In a world where you can buy and sell almost anything, there is a lot of room for innovation in payment options. An original approach to the matter is made possible by the ever-increasing technology. And everyone involved in the gaming business is aware of the possibilities and the challenges that come with the changes, though the changes are inevitable.
The players’ communities have welcomed the alternative payment systems, especially the ones giving them more freedom. And while a model of your typical game enthusiast is very much different than it used to be — an alienated individual stuck in their world — still, they would want to direct most of their time and efforts to things such as playing. The security reasons are also critical, and new resolutions better address the safety and privacy expectations than using the old-fashioned credit card. Therefore, prepaid cards, mobile payments, Paysafe options like Skrill and NETELLER, even gift cards and PayPal are all tempting alternatives, especially the latter who since starting at the end of 20th century has come a long way to reach the renowned global position it has today. This year’s data estimates more than $12 billion in payment volume spent on gaming alone. It’s also worth noting that gaming transactions include buying special features, accessing paid content and enjoying the perks of premium accounts. People often exchange items and other things online for money, too.
The increased popularity of the new payment solutions that are better suited for modern times can especially be noticed in the gambling industry, which due to involving a niche clientele with specific needs is known to care about the user experience. To address those needs, companies usually aren’t afraid of looking into new ways to accommodate. Betting websites were among the first to embrace the cryptocurrencies, allowing payments via Bitcoin and even creating virtual coins of their own. The same goes for the concept of eWallets, with more apps and services developed such as the new MuchBetter eWallet solution, oriented for poker and casino games.
Perhaps, the biggest talk today, in the iGaming industry or elsewhere, is concentrated on virtual money. Beside the digital wallets, which can refer to the online service or actual electronic device, that allow computer and smartphone users to make transactions and purchase goods online or at the physical store, there are also cryptocurrency wallets. The introduction and later development of blockchain technology opened a lot of opportunities for various disciplines and fields of interest, online gaming, in particular. And with the opportunities for more secure money exchanges, it may influence further the gaming industry in the future, even more than it already has.