safe, secure, protected and anonymous even in the case of a data breach.
Wearable Payment Tech
Wearable devices are slowly becoming the new standard. From simply tracking your vitals and results during physical activities, to receiving smartphone notifications or making calls. And now, they are slowly entering the payment industry. Wearables, such as smartwatches, allow for making contactless payments, which adds a layer of convenience and security. Therefore, making wearables a real game-changer for players and online gambling providers.
Artificial Intelligence in Payment Processing
Another technological advancement that makes its way into the world of payments is artificial intelligence (AI). This tech already has a wide application in the gaming industry. More specifically in instant cross-platform payments, fraud analysis, customer payment risk, data protection and privacy, and more. The use of AI help iGaming operators and providers understand users’ issue, monitor and understand how players interact with games in different environments, and track their behavior. That way they can offer player games that are more suited to their preferences, making them want to play more. But, the use of AI in payments can also lead to enabling even more convenient payment methods that protect the safety and security of players and operators. AI can be a huge game-changer for the industry, in every way, and operators must keep their eyes on any further advancements and applications.
Eliminating Credit Cars and Opting in for Alternative Payments
Most players are increasingly concerned about the safety and security of their personal information. As a result, many of them choose to use alternative payments that don’t require the direct use of debit or credit cards.
This preference pushes operators to look for other, better-suited alternatives that can accommodate the needs of the players. And with iGaming facilities spread across multiple geo-locations, it is important to identify the payment alternatives that are best fit for each region. Oftentimes, this means offering different solutions to different regions.
Hopefully, the new alternative payments such as cryptocurrencies and tokenization can help operators overcome such complications and provide a one-stop solution that can accommodate all their needs in one place. While at the same time, allow players from all over the world enjoy their favorite games without having to worry about currency acceptance or data safety.