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Payment systems which are revolutionising the iGaming industry

Published:

12 Jul 2019

With the huge shift in popularity towards online gambling, it has opened the doors to many more possibilities for the ease of use from a customer perspective and none more so than payment systems.

Over the last few years we have seen a huge step forward in digital payment technology in order to help customers process transactions in a more convenient manner. With time being one of the most important concerns for people, savvy payment companies have realised this when designing new technology.

This prompted the emergence of the fintech industry which is gradually starting to take the world by storm, something that the online gambling world especially begun to notice. 

With PayPal being one of the first online payment gateways to launch and scale in such a way that it is now one of the most heavily used, it is popular among online bookmakers, while others include Stripe.

The two industries (gambling and fintech), account for in excess of multiple trillions in revenue every year while the combined market capitalisation was almost 100 times that and with both industries still growing at an alarming rate, this shows no signs of decreasing.

Since the doors have been opened and with online gambling companies more accommodating to new payment systems than ever before to keep their customers happy, they are competing with each other to stay ahead of the game.

Pay by mobile phone bill

This unique method allows online gamblers to deposit funds without even registering a bank card or depositing funds, which if you are betting on a live sports event or playing a slots game can take up valuable time, with the speed at which this occurs.

What this means is that should you wish to deposit, you simply opt for the pay by mobile phone bill option, select the amount you wish to bet and it is added to your mobile phone bill at the time that you pay it. 

On the first occasion, you are required to just validate your phone number, though thanks to the fintech companies which provide this, depositing and transacting while gambling online has never been easier, quicker or convenient.

Paysafecard

With this method, you need not register any kind of bank account. Simply put, you purchase a paysafecard online from a host of different providers and you are then presented with a code.

There are several numerical values of paysafecards usually in values of five, however, what this means is that you don’t have to worry about spending more than you need or indeed want to while gambling online.

When you choose this option, you simply enter the code when you register and then you are credited with the amount that you purchased it for.

Neteller

Similar in a way to PayPal, Neteller has been adopted by nearly every online gambling company out there thanks to its fast and highly secure payment gateway technology, which acts as a third party and adds that extra layer of security to any transactions. Any gambling company that is regulated and licensed by a relevant authority however, does have extremely tight security measures in place to protect its customers.

One of the advantages of Neteller is that it accepts almost every currency in the world with exceptionally fast deposit and withdrawal rates which is a big win for customers, eager to make swift transactions, especially in the online gambling industry.