Payment Technologies to Reshape the iGaming Industry

Payment methods are no longer what they used to be. Visits to the bank have come down to a yearly or quarterly visit. Bank wire is something grandparents use to transfer money for your birthday. And cheques? Flipping this little piece of paper is something used in telenovelas to accentuate the importance of the deal, or in detective miniseries set in the 1930s. There are new players in town, and they are all payments with the power to change the online gaming industry forever. 

If you ask digital expert Anna Rosak (read her bio here) these ancient methods never stood a chance anyway. Players who joined the casino crazed are also people willing to accept new things and use them for their benefit. Players at online casinos quickly figured out that credit cards and bank wires, not to mention cheques, simply won’t do. Although insanely reliable, and accepted all over the world, they don’t hold up in the crazy world of online gaming. 

Fast, Cheap and Easy

When one relies on traditional banking methods, there are also sorts of stuff involved that players might not like. From seeing casinos listed on the transaction reports, to affecting the credit score, and high fees, old-school payment methods just won’t do. 

“Players typically have 3 criteria when choosing a payment method. It must be fast in execution, meaning, they don’t want to wait for a couple of days for the payment to settle. Then, it has to be cost-efficient. If you rely on bank wire, you will pay more than you think each time you withdraw. Ultimately, it has to be easy, intuitive and available at all times”, reveals Rosak. 

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Rosak also says online casino gamers no longer hesitate to play at smaller venues if they support the payment method of their choice: “If a player wants to use Paysafecard as a payment method, they will play at a Casino Paysafecard even if it means they’ll have fewer games at their disposal. Even so, one must never forget to put their safety first, and play only with licensed casino sites.” 

So, what are the methods that will make cheques and bank wire fit for a museum? Anna introduced us to her favourites! 

Crypto Fever is On the Rise

Although cryptocurrencies have been around for decades now, it is the online gaming industry that paved their path to stardom. One of the main advantages cryptos have other methods is the highest level of privacy one has ever seen, and there is no denying that, compared to basic banking methods, they seem like a dream come true. 

“If you don’t mind a bit of volatility, cryptos are the way to go. Buy them on exchanges, rather than mine, as that way, you’ll get to enjoy them almost immediately. And don’t forget to seek cheaper options. Alternatives such as tether are even better than Bitcoin”, says Anna. 

E-Wallets Rule the Market Already

“E-wallets are the thing! Fast, cheap, and convenient, they can be connected to your banking card, bank account, or another e-wallet. Like beautiful flowers, e-wallets are full of petals that allow you to branch out in the way that works for you”, claims Anna. 

The expert says e-wallets now also offer debit cards to withdraw cash from ATMs, and have their own crypto exchanges. But the best feature of all is that you never share your payment info with anyone but the e-wallet interface. It also goes the other way around, so your bank will never see you play at a casino. 

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Online Payment Platforms for Banking Without Borders

Alas, not everyone seeks privacy, but they do seek safety. That is the main reason why platforms such as Trustly exist. Yet, they are kind of special in their own way. 

“The thing with Trustly and similar online payment platforms is they are not a payment method per se, but an intermediary between the player and the casino. They allow a much higher level of online safety than traditional credit cards, however, they manage credit card payments and add an extra veil of safety algorithms on top”, Anna did her best to explain. 

Prepaid Cards Grant Privacy 

Ultimately, she mentions prepaid cards and vouchers that can be purchased with land-based retail vendors in cash, stating not even cryptos can be as private as they can. 

“When purchasing a prepaid card or a voucher, you are 100% protected from any curious eyes, whether online or offline. If you pay with cash, no one can claim you even purchased it in the first place. It’s like going back in time before credit cards even existed, but you can still use prepaid cards in any way you want”, explained Anna. 

In the end, she advised you to pick the method that works for you, regardless of the trends. “Put yourself in the first place for once”, she laughs. 

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