The online gaming industry is relatively new, and therefore cannot afford to do anything but embrace new technological changes, including those related to payments. Safe and reliable payment options have always been integral to iGaming platforms, and recent innovations serve to make the process seamless and easier for both users and developers.
Integration of Cryptocurrency Payments
Perhaps the most revolutionary change to payments in the gaming industry and beyond is the wider acceptance of digital currency as payment. Many tech-savvy crypto users are also big into their gaming, so the use of cryptocurrency as a form of payment when online gaming is a natural progression. More and more game developers are giving players the option to link their crypto wallets to their gaming accounts, and use their coins to make in-game purchases or make deposits or withdrawals. For example, high roller online casinos and other betting games will allow the use of crypto and other modern payment types.
The benefits to the integration of cryptocurrency are numerous, as it speeds up transaction times greatly, allowing users to make instantaneous withdrawals from their accounts. This means that processing can take place automatically and without any additional consideration of exchange rates.
Multiple Payment Methods
As well as allowing digital currencies as a form of payment in the gaming industry, other alternative methods have also become commonplace. Apple Pay, PayPal, American Express, and many more are all widely accepted as payment in the majority of online games. Expanding in this way is a clear win for game operators, who will draw in higher numbers of players as a result. Being able to use mobile payment methods speeds up any transactions, and requires much less effort from gamers.
A Priority on Player Privacy
Many gaming enthusiasts, and in fact anybody who makes online payments, have a keen interest in protecting their personal and financial details. In recent years, this has become a big concern to many, as the risk of privacy breaches and hacking is perceived as prevalent both for gamers and merchant accounts.
Game developers have responded to this by doing everything they can to make players feel safe. One of the key ways that payment details have been protected is through Secure Socket Layer (SSL) encryption, or similar software. This ensures that any sensitive information is only seen by the sender and recipient, and not any unwanted third parties. This model, alongside automated payouts and instantaneous transactions, makes users feel assured that their data is safe and being looked after.
Embracing New Technology
Perhaps the most exciting technology to emerge in the 21st century is that related to artificial intelligence (AI). AI is being used by nearly every industry around the world, and gaming is no exception. Smart technology can be utilized to make cross-platform payments easier than ever, protect data, prevent fraud, and gather useful information on users. Collecting data serves many purposes, such as removing the need for a gamer to re-enter payment and personal information multiple times on a game platform.
Adapting to Payment Innovations
A lot of change is taking place to how online payments are made and processed, and keeping up with it can be disrupting for businesses and gamers alike. For gaming operators, making sure that the latest trends are available to their users will be paramount, as falling behind could result in losing users to a competitor. For players, vetting games to ensure that they are licensed and protect user data will be important, as will finding a gaming option that accepts their chosen form of payment.
