Swift, hassle-free, and secure payment solutions form the fundamental structure of iGaming platforms
It is a known prerogative that companies in the iGaming industry operate in an extremely competitive market, where no base can be left uncovered. Swift, hassle-free, and secure payment solutions form the fundamental structure of iGaming platforms and therefore, they have been at the forefront of innovation in the same. In the following article, we look at some of the most interesting developments in the iGaming industry’s payment processing that pave the path for the future.
Latest disruptive developments in the industry
According to Juniper Research, online gamblers are going to wage nearly a trillion dollars by 2022 and the number is supposed to grow even further. With such figures of evaluation, let us look at some of the most interesting and path-breaking developments being observed in the iGaming payments industry.
- Accepting crypto payments
Given the rising popularity of cryptocurrencies, gamers and gamblers find it more convenient and secure to transact in them. Merchants are constantly adapting to this change and providing integrated crypto payment options as deposit/withdrawal methods for their users. The advantages that cryptocurrencies offer in terms of real-time, automated processes with no hassle of exchange rates based conversion or extended transfer time, make them extremely desirable, especially for companies in the iGaming industry.
- Player centric approach and data safety
An enhanced player-centric approach is being taken by the new companies in the industry, based on streamlined deposits, better acquisitions, automated payouts, and reduced failures. There is also an assurance to better protect a player’s data, preferably through (SSL) Secure Socket Layer encryption.
- Ensuring the presence of multiple payment methods
Alternative payment methods have grown significantly in popularity over the recent years and have even taken over the traditional methods by various markers. Some examples include PayPal, Apple Pay etc. They provide consumers with a faster and more tailored way to make purchases and in 2021, accounted for nearly 55% of the global e-commerce transactions.
- Adopting technology – AI, tokenization, and more
iGaming vendors and operators are incorporating the use of artificial intelligence to better understand their users, making AI one of the most promising trends in the industry. It sufficiently aids even in the processes of Fraud Analysis, Data Protection and cross-platform payment transactions. Along with this, tokenization is another method that is being readily used to secure a user’s data and eliminate the need to re-enter information. Although, still in its nascent stage, there is an advent of wearable payment technologies as well. Here, gadgets like smartwatches can be used for contactless payments on iGaming industry platforms.
The latest developments and trends on the technology front in iGaming payment processing are generally promising. There is also a greater shift towards ensuring a better experience for the user. However, certain issues must be kept in mind while these developments see more progress.
SiGMA Calendar 2022
2022 will see SiGMA Group launch in a number of exciting up-and-coming locations, the first of which will be Kenya, with Nairobi on the agenda for March. Here we plan to tap into a marketplace bursting with sports fans, and a young, digitally connected generation. We’ve also planned expos for countries taking their first steps as regulated marketplaces – in June we’ll be heading to Toronto and Ukraine – in what will be the first live events for new brands SiGMA Americas and SiGMA CIS. Both countries are set to test the waters with operators and affiliates next year, making them a great location for SiGMA Group’s conference stage and buzzing expo floor.