How Contactless Payment Methods Continue to Shape Online Gambling

Contactless payment was introduced in the '90s, though it was only available to a few merchants, such as Mobil. As technology evolved, more people have continued adopting the touchless technology.

A 2020There are occasions when we here at ReadyBetGo want to bring you interesting facts about the gambling industry  When something catches our eye, we will publish it for your enjoyment. 
  Hospitality Technology report showed that over 51% of Americans used touchless payments often. Consequently, more online businesses, including iGaming, are incorporating contactless payments to appeal to such users.

Integration of Mobile Wallets and Credit Cards

Visa payments have become popular in many online casinos because of their advantages. For instance, Visa payments on casino sites in the UK allow players to make deposits and withdrawals without visiting a physical location. With mobile technology, it even becomes more convenient as payments can be made on the go. These payments are fast and efficient, allowing operations to be processed almost instantly.

Visa boasts a reputation for offering secure and reliable environments for online transactions. In 2019, Visa announced the launch of new security capabilities to help enhance the integrity of payment ecosystems. During the launch, they stated that the capabilities would be available to Visa clients at no extra cost or sign-up. Visa’s encryption technology scrambles customers' data and prevents it from interception by unauthorised parties.

Integrating Near Field Communication (NFC) technology has also added more convenience to gambling. With NFC-enabled devices, such as smartphones and smartwatches, players can make deposits and withdrawals simply by tapping their device against a compatible payment terminal or platform. This technology streamlines the payment process and reduces the need to enter payment details manually. The encryption of NFC transactions provides an extra layer of security for players' financial information.

The Rise of Cryptocurrency Payments

Crypto payments are making major inroads in the gambling sector, with crypto gamblers spending approximately $3m of crypto daily. A Next.io article reported that 60% of gambling transactions were associated with Bitcoin transactions. Play Today suggested that by November 2023,  crypto payments had accounted for up to 25% of all online gambling payments.

Gambling platforms are adopting crypto payment to tap from the extensive crypto audience of over 580 million users. Platforms can expand their accessibility and appeal to customers in diverse regions as the need to search for local providers is eliminated. Cryptocurrencies eliminate the need for intermediaries like banks and make transactions cheaper and more accessible.

Cryptocurrency integration opens avenues for innovation within the online gambling industry. Blockchain technology, upon which most cryptocurrencies are built, enables features like smart contracts. These innovations can enhance trust and transparency within the ecosystem and drive industry growth. Cryptocurrencies have a strong appeal to tech-savvy individuals drawn to blockchain technology's innovative potential. With crypto, players can enjoy a level of privacy as they can gamble online without disclosing sensitive personal information.

Changing Consumer Interactions

In summary, technological advancements have changed how consumers interact with products in many online industries. In the iGaming industry, for instance, the adoption of contactless payment methods allows players a convenient shopping experience. These payment methods reduce the transaction durations of traditional methods and are cheaper and faster.