Key Payment Trends In Igaming Industry For 2019 And Beyond

By Author: Mobiweb
Total Articles: 2
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iGaming industry has gained a massive growth in recent years in terms of technological advancement, payment gateway, fantasy sports operators and many more areas. According to the statistics there will be a drastic increase in the revenue and value of iGaming sports in 2019-20 due to increased public participation and higher sponsorship processing, estimated to have generated $108.9 billion in 2018 alone and by 2021, that figure will hit $ 140 billion. The payment gateway is always a vital player in the iGaming Industry and always be in a transformational state. The big companies providing products and services like e-Wallets, Private exchange platform, Fantasy sports app development, and Online casino wallet exchange etc.

Today’s rate of innovation in the payment industry is unprecedented and time to time vital changes have been taking place in it. The constant threat of cybercrime and online fraud are the depressing factors for the users and iGaming vendors, that's why many alternative payment methods such as e-Wallets, Contactless cards, Prepaid cards, Mobile payment app gained so much popularity in recent years.

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... Also Read: How to Start an Online Betting Business in 7 Key Steps

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.