What Do Payment Trends Look Like for Online Betting?
What Do Payment Trends Look Like for Online Betting?
One of the most effective developments when it comes to the digital world is the ability to pay for things in so many more ways. Gone are the days where cheques take days to cash and paper money is required for buses, vending machines, and taxi fares. Digital advances in the world of finance mean that money can be transferred from account to account in no time, can be used to purchase things halfway around the world, and nobody has to worry about not carrying cash on them. Apple Pay even means that there are ways to pay for things without a card. Even now, contactless payments allow the time-consuming chip and pin to be defunct. The rise in cryptocurrencies means that there are ways to pay that don’t even require the transfer of standard currency as we know it. But how do these payment trends work and improve things for online betting?
Apple Pay – and counterparts Android Pay, Barclaycard bPay, EE Cash on Tap, Venmo, and Samsung Pay – offers users a chance to forego standard cash cards and pay for things with an app on their mobile phone. Following the rise of banking apps, which allow users all the features of internet banking in the palm of their hand, the next step was being able to use these apps as a form of payment themselves. By using phones as the contactless service, the user has greater control over their finances. But there are also plus points for online betting too. One benefit of contactless, card-free services is that you have a constant eye on your funds and can see the money coming in and going out of your account. This could be advantageous for online betting when it comes to betting strategies or different systems that require a budget to be set, such as the Martingale strategy. The strategy works by outlining an amount that is not to be spent over – and by having a constant update of money being spent, you can ensure you stick to that strategy. Contactless payments are utilized at physical casinos and betting shops, so being able to use the same method of payment in virtual betting makes sense. The form of betting has changed as technology has, so it stands to reason that the form of payment will also adapt too. The future of these payment methods is inevitably the wearable form of payment, which can then be utilized in the online betting industry. The convenient nature of wearable payments, plus the ease of use that would be offered means that the industry is only a few steps away from harnessing its power and offers consumers options across the range of payment methods.
Bitcoin has gained a lot of press recently as the mainstream have begun to consider whether it is a good investment and whether or not to get behind it. The cryptocurrency based on blockchains that are mined and assigned a value has been around since 2013, though it was proposed in 2008. Early adopters have been lauding the benefits of bitcoin since then, and several other blockchain cryptocurrencies have popped up in order to act as rivals. Some countries, such as Germany and Japan, are even offering bitcoin as legal tender. While the intricacies of where it comes from aren’t something most need to concern themselves with, the positives of bitcoin lend themselves to being adopted by more people. Bitcoin is designed to be a safer and more secure form of payment – so financial transactions can be tracked. The process also removes the intermediary banks and allows for greater financial protection and security with the actual currency being transferred. Many businesses accept bitcoin as a payment method, including Expedia, Dish, Microsoft, Subway, and CheapAir. The range of businesses and the recognisable names should act as trust signals to those in the public who still have misgivings about bitcoin. Indeed, bitcoin is also linked to online betting, there are dozens of sites that allow for betting with bitcoin and even offer bonuses in BTC, with a number of bitcoin sportsbooks sites beginning to accept the cryptocurrency exclusively. By giving an industry already connected to advances in technology the opportunity to showcase yet another one through cryptocurrency, it helps to show that the world of payments is changing to match the pace of change in the ever-growing digital landscape. Tokenization is another way in which blockchain and cryptocurrencies can be used to ensure safer payments. Card numbers for payments are saved as tokens on the merchant site, which enables each one to be entirely unique and less open to being stolen. It also enables users of the site to not have to input data as often and to build a firmer relationship with the provider.
Automated Authentication and Digital Identification
As far as payment trends for online betting go, the issue of automated authentication is one that is being addressed by major betting providers as a matter of urgency. What is the point in being able to access money and make payments quickly if the connection to the betting site isn’t as strong as it could be? Automated authentication will help speed up the process of registering, paying deposits, and receiving any winnings. Getting bettors through the necessary processes as quickly as possible will enable them to enjoy more time on the site and make it more likely they will return. Online betting is but an example of some of the ways in which digital identification is being utilized across the board. The Bahamas, for example, are working on a single identity credential for security. The Swiss city of Zug is working on blockchain’s unique nature to assign digital identification chains to each of its citizens to ensure their digital safety and security. Australia are also attempting to assign a digital identification credential to all citizens, which they are hoping to complete by 2025. Stronger digital identification is key to ensuring that online to online transactions remain secure and safe and also provide a way of giving people more control. Omni-channel payment methods are also big in online betting, especially given how easy it is to switch from one platform to another to continue the same account. This refers to a payment functionality that works swapping about between devices and methods of online betting. Understanding that this is how people like to go online now shows users that companies are forging ahead to create the best possible experience for them in the future.
When it comes to payment trends and the way they are heading in a digital landscape, taking an industry as a whole and comparing trends is always good to get an overview. Online betting is one such way this can be done, as online betting is on the cusp of the latest technology in the digital sphere, yet is used primarily by those less invested in new technology, so needs to be user-friendly. Balancing user-friendliness and high-tech advancements ensures that the industry remains accessible, yet shows promise and growth. Showing willing to allow new methods of payment to a well-established industry helps show how payment trends might look across the board on a more universal scale. As far as online betting goes, using contactless Apple Pay (and its alternatives), blockchain cryptocurrencies, or digital identification and automatic authentication is the way forwards.