What matters when choosing payment method in iGaming

February 14, 2025

What matters when choosing payment method in iGaming

This article first appeared in Russia n on 14 February 2025.

As the iGaming industry evolves, payment methods are crucial in shaping the customer experience. The report from Yaspa, a global payment solutions platform, and SiGMA Award winner, provides an in-depth analysis of the key payment trends shaping the future of digital transactions across various sectors, including iGaming and eCommerce.

The Yaspa Index represents the results of the latest survey of two thousand UK adults. The survey was also designed to find out customers’ familiarity with the term Pay By Bank and their preferences for online payments.

Factors in the choice of payment method

One of the research questions focused on the factors consumers consider when choosing an online payment method. The results show that security and simplicity are the most important, followed by speed and familiarity.

What consumers look for when choosing a payment system

Source: Yaspa

Security is a priority for 72% of respondents, and simplicity is a priority for 66%. These figures reflect the growing demand for secure and effortless payment options. Speed is also essential, with 47% of respondents focusing on this metric when making payments. Fast transactions are more often chosen by iGaming consumers as they allow them to focus on the gambling experience.

Notably, only 16% of respondents are interested in loyalty programmes, points, and rewards when choosing a payment method. From this data, we can conclude that the main focus of players is on the safety and simplicity of the payment process. In turn, loyalty programmes can help retain existing customers.

Experts about Open Banking

According to Angela Yore, founder and CEO of Skyparlour, the Yaspa Index highlights critical issues in the payments industry: the term ‘Pay By Bank’ has been used in various ways for years, but many consumers still don’t associate it with Open Banking. The lack of a unified brand identity is a major obstacle to widespread adoption.

Unlike Klarna’s success with the ‘Buy Now, Pay Later’ idea, Open Banking has not received the same marketing investment to create a precise, recognisable term, Angela continues. She urges the industry to make a concerted effort to create strong, standardised branding for ‘Pay by Bank’ and educate consumers to make it a familiar payment method.

Benjamin Ensor, Strategic Director at TIFS, says that one of the most significant benefits of ‘pay through bank’ is that it is an intuitive term – people can recognise that it is linked to their bank. Standardisation, better customer protection, and compelling use cases similar to those that Visa and Mastercard have been building for decades could make it a mainstream payment method.

In conclusion

The results of this study show that despite the growing awareness of modern payment methods, payment companies still have a lot to do to educate the general public. Understanding consumer preferences cannot be overemphasized in the quest to remain competitive in an increasingly digital and mobile world.

By integrating faster and more secure payment solutions such as Open Banking and real-time payments, operators can improve user experience and player satisfaction. Security, simplicity, and speed in the deposit and withdrawal process remain priorities for consumers.

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