The Future of Payment Trends in iGaming IndustryPratik Raut
The iGaming industry grew more popularly and made consistent growth in the past few years. Fantasy sports has become highly competitive and immense changes have taken place whether it is Technological innovations, Payment methods, Rules and regulations and many more. The world of payments methods are constantly adopting new changes. There is always a high need for multiple and secure payment systems in the gambling industry and this is the vital element for this sector. The big companies providing products and services like e-Wallets, Private exchange platform, Fantasy sports app development and Online casino wallet exchange and many more.
The global iGaming industry is expected to be worth over €45.5 billion by 2020, a study by online statistics portal Statista reveals. Time to time there is always a significant change in the world of payment solutions. Alternative payment methods such as e-Wallets, Contactless cards, Prepaid cards, Mobile payment app and many more gain so much popularity in recent years.
The changes that are entering in the payment methods of the fantasy sports business now and in the coming years. Below are the key future payment trends in the fantasy sports industry that going to flourish, make the secure and more transparent relationship between the user and i-gaming merchants:
1. Usage of Cryptocurrency
Cryptocurrency and gaming industry a perfect couple. A cryptocurrency like bitcoin, litecoin, and ethereum based on the blockchain technology offers you several benefits like Identifying Theft, Access to Everyone, Decentralized, Transparent, Secure, Cost-effective and Recognition at the universal level. They typically provide a quick cashout and simple withdrawals. In Spite of the fact that online gaming is implementing strong safety efforts, many gamers feel more uncomfortable with the exchange of personal information like credit and debit card number.
2. Wearable Payment Technology
Wearable devices are the next big and most innovative thing in the payment industry. Wearable refer to a piece of technology you can wear on your body, such as smart watches, wireless earbuds. These devices can do many things from monitoring your heart rate, providing you phone notifications, and allow contactless payments. These devices are Convenience, Ease to use and More secure. In the gaming industry wearable are the real game changer for the user and as well as for the iGaming merchants.
3. Simplifying the Payment through Tokenization Technology
Tokenization is the process of replacing sensitive data with unique identification numbers. The primary concern of the many businesses especially in the gaming industry is about the secure and reliable payment process. Tokenization payments are a high level of security and more secure when it comes to the gaming industry. For User, this technology added security and convenience. It eliminates the need to enter and re-enter the account number of the user. The Tokenization could be a significant sweeping change for the gaming industry, even in case of a data breach.
4. Artificial Intelligence in Payment Processing
Artificial Intelligence is one of the most promising trends in payments. This technology successfully being used in the gaming industry like Fraud Analysis, Customer payment risk, Data protection & privacy, Instant cross-platform payments and many more. With the help of AI, iGaming vendors are able to understand the Issues of users, how gamers interact in different environments and able to track the gaming behavior of users by which it brings more incomes for gaming operators.
The growth, development, and innovations in the payment process in the gaming industry continuously gaining high speed as high as the bullet train. The future looks very bright and more innovative keep an eye on these payment trends and see how they will continue to shape the gaming industry.