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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.

Cryptocurrencies

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 operators and iGaming 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.

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Today’s consumers are impatient. They want to stream movies and TV shows on demand and have their online orders delivered in less time than it takes to place them. In most industries, speed has become the deciding factor between being preferred and being ignored by customers.

The iGaming industry is no exception. Players expect to be able to play their favourite games as soon as the website or mobile app loads and cash out their winnings at the very moment they choose to stop playing. The ability to provide a fast, if not instant, deposit and payout solution is tipping the scales of power into the hands of the players, forcing iGaming operators to accept the trend and innovate or lose customers (and profit).

The Thrill of Winning

The number of players transitioning from land-based venues to online gaming platforms is continuously increasing because the second option provides them with improved convenience, flexibility, and ease. The question those players most commonly have is how to withdraw the winnings they have accrued while playing online. And of course, the payments and the ability to cash out earnings is one of the most critical aspects of online gaming.

Almost all iGaming operators offer a fantastic gaming experience, with sound and light effects, animations, and graphics. But it’s not the gaming experience that players or the operators are after. While in brick-and-mortar venues the players have a different winning experience where they can take their chips and cash out straight away, for online operators providing instant payouts is still one of the biggest challenges they face.

Even though the various new payment methods support instant deposits through payment cards and bank transfers, payouts still can’t be processed as fast. The payouts to debit and credit cards can sometimes take between one and five days, and bank wire transfers can take even longer up to ten days. Digital wallets can be faster, but still, take up to twenty-four hours.

The thrill of winning is what drives iGaming forward. For players, getting instant rewards and the chance to either play again or take their winnings off the platform is what builds trust and loyalty to specific gaming platforms. At the same time, this winning thrill translates into an eagerness to play more and spend more, thus gives operators an opportunity to win back the payouts they just made.

Giving Players What They Want

Providing players with exceptional gaming experience and optimal payment are the critical concerns of iGaming platforms. With payouts being the biggest concern, payment apps offer a solution that is beneficial to both sides.

When players use a payment app to fund their gaming account, first they deposit the money into the app via a bank transfer or a payment card. This way, the deposit a player makes is more reliable because the app verifies the transform between the gaming platform and player’s bank.

The app is directly integrated into the gaming operator’s platform, and funds can be moved in real-time. The funds then are transferred from the payment app into the player’s gaming account. From there, players can enjoy gaming, and when winnings are accredited to their account, they can move them instantly to their payment app or keep playing.

Adding a payment app as another payment method to a gaming platform can be vital for retaining players and attracting new ones. Moreover, it leads to higher deposit acceptance rates and provides a more convenient and faster way to reload funds to gaming accounts without the typical redirects. But most importantly, it enables instant payouts. And most players would rather pay a small fee and withdraw their winnings from the gaming platform into the payment app right away, than wait.

Rewarding Instant Deposits with Instant Payouts

Reputation is a crucial factor that among many things relies on brand image and customer service. Providing a seamless gaming experience and advanced payment solutions plays a considerable part in this equation.

The speed of processing payments and withdrawals is absolutely critical – if the withdrawal of winnings takes too long, the platform risks losing the players. While delays for payouts used to take a few days or even a week several years ago, now instant payments are the new norm. With numerous benefits for operators including boosting ROI on acquisition and reactivation, building loyalty thought instant withdrawals, and full KYC compliance, it is no wonder iGaming companies are accepting this new trend with arms wide open.

In combination with seamless gaming experience, the free and immediate access to the gaming platform and the instant payout possibility are the perfect recipes for keeping players satisfied. They are eager to use a platform in the long run and encouraged to deposit again, stay in the game longer and spend more.

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