Thanks to the wonders of modern technology, paying for a remote service is no longer a chore. With credit and debit card payments now standard across every online service, anyone anywhere can pay for whatever they like with a few simple moves.
What’s more, there are now many new ways to pay in the virtual arena, from leading online systems like PayPal hitting the scene in 1998 to Bitcoin wallets such as Copay.
One industry that’s often quick to embrace the latest payment methods is the iGaming industry. With online casino players often needing to process money on a regular basis, operators are constantly looking to offer new, efficient and secure options for their customers.
To show you just how diverse the world of online payments has become, let’s look at some of the gaming industry’s top options:
If PayPal is known as the dominant eWallet payment method in the world of commerce, then Skrill is the leader in gaming. Launched in 2001, the UK-based company regulated by the Financial Conduct Authority now generates in excess of £300 million annually, and a large part of this revenue comes from the iGaming industry.
The process of depositing money using Skrill is simple: a user funds their Skrill account with a credit/debit card or bank transfer. With cash in their wallet, they can visit a specific online casino, select the Skrill option and input the amount they wish to deposit. At this point they type in their Skrill login credentials, hit the OK button and that’s it.
Being an eWallet, Skrill transactions are processed instantly, which means players can join the action without delay. Not only that, but users can get access to exclusive offers such as Skrill VIP which offers various rewards. Split over four levels, VIPs can get reduced processing fees, personal account managers and even enhanced currency exchange rates.
Although there are numerous pay-by-phone options out there, iGaming operator mFortune has come up with a unique solution. Known as “pay by phone bill”, the casino’s software basically allows players to make deposits of £3, £5 and £10 by charging it to their mobile provider. After logging into the bespoke mobile app, players can select an amount, charge it to their phone bill and wait for a confirmation SMS before logging in.
Aside from making the process of depositing on the move a lot faster (because you don’t have to use multiple processors), systems like this allow customers to claim unique offers. By using the bill pay system, mFortune customers can get access to deposit bonuses and, as with Skrill, loyalty rewards. In fact, even before players choose this deposit option, they can get a £5 no deposit bonus when they download a game. After using the credit on a game like Buster Safe, players can make a phone bill deposit, ante up and release their bonus funds.
The latest innovation in the virtual payment world is Bitcoin. Although the cryptocurrency has been around since 2009, mainstream gaming sites are now starting to embrace it. Because Bitcoin is created online and each transaction is processed by the blockchain (a database that records all the important information), payments are anonymous and secure.
For online gamers, this level of security and anonymity is great, and companies like Cubits have made the process of moving from “real” currency to a cryptocurrency extremely easy. After making a cash deposit using Visa, MasterCard, etc., the system will then convert it to Bitcoin and place it in a wallet.
At this point, players can use their Cubits account in the same way they would with eWallets like Skrill or PayPal. Although the initial set-up is a little cumbersome, the process is extremely efficient once a user has Bitcoins ready to use.
The gaming industry is awash with payment options and, as is often the case, it spawns innovations in the industry. Because iGamers demand lower fees, more security and quicker processing times, operators are constantly striving to do more and that should mean even more options in the future.
Credit: Staff Writer