Current VS Future Trends Of Payment Methods In iGaming

The iGaming industry continues to grow more and more. Why do we think like that? Because the iGaming industry has experienced rapid growth in its total worth over the past two years. In 2020, the global iGaming market was valued at $53 billion and reached approximately $94 billion in 2022. With more players entering into this space each day, it is clear that there will be continued expansion within this sector over time which will further contribute towards its overall value.

According to the growing number of players, the conditions of the iGaming industry become more and more diverse. Here, payment methods are not an exception. When it comes to choosing a payment method for their gambling experience, people tend to consider a few key factors. These include the security of the payment method, how quickly they can deposit and withdraw funds from their account, any fees associated with using that particular payment option, and whether or not it is accepted by the casino in question. Most customers choose the method according to their convenience which is very individual. Ultimately each person will have different criteria when selecting which form of payment they use for their online gambling experience.

In this article, we will represent different trends of payment methods and outline several iGaming markets where different methods are outlined. Also, we will discuss the future trends which can completely change the experience of iGaming. 

Different Trends Of Payment Methods In iGaming

Casinos are always looking to offer their customers the best possible experience, which is why they strive to provide a variety of payment methods. By offering different payment options, casinos can ensure that all players have access to convenient and secure ways of depositing funds into their accounts. 

This not only helps them attract new customers but also keeps existing ones satisfied by providing more choices. Furthermore, having multiple payment options available allows for greater flexibility in terms of how much money can be deposited at once and how quickly those deposits become available in an account balance. 

In short, providing diverse payment methods is beneficial both for casinos as well as their customers since it ensures that everyone has easy access to the services they need with minimal hassle or fuss involved. So you will find many casinos which accept debit and credit cards, specific e-wallets, or even crypto payments such as Coinplay casino. About crypto payment, we will talk later and before then here are some current trends in payment in iGaming, according to different areas.

Europe

In EU countries, classic payment methods are more popular to use for gambling than specific methods. So, in these countries, you will mostly need to choose between Visa and MasterCard. Mostly this trend is due to their convenience, reliability, and security. Visa and Mastercard provide a secure way to transfer funds online with encryption technology that helps protect customers' personal information from hackers. Moreover, both of these brands offer rewards programs like cash back or points which incentivize customers to use them even more often.

Africa

If you want to experience gambling in African casinos, then you need to have an account on the M-Pesa or GTPay system. They are the most common payment methods as they both offer quick transactions with minimal fees, allowing users to make deposits or withdrawals within minutes. Additionally, they provide a secure platform for online payments as well as reliable customer service options in case any issues arise. Furthermore, GTPay has been specifically designed for gambling purposes while M-Pesa is widely accepted across Africa so it makes sense that these two payment methods would be the go-to choice among African gamblers. 

Asia

Different from mentioned areas, Asia mostly uses the Paypal system and 2C2P payment method. Also, you will meet some BTC payments which are more popular in south east Asia than in other areas. Everywhere is available Visa or Mastercard but it is not commonly used by players. The popularity of mentioned methods is mostly due to their secure system, reliability, and speed. Transactions are encrypted with the latest security protocols which protect against fraud or theft of personal information. 

Crypto Payments - Future Of iGaming Payment Methods

Experts believe that crypto payments will be the main trend of payment methods in iGaming in the future due to their secure and fast nature. Crypto payments offer advantages such as low transaction fees, no chargebacks, and quick settlements which are attractive for both players and operators alike. Additionally, cryptocurrency can provide a higher level of privacy than traditional payment methods like credit cards or bank transfers. This makes it an ideal option for those who wish to remain anonymous while making transactions online. 

Furthermore, with its decentralized nature providing transparency throughout all transactions made on the blockchain network, users have peace of mind knowing their funds are safe from third-party interference or fraud. As more people become aware of these benefits associated with crypto payments they may begin to prefer this method over other options when playing at online casinos in the near future.