What does the future hold for payment options in the online gambling industry?

Published on February 20, 2017 in Industry News

Online casino payment systemsThe last two years has seen the popularity of online casinos reach brand new heights and while more people are starting to brave the unknown waters of the online casino industry, there are some questions and confusion regarding payments and banking methods.
 

"With all payments being done online it's only natural for players to seek a sense of comfort and security regarding their deposits and withdrawals."

The Main Aim  

Companies should be aiming to provide players with a convenient, innovative, and secure payment and banking solution if they want to stay in business. The hope is that the future will bring more technologically advanced payment solutions to the table that meet all client requirements and adhere to the international e-commerce standards.  

The success of collaboration between a payment service provider and online gaming merchant rely on the bespoke service model. Ultimately, payment services can have a big impact on the user experience and whether or not clients will return.   

Online casinos make use of a variety of payment providers and different product offerings to ensure that most clients have access to the payment method most convenient to them.
 

Risk factors  

One of the key areas most online casinos focus on is finding better and more secure systems to build their defense against any fraudulent activity as some people believe that gambling online is very risky. Many in the industry believe that bank cards will soon become obsolete which is why most are focusing on developing alternative and new payment methods.   

Payment service providers play an extremely important role in the success of any and all online casinos. With 20-40 billion USD generated in worldwide revenue from 25,000+ online wagering platforms, it's understandable that the payment platforms and services should be the best quality, minimize the risks, and combat fraud effectively.
 

Laws and regulations  

Over the last few months the gaming industry saw an increase in regulation and online gambling was completely banned by the Russian Federation. Payment service providers have the advantage of intimate knowledge on all regulations that might affect client industries and can assist and even ensure that they do not break any laws. The success of the payment industry is directly connected to their compliance of regulations.  Most payment methods are quite flexible and can be altered and adapted to the regulations at any point in the near or far future.  

It is the belief of many that 2017 will see the launch of more alternative payment systems and increased security and protection in the online casino industry.