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The rise of alternative payment methods at online casinos

One of the most exciting areas of development in technology today is definitely in the fintech sector. There are new companies being launched every month that offer innovative new services for everything from online trading to eWallets to low-cost international bank transfers and everything in between.

The global economy is entering a recession and as the winter looms, so does an energy crisis which will seriously impact a number of European countries over the next few months. This is all happening amid the climate crisis and a housing crisis which appears to be worsening in nearly every country around the world.

People are looking for stability and they are not necessarily finding it in the traditional banking system or exchanges. Instead, many people are looking to new, innovative and tech-forward ways to make, send and invest money.

As online casinos are always ahead of the curve when it comes to technology, many online casinos have already incorporated highly innovative ways to pay.

eWallets

While eWallets have been around for a long time, they are still a staple of the online gambling and sports betting sector. One of the eWallets which really shook up the industry about 20 years ago was PayPal. These days, PayPal is an expensive, clunky and awkward platform, but when it was first launched it was considered to be extremely cutting edge and innovative.

Many gamblers appreciate casinos which incorporate eWallets because they provide an additional layer of protection for the user’s sensitive personal and financial information. This is because the user is not directly inputting their bank information or debit card information into a payment portal every time they want to make a purchase. Instead, they have the added layer of protection from an online wallet which essentially serves as a secure go between for the individual’s bank and the payment portal.

Some of the top eWallets currently available include Apple Pay, Cash App, Google Pay, Samsung Wallet, Venmo and Zelle. The popularity of different eWallets varies depending on the country or region you are in.

Online banks

There are a number of online banks which have succeeded in disrupting the banking sector with their low fees, appealing aesthetics and fun perks. Banks such as Chime, Revolut, N26 and Monzo are taking the world by storm and essentially dominating the most sought-after demographic – young people.

Online casinos have quickly recognised just how popular online banks are and many have implemented ways for gamblers to easily add money to their accounts via online banks. The rising star Revolut for example has been very popular amongst online gamblers, make it incredibly easy for gamblers to make deposits and withdrawals without high fees or long waiting periods. Real inline gambling enthusiasts have listed the best Revolut casinos if you’re interested in that.

Crypto: the future of gambling?

Finally, we are keeping the best for last: cryptocurrencies. Hate them or love them, cryptocurrencies are here to stay, and blockchain technology is now an important technology used in many different industrial and commercial applications.

Crypto was originally created to serve as a decentralised currency, but they are now more commonly used as trading instruments than to make purchases. This is partially because the market for trading crypto is currently unregulated and extremely volatile, so many traders – nefarious and otherwise – are taking advantage of the sweeping highs and lows of the market.

True proponents of crypto however see a future for crypto outside of its role in the trading exchanges. Some people are using crypto to make online purchases and investments, just as the cryptocurrencies were originally designed to do. One sector which has seen extensive growth in crypto use is online gambling and sports betting. There are now dozens of different online casinos which are specifically built around crypto and only accept crypto.

One of the reasons why crypto is particularly popular in this space is because of the privacy and security it offers. People who live in regions where gambling is restricted enjoy the privacy of using crypto and it not being traced back to their traditional bank accounts. Others who are concerned about the vulnerability of their bank’s privacy and security technology opt for crypto because it is a more secure way to pay.

Finally, some people enjoy the doubled risk which gambling with crypto offers. As crypto is such an incredibly volatile market, you never really know what the worth of the crypto you are gambling with could be tomorrow or next week. This creates a doubled excitement of gambling with a volatile currency.

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