The Evolution of Payment Methods in Online Casinos: What’s Next?

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One of the ways that people’s online gaming experience has been impacted over the years is by digital payment methods. The growth and popularity of online casinos have coincided with people having easier access to quick deposit and withdrawal methods.

When you think of an online casino, it’s an engaging world of modern digital technology that pops into mind. The exciting video slot games, live dealers being streamed to your device and features like 3D slots are all there. There has also been much talk of the future being embedded in Virtual and Augmented Reality.

So it’s understandable that the technology driving payment options to gain access to these online casino features has progressed a long way too. While debit cards and bank transfers remain a popular choice, the rise of e-wallets has been something of a revolution as payment solutions.

Traditional vs Modern

When online casinos started coming onto the scene, most people were limited to sending over a bank transfer. Then debit card payments grew massively in popularity. While those are good secure payment methods still in use today, bank transfers in particular have never been the quickest. That doesn’t fit the vibe of an online casino, players want their instant gratification.

Fortunately, new solutions have come along and now players can find options like PayPal casino sites, or Revolut casinos such as those listed at https://bstcasinos.com/revolut-casinos/. Just as a nod to how much technology has been integrated into the modern casino way, it’s possible now to walk into brick & mortar casinos and get cashless gaming through a digital wallet on your phone.

E-Wallets Taking Over

Most people can rattle off the name of an e-wallet. Names like Skrill, Neteller, and PayPal have become popular household names. Between 2016 and 2022 the use of e-wallets and digital/mobile wallet payments online rose 10% to around 35% of all transactions.

Digital wallet payments are now more heavily used than any other type of payment method in the UK, with Debit Card payments falling back to make up around 25% of all e-commerce transactions.

Security

A popular feature of why e-wallets have become so popular for online gambling is that they offer a level of anonymity. That in turn is a layer of security. While, in most instances, you link a bank account or a debit card to an e-wallet, none of that information is sent forward to the online casino.

E-wallets have the benefit of keeping your financial data out of the loop. That’s a highly attractive feature, combined with these types of apps being free to use. The convenience has to be layered on top as well. Because e-wallets are mostly controlled by apps, when visiting an online casino on a mobile device, the payments are available right there with a quick tap.

Crypto and Blockchain

While cryptocurrencies like Bitcoin and Ethereum are not regulated currencies in the UK, crypto has started to creep onto the radar more and more in other countries. With all transactions locked through the blockchain, it is a highly secure method of payment where available. It is one for the future though due to gambling regulations.

Faster Banking

Already some changes are creeping into the way that players can get their hands on their money. Withdrawals from online casinos can be notoriously slow. That’s because of gambling regulations, where security checks have to be done, to ensure that money is being sent out to the intended party.

But it slows things up. However, e-wallet payments are a lot quicker than traditional banking options when funds are released. Once processed by an online casino, money can hit an e-wallet the same day, whereas the money going to a debit card could take a few days further.

Newer innovations like an instant bank transfer have started to speed things up a little bit on the traditional side of things. This only applies to banks that offer the system, but it is a clear indication that it can be made faster.

What’s Next? Changing the Way We Play

Accessibility is a very interesting angle here. Would as many people play at online casinos if there weren’t readily available payment options like Apple Pay and Paysafecard? It’s debatable and online casinos are probably well aware of that.

Being able to quickly pay by mobile for example has become a norm in modern life, whether that’s online or even in person at a store. Payment options will continue to evolve, with crypto likely to be the next big breakthrough.

Newer options will quietly work away in the background further shaping the world of online casino betting and the way we play.