When you think about it, financial processing companies have played a major role in the growth of online casinos. Back when gambling sites only supported cards, checks, and wire transfers, not a lot of people wanted to play slots and poker online.
Back then, many banks and card companies wouldn’t process payments to gambling companies. If you attempted to deposit via check, you risked losing your money to a fraudster.
Financial technology revolutionized the iGaming space. Digital payments legitimized the sector. In doing so, they helped online gambling grow into a multibillion-dollar sector.
In this blog post, we’ll outline some of the ways modern payment companies are advancing online gambling through cutting-edge solutions. Let’s take a closer look.
Mobile Payments
Mobile banking disrupted the online casino sector tremendously. Two decades ago, 80% of online gamblers were betting through a cubicle desktop computer. Now, 60% of casino players bet through a smartphone.
When did this tectonic shift happen? Mobile gambling became a reality in 2003 when Microgaming created the first slot. However, casino players didn’t fully embrace mobile casinos until mobile banking came along.
Mobile payments work in various ways. You can deposit money to a casino directly from your bank account. This method can be slow unless you opt for an online bank.
Another way is to deposit money through a mobile wallet app, card, Bitcoin, or electronic check. Many online casinos accept all the payment options mentioned above. However, pay through a secure and reliable payment company.
Mobile wallets are particularly popular in the casino scene. It is easy to see why. First, using a mobile wallet is simple. Secondly, these payment solutions are fast and reliable.
Another reason people like wallets is that there’s a wide variety of them. If you can’t use GPay or Apple Pay, PayPal is an option. Depending on where you live, you could access a lot more wallets.
Electronic Checks
Earlier on, we mentioned that depositing money to casinos via physical checks used to be a thing. It wasn’t a pleasurable experience, though. Checks take a couple of days to mature.
No one wants to wait 2-3 business days to access their favorite slot machines. Fortunately, there’s a better alternative to physical checks nowadays. We’re talking about electronic checks.
An eCheck works like a traditional check. You use it to pay for goods using money in your bank account. The main difference between an eCheck and a physical check is that an eCheck is faster and more convenient.
If you like to pay via checks, find online casinos that accept eCheck payments and sign up for an account. You’ll most likely receive a welcome bonus equivalent to your first deposit amount.
Cryptocurrencies
As mentioned, crypto is an accepted payment option at the best online casinos. Crypto works a little bit differently from most other banking methods. No one really controls it.
When you deposit money via Bitcoin, it passes through a decentralized ledger called the Blockchain. Sophisticated computer nodes look at your transaction for authenticity before confirming your payment.
The entire payment process takes anywhere from a few seconds to 20 minutes. Many cryptocurrencies charge you a small fee to reward the people who provide crypto mining/staking resources.
However, crypto is much faster and cheaper than most alternatives. It’s also unique in that its value fluctuates. If you like to invest, you might want to learn more about Bitcoin, Ethereum, and other coins.
As a decentralized payment network, crypto offers countless benefits to online gambling. For starters, it allows people from every part of the world to access casino sites. Secondly, its Blockchain technology supports provably fair games.
Then there are speed and cost benefits. And if you’re a high roller, you might want to try out Bitcoin. You could use it to deposit $100,000 or more hassle-free.
Pay by Phone
Pay by Phone is a recent innovation that helps you play casino games online even if you’re broke. Let’s say you’re having cash flow issues due to a loan you need to clear.
You love to play slots but have no money to spend. Instead of waiting for your paycheck, you can ask Boku, Zelle, or Apple Pay to lend you some money. Then you can clear your debt while paying your phone bill.
Pay by Phone is available in many states and provinces across the US and Canada. You can also access the service in certain parts of Europe. However, it’s not available in every part of the world.
Also, Pay by Phone isn’t ideal for everyone. If you have problems controlling your debt, you probably don’t need to try this service. It might increase your debts to uncontrolled levels.
No Registration Casinos
This might come as a surprise to some, but no registration casinos work thanks to Fintech innovation. This service, in particular, owes its existence to Trustly. The Swedish digital wallet has a solution called Pay N’ Play.
Pay N’ Play allows you to play casino games online without creating an account or providing personal details. Yes, no need to upload your passport, home address, or selfie picture.
Trustly handles identity verification in the background. This way, casinos don’t need to ask you for the same information. They give you an ID to help personalize your account and manage your money.
Payments at No-account casinos are instantaneous. Trustly helps you make deposits in real time. And if you need to withdraw your profits, casinos process the payout instantly.
Voucher Cards
We buy stuff using voucher cards all the time. Why not use a voucher card to deposit money at your favorite casino? The benefit is that gift cards are relatively secure.
With a gift card, you don’t need to worry about losing your credit card information to a hacker. You make your deposit by revealing a one-time unique code.
The best casinos not only accept voucher cards, but they also give you bonuses as a welcome reward. Some of them also allow you to withdraw your winnings via a voucher card. Unfortunately, vouchers have small limits, meaning they’re not ideal for withdrawing money.